An executive with currency trading firm BForex, Pablo Soria de Lachica serves as its director of business development and director of new projects. Pablo Soria de Lachica, a master of business administration graduate of Universidad Tecnologica de Mexico, specializes in a number of different industry areas, like market analysis.
Although market analysis is important for businesses of any size, it is especially vital for small businesses, as they often lack the backup capital to sustain themselves if profits are lower than expected after opening. To that end, market analysis should be the foundation of the small business’s plan on which other pillars of its strategy are built.
Any successful marketing analysis includes information on the customer base, area, and main competition. For instance, the customer base will help determine if a business can actually succeed in the location it has chosen, how many potential customers exist, and their purchasing power. When researching its competition, a small business should pursue the goals of identifying the current market saturation and the potential profits it can reasonably expect.
Beyond market analysis, a successful business plan depends on the type of small business it is designed for. In addition to the standard business plan, other types include the startup, which accounts for additional costs and milestones, and the lean plan, which does not include summaries or other similar information and can be quickly adjusted as circumstances require.