Industry Research
Power your plan with real-world data
Save time and money mastering your market with curated data specific to your industry.
As seen in:
A realistic business plan starts with real data
Industry Overview
Unlock industry insights
Gain a competitive edge and build a solid business strategy with industry-specific insights including:
- Industry benchmarks
- Industry outlook and market risks
- The latest industry news and trends
- Unique funding questions lenders and investors might ask, specific to your industry
Industry Updates
Reliable data, zero hassle
Keeping up with industry trends can be time-consuming and overwhelming. LivePlan's industry updates solve this by delivering news, market conditions and the latest data most relevant to you—all in one place.
Use these insights to enhance your business plan, improve forecasts, and manage your business effectively. Stay informed without the hassle of endless online searches.
“Vertical IQ [Industry Data] is such an added bonus. As a former banker, we used Vertical IQ. Very reliable”
Patrick S.
Financial Insights
Budget-friendly industry intelligence
Affordable industry insights are included with your LivePlan Premium subscription. Get access to:
- 5-year historical industry growth rates
- 5-year projected growth forecasts
- Key financial insights
Unlike expensive industry reports, LivePlan offers valuable data at a fraction of the cost. Understand your industry's direction and manage your business more effectively.
Industry Benchmarks
Smart comparisons for a smarter business
Built-in industry benchmark data allows you to gauge how your performance stacks up against similarly sized businesses in your region.
Get benchmark data for:
- 13 data points, including spending and profit metrics
- Compare your forecast and results to industry benchmarks at a glance
- Get data for specific regions and timeframes
Frequently asked questions
LivePlan's industry research covers roughly 97% of GDP/industries. LivePlan's industry benchmarks cover metrics such as:
Profit Metrics
- Gross Margin
- Operating Margin
- Net Profit Margin
Cash Metrics
- Average days to get paid
- Average days to pay
- Inventory on hand
Productivity Metrics
- Monthly revenue per employee
- Monthly net profit per employee
Spending Metrics
- Revenue spent on rent
- Revenue spent on marketing
- Revenue spent on payroll
Other Metrics
- Quick ratio
- Current ratio
LivePlan's industry data is provided by VerticalIQ.
Industry research is a systematic process of collecting, analyzing, and interpreting data about a specific industry sector. It should include an examination of market trends, competitive landscapes, and economic factors affecting a particular business area. It provides businesses with a tool for understanding industry-specific metrics, benchmarks, and best practices.
Industry research is not a guarantee of business success or a substitute for sound business strategy, nor is it a one-time activity. Industry research requires ongoing updates to remain relevant and should not focus exclusively on a single company's performance or internal data.
Industry research should also not replace your primary research, including statistical data, qualitative insights, or direct customer feedback.
Industry research is vital for small business owners as it empowers them to make informed decisions backed by data rather than assumptions. It provides crucial insights into market trends, customer behaviors, and competitive landscapes, enabling owners to identify opportunities and mitigate risks. This knowledge helps in setting realistic goals, optimizing operations, and allocating resources effectively.
By understanding industry benchmarks and best practices, small businesses can improve their financial planning, enhance their credibility with stakeholders, and gain a competitive edge. Ultimately, industry research equips small business owners with the tools to adapt to market changes, capitalize on emerging trends, and make strategic decisions that drive growth and sustainability in their specific business sector.