COLORADO SPRINGS — Whether you’re starting a new small business or have been running one for years, El Paso County has a new tool to help make you more successful.
“It provided the information that I wish we knew back then,” said Yemi Mobolade, a Small Business Development Administrator for the City of Colorado Springs and co-owner of Wildgoose Meeting House and Good Neighbors Meeting House
It’s called SizeUp, a free research tool available to anyone to help them better understand how a business idea could fit into the El Paso County market, or how it sizes up against other businesses.
“People are going to be more successful with their smaller businesses if they have good data to support the decisions that they’re making. And that’s often a challenge for an entrepreneur or a small business owner because of just the limited time and resources that an in social in that business category has,” said Cecilia Harry, Chief Economic Development Officer for the Colorado Springs Chamber and EDC.
According to the Colorado Springs Chamber and EDC, finding data can be cost and time prohibitive, and this new resource takes the guesswork out.
All you need to do is log on to coloradospringschamberedc.com, click on “Doing Business,” go to SizeUp COS, and enter the year your business started or the current year we’re in.
“The moment you type in the year, the first thing you see is all the smokies businesses in your industry that opened that year,” Mobolade said.
It’s real-time public data gathered from multiple sources under one platform.
“Enter more information around revenue, all of the sudden you get an idea of how you are performing against others. You know, are my revenues up to par? Am I behind? Am I in the middle? And not only are you sizing up against other businesses on Colorado Springs, you’re sizing up against other businesses in El Paso County, and in the nation. So, you just getting a fuller picture of how you need to perform in relation to the rest of the market,” Mobolade said.
The Chamber and EDC says this software has been helpful during the pandemic.
“In a time like this with economic downturn, it’s even more important that companies are using their time wisely and this helps them do that, using their resources wisely, and also justify the decisions that they’re making with good data that will hopefully lead to better stability during a downturn and turning toward growth more quickly,” Harry said.
“I think what COVID did was just expose the weaknesses we have, both from the community side and even for many small businesses. And I think the opportunity here is to provide the right tools that not only help us weather the storm, but also just great for a city to have,” Mobolade added.