Welcome to LivePlan's new Industry Data feature! This powerful tool leverages VerticalIQ's extensive database to provide you with a comprehensive array of information about your industry. By integrating US industry data, we aim to give you deeper insights and benchmarks to enhance your business planning process. In this article, we'll walk you through the various sections of the Industry Data feature and explain what each one offers.
The data contained in this feature will vary depending on the industry that you have selected for your business. Your business industry can be changed at any time at the top of the Industry Data page. You can find more details on this process here.
Industry Overview
The Industry Overview provides a broad snapshot of your industry, giving you a solid foundation of understanding. Here, you'll find key information such as the overall industry structure, typical risks, and the industry's economic significance. This section is designed to help you grasp the big picture, and make it easier to contextualize your business within the larger market.
Benchmarks
In the Benchmarks section, you'll discover vital performance metrics that allow you to compare your Forecast against industry standards. This includes data on average revenue, profit margins, and other critical financial ratios. By understanding these benchmarks, you can set realistic goals for your financial projections and identify areas where your business can improve.
Please note that along with the Benchmarks data you’ll see two kinds of data compared to the industry benchmarks:
- Projections from the forecast you've prepared
- Actual results that you've entered, from your accounting solution or manually, in the Dashboard
How Firms Operate
The How Firms Operate section delves into the operational aspects of businesses in your industry. This includes a video breakdown, common revenue streams, and standard practices of the industry. This information can be crucial for refining your operational strategies and ensuring that your business runs efficiently.
Industry Structure
The Industry Structure section breaks down the composition of your industry, highlighting new entrants, suppliers, and legal structure. Understanding the industry structure can help you identify potential niches, evaluate the competition, and better position your business for success.
Risks
In the Risks section, you'll find an analysis of the common risks and challenges faced by businesses in your industry. This includes key metrics and company risks, as well as further detailing specific industry risks. By being aware of these, you can develop strategies to mitigate them and safeguard your business.
Funder Questions
The Funder Questions section provides a list of common questions that funders may ask when evaluating businesses in your industry. This can help you prepare for funding discussions and ensure that you can present your business in the best possible light.
Industry Updates
The Industry Updates keep you informed about the latest developments in your industry. Staying current with industry news and trends is essential for making informed decisions and staying ahead of the competition.
News
In the News section you'll find recent news articles and updates relevant to your industry. This keeps you informed about significant events, regulatory changes, and other important developments that could impact your business.
Current Conditions
The Current Conditions section provides an analysis of the present state of your industry. This includes economic conditions, market demand, and other factors that influence current business operations. Understanding current conditions helps you make timely and relevant decisions.
Industry Trends
In the Industry Trends section, you'll find insights into emerging trends and future projections for your industry. This includes technological advancements, shifting consumer preferences, and other trends that could shape the future of your market.
Financial Insights
Financial Insights offer a deep dive into the financial aspects of your industry, helping you understand the economic environment in which your business operates.
Industry Outlook
The Industry Outlook section provides the average growth rate and predictions for your industry’s future performance, including annual growth by year. These insights are valuable for long-term strategic planning.
Working Capital
In the Working Capital section, you'll find data on acquiring and allocating working capital for your industry. This includes information on selling and invoicing, managing cash, and personnel pay. Understanding working capital needs is crucial for maintaining liquidity and operational stability.
Citing the Industry Data in your Plan
To cite the information found in the Industry Data sections, you can follow a standard citation format that includes the source of the data (VerticalIQ) and the specific section within LivePlan. Here are some general guidelines on how to format these citations:
- For use at the end of a quote taken from the Industry Data; (LivePlan Industry Data, [Section Name], VerticalIQ, 2024)
- Citing the source while paraphrasing the information; "According to the Industry Data [Section Name] section in LivePlan, [insert specific data or insight] (VerticalIQ, 2024)."
These formats ensure that you clearly state where the information is sourced from, providing proper credit to VerticalIQ and specifying the section of LivePlan where the data was found.
Here’s an example of this kind of citation: "The industry is expected to grow by 5% annually (LivePlan Industry Data, Industry Outlook, VerticalIQ, 2024)."
Learn more about our Industry Data below
Using LivePlan’s Industry Data