What is Industry Analysis and Why do we need it, and How often?
These are the intriguing questions that can come into the mind of every business owner.
Let's be clear there is no right and wrong answer for any of the above questions. External and Internal forces impact any industry, and your business is no different. The external factors can affect significantly and could be decisive in the success or the failure of the organization.
Industry Analysis is a tool that provides information to the small and medium business owners on where your product or service stand with respect to your competitors. This information can be fruitful for various reasons as it can help to identify threats and opportunities pertaining to the business they are operating. On top of it, by knowing and contemplating on threats or opportunities, SME's management can strategize their resources and capabilities to achieve competitive advantage.
In our consulting experience with Small and Medium Enterprises, we have noticed that many owners consider themselves as a victim and feel naive to the industry forces that operate in their Industry. External Forces can be ease of entry or power of buyers to the availability of substitutes in the market. Each force can impact the business, so need to analyze and interpreted carefully.
It doesn't matter which Industry your firm or business operates; what matters is whether the management of the firm can work along with the present forces and drive towards growth strategy.
The good thing is having an industry analysis in hand can make it easier for you to identify the factors that are keys to the success of your business. Hence, you can ensure that you are on the right track of business development and expansion.
Industry Analysis report can give your organization a better understanding of your Industry and anticipated future trends.
Let's work together to draw an industry analysis report specifically for your industry and the business environment.