In business expansion, data is your GPS. It shows you where to go, warns you about wrong turns and helps you avoid roadblocks before they derail your growth.
As a business leader, you want to make the best decisions for your expansion. The best decision you can make throughout the entire process is to take the time to look at the data that helps make your expansion decision easier.
Let’s go through some questions you may have as you start using data to influence your expansion.
Why does data matter to my expansion?
If you are considering an expansion, you’ve likely already considered the data relating to your company and your current markets. Data plays a crucial role in guiding expansion decisions, helping determine whether to enter a new location or strengthen operations in your current one.
If expanding, data can identify your top competitive priorities and enable direct comparisons between locations. While each community is unique, using data to distill them into comparable metrics simplifies and streamlines the decision-making process.
What data should I be looking for?
There is a variety of data you can gather about the potential target regions for your expansion. The data you collect should give you a strong understanding of your target location.
Data on talent, such as information on post-secondary institutions and specialized talent pipelines, will help you decide if a region will have the right team to sustain your expansion for years to come.
Real estate data includes prices and availability on potential space you can purchase or rent for new expansion. Considering real estate data as you compare different target regions can help you pay less for the space you need, especially if your company needs a specialized requirement like runway or railway access.
Ecosystem data can be some of the most valuable data for your expansion. If you’re a manufacturer, ecosystem data can show you whether there are suppliers that can work with you or potential customers in the area.
Cost data – everything from average salaries to expected taxes – are also key to every expansion decision. Expanding is about finding competitive advantages, and while all expansions aren’t about cost savings, it’s important to know what the same expansion may cost in different locations.
What is custom research?
Custom research is tailored directly to your company’s needs. It may include public or private data, but it is collected to help answer your specific questions. The synthesis of this data can give your company the greatest insights.
Specific information that surrounds your expansion, such as information on talent and finances in your target region, can be critical to the decision-making process for members of your company. If you really want to convince everyone at your company, from the board of directors to the employees who may be sent to the new location, this research will be your best tool in showcasing specialized information that appeals to them.
Making the best decision for your company means making an informed decision and wasting no time on guess work. Custom research is the best way to make sure you have all the data you’ll need to gain internal buy-in and make the best decisions throughout the expansion process.
What to look for in a data partner?
Data partners can see data as more than just numbers on a page.
The ideal data partner has experience in your field. They already know what kind of data you will need to consider different locations for your expansion. If you need additional information, they know how to get what you need. When considering different locations for your expansion, you should consider where you can get help on data collection for free from experts that know the area.
Waterloo EDC has helped dozens of companies, including Bosch, Westinghouse and Toyota, leverage data to make great expansion decisions.
When you’re looking to expand, looking at data is not an optional step. Don’t just follow your instincts. Go to experts who have already helped so many companies just like yours.
Check out our collect data service page!