LAS CRUCES, NM – The City of Las Cruces Economic Development Department will launch a free online tool to help local businesses with market research and planning.
Through SizeUp, the City intends to help businesses prepare for better business planning and marketing. Companies can use the application to estimate the viability of their future or current business and test their business plan assumptions.
Next Wednesday, April 5, Las Cruces officials plan to hold a live demonstration in conjunction with the launch of the platform starting at 2 p.m.
In addition, SizeUp can help businesses discover potential customers, find local suppliers and optimize their marketing by targeting ideal customers.
“Small businesses and entrepreneurs are the economic foundation and engine of our local economy,” said Elizabeth Teeters, Economic Development Director for the City of Las Cruces. “We are helping to level the entrepreneurial playing field by providing our local businesses with market research and business insight tools that have not traditionally been available to small and local businesses.”
According to the Bureau of Labor Statistics, approximately 20 percent of small businesses fail in their first year, with nearly half of the downfalls occurring after five years, and most can be attributed to funding problems, poor management, inadequate business planning and marketing mistakes.
“Businesses in our community create jobs and grow the local economy, but startups are also at a higher risk of failure simply because they often lack experience,” Teeters said.
The software that powers SizeUp won the U.S. Department of Commerce’s first-ever award for a business application that helps U.S. companies become more competitive, improve their success, foster prosperity and create more jobs.