One of the most overlooked theories about business research I encounter is that it is best used to determine whether to buy, sell, or expand. Although each is an important part of doing your research, protecting your investment is often even more important. If you own a business, or are associated in some way, being aware of possible changes before others makes a huge difference. I find this to be a critical element for a business owner, especially when a physical location is involved.
A business owner should be monitoring things like what the competition is (and isn’t) doing, who the neighbors are and what they offer (for physical locations), and community matters including proposed zoning, parking and access, and prices for leasing and sales. The same can be said for business brokers, real estate brokers, leasing agents, contractors, and investors. I have come upon instances where monitoring current and potential clients leads to solid opportunities and more business.
The below linked article addresses the situation, with an angle, about the expansion of bicycle paths in Chicago. It is understandable that safety is a significant consideration. However, providing more and safer bicycle paths is hurting revenue for some businesses. When that happens, the impact can extend to property values and the desirability of a community, and the consequence hits other businesses, brokers, and potentially residents.
One example is how expanding the bike paths is taking away from customer parking in busy neighborhoods. If many potential customers go elsewhere, the businesses suffer, along with the tax revenue and popularity of a community. However, if your physical business appeals to bike riders, the bike path could bring a huge advantage.
Business owners, brokers (real estate and business), investors, and contractors would benefit by having this type of customized information available to them. The right info could make them “first in” on a big deal, while their competitors have not even thought about pursuing it. My team and I can either perform custom research for you, OR train you (or your people) on how and what to track. Let’s talk!