GRAND RAPIDS – In this section we look at the external factors in the industry your business is in. It is the big picture, not local market conditions. The goal is to better understand how the industry is performing on a provincial, national and even international level. We are looking to identify trends and a demand for services, as well as an industry outlook.

First, paint a picture of what your specific industry is doing. For your company to be successful, you need to be aware of what is happening in the industry overall, so that you can position your company to take advantage of growth or unique market opportunities. Similarly, industry awareness will help ensure that your sales projections are realistic. Is the industry large enough to support another supplier? How fast is your industry growing (sales dollars, number of customers, profits)? Are there specific segments growing faster than others? Which industry associations exist and prove to be useful resources? What data is provided by government sources?

You may want to highlight the following elements within this section:

Identify trade associations that support your product/service area

SIC code analysis

Current industry status and trends

New products or services in the industry

Economic/political issues that may be of impact

The Michigan Small Business Development Center provides counsel, training, research, and advocacy for Michigan?s new business ventures, existing small businesses, expanding new businesses, new technology companies, and innovators. The MI-SBDC is housed at the Grand Valley State University Seidman School of Business in Grand Rapids, Michigan. As host of the MI-SBDC State Headquarters, the Seidman School of Business oversees the 12 region MI-SBDC network and over 60 satellite and affiliate offices.

Entrepreneurs and small business owners may access the services of their nearest MI-SBDC by calling (616) 336-7480 or clicking on MI-SBDC.Org

This column was written by Jill Wallace, Marketing & Training Manager ? Michigan Small Business Development Center State Headquarters in Grand Rapids.