Industry Analysis Worksheet
1. What industry is your business a part of?
Example: Maximum Impact Business Consulting Group (MIBCG) is a part of the Administrative
Management and General Management Consulting Services (NAICS: 541611)
Source: http://www.census.gov/eos/www/naics/
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2. Please describe the type of activities this industry engages in:
Example: This U.S. industry is comprised of establishments primarily engaged in providing
operating advice and assistance to businesses and other organizations on administrative
management issues, such as financial planning and budgeting, equity and asset management,
records management, office planning, strategic and organizational planning, site selection, new
business startup, and business process improvement.
Source: http://www.census.gov/eos/www/naics
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3. What is the size and growth trend of this industry?
Example: The Administrative Management and General Management Consulting Services
generates approximately $170 billion in revenue annually and includes about 130,000 firms.
According to “First Research”, an industry report company, US consulting services are
projected to grow at an annual compounded rate of 3 percent between 2012 and 2016.
Source: First Research
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4. What is the unmet need/demand, or problem you are looking to solve? Is there validating
evidence?
Example: According to the Small Business Administration, only half of new businesses survive the
first five years of business. This is primarily due to 1) lack of experience, 2) lack of capital, and 3)
poor planning. MIBCG will reduce the information gap by offering business training and
business consulting in array of business subjects; including, but not limited to, marketing,
financial management, systems and procedures, inventory management, and organization
management. MIBCB will also provide business plan writing services, and will maintain strong
relationships with bankers, lenders, and other financial institutions.
Source: www.sba.gov/sites/default/files/sbfaq.pdf
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5. Are there any other opportunities? (Consider listing at least two)
Example: The rapid growth of the health care sector and the rapid evolution of new medical
process improvements are increasing the need for experts who can help hospitals and other
industry participants provide more efficient health care. US health care spending is expected to
rise from 18 percent of GDP in 2009 to 20 percent of GDP in 2020. MIBCG will capitalize on
this opportunity by targeting small medical offices. MIBCG will help these smaller operations
becomes for competitive by introducing them to six sigma principles and incorporating new
technologies. To a lesser degree, MIBCG will also target dentist offices and chiropractic offices.
Source: First Research
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6. What are some potential threats or critical risks facing your industry? How will you
address them? (Consider listing at least two)
Example: As consultants take on larger roles within companies, the risk of failure and damage to
their reputation increases. Also, consultants are more likely to be named in lawsuits against
corporate clients and in lawsuits by clients. MIBCG will mitigate this risk by 1) obtaining errors
and omissions insurance, 2) limiting projects to areas of expertise, and 3) maintaining and
abiding to proper systems and procedures.
Source: First Research
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7. Based on the information provided, is this a good time to enter the market?
Example: Based on this analysis, entering the market will pose several risks; however,
management is confident that these risk can be mitigated by incorporating a sound strategic plan,
which will ensure constant customers creation and retention, proper financial management,
efficient operations, and proper organization management. Moreover, the company believes that
the opportunities outweigh the challenges.
Source: Self, summary of previous sections
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