Entrepreneurs and small business owners turn to America’s Small Business Development Centers (SBDCs) for guidance on everything from launching a new business to securing financing and managing growth. For advisors, that means understanding the distinct challenges and opportunities each client faces, even when no two businesses are alike. Industry Intelligence helps bridge that gap.
I recently hosted a Vertical IQ user panel featuring three experienced SBDC professionals, who shared how they and their teams put those insights to work. From preparing for client meetings and strengthening business plans to evaluating financial projections and building lasting relationships, their examples offered practical ideas other advisors can use. Here are some of their best ideas.
Come into every client conversation better prepared
No SBDC advisor can be an expert in every industry. But with the right preparation, you can walk into virtually any client meeting ready to ask informed questions and offer meaningful guidance. Each of our expert panelists had specific suggestions on using Industry Intelligence for meeting preparation:
- Richard Longor, director of the Duquesne University SBDC in Pennsylvania, uses Vertical IQ’s Financial Benchmarks to help his clients understand how their financial performance compares with similar businesses at different points in the business life cycle.
- Mike Stater, executive director of the Warren County SBDC in Ohio, identifies the client’s NAICS code, then reviews the corresponding Industry Profile on Vertical IQ for insights that serve as conversation starters and help him gauge the entrepreneur’s industry knowledge.
- Connor Taub, small business consultant with the Aurora-South Metro SBDC in Colorado, reviews the industry growth forecast to assess whether clients’ financial projections are reasonable.
The main takeaway? Even 5 or 10 minutes reviewing an Industry Profile, Current Conditions, or Financial Benchmarks can help you tailor your guidance to a business owner’s unique circumstances.
Turn business plans into reality-based roadmaps
Entrepreneurs are naturally optimistic, but that enthusiasm sometimes leads to unrealistic revenue forecasts, underestimated expenses, or overly ambitious growth projections. SBDC advisors can use Industry Intelligence to help their clients develop conservative, moderate, and optimistic scenarios.
For instance, Richard frequently uses Vertical IQ’s Financial Benchmarks to challenge assumptions in clients’ cash flow projections. He also conducts sensitivity analyses to evaluate how revenue declines or expense increases might affect a business.
Similarly, Mike relies on compound annual growth rate (CAGR) data to help entrepreneurs set more realistic expectations. “If somebody wants to go 10% year over year, and you’re showing a 2 to 3% CAGR, it changes the whole dynamic of the business plan,” Mike explained.
Connor turns to industry seasonality insights from Vertical IQ to help his clients better anticipate potential cash flow fluctuations.
The goal isn’t to discourage entrepreneurs, of course. Instead, all three panelists agree that Vertical IQ’s Industry Intelligence can serve as a valuable “reality check,” helping entrepreneurs develop more credible business plans so they can make better-informed decisions.
Help entrepreneurs become lender-ready
Securing financing is often one of the biggest hurdles small businesses face. Vertical IQ helps SBDC advisors prepare their entrepreneur clients for the questions lenders are likely to ask.
Mike frequently turns to the Credit Underwriting chapter of each Industry Profile to identify industry-specific red flags, key financial metrics, and important lending considerations.
Meanwhile, Connor emphasized that prospective borrowers equipped with relevant industry information are better positioned to respond to a lender’s underwriting questions. He noted that Vertical IQ’s Capital Financing content can also help SBDC advisors show financial institutions the level of risk and identify SBA lenders experienced in specific industries.
Preparing for those conversations also means understanding what the business will need to get up and running. Mike shared an example involving a microbrewery startup, where Vertical IQ helped him understand unfamiliar equipment and identify startup costs to discuss with his client.
The lesson here is that lender readiness isn’t just about getting the numbers right. It’s about understanding the business behind those numbers and helping entrepreneurs tell a credible financial story.
Build relationships beyond the startup phase
SBDC support shouldn’t end when a business opens its doors or receives financing. That’s why Richard’s team at Duquesne University SBDC has developed an effective follow-up strategy: Every new client receives outreach every three months for five years, with reminders automated through their CRM. And Vertical IQ makes those conversations more valuable. Advisors can revisit industry benchmarks to assess a client’s progress or share emerging trends that may affect their business.
Another easy way to maintain contact? Subscribe to Vertical IQ’s Quarterly Industry Update newsletters for the industries you advise. These informative emails provide timely industry developments, growth forecasts, and employment and wage information that advisors can easily share with their clients for personalized outreach.
A simple email sharing an industry trend could spark a conversation about rising expenses, workforce challenges, or expansion plans, positioning you as a trusted resource throughout the client’s business journey.
Make Industry Intelligence a daily habit
Our panelists offered several practical suggestions for incorporating Vertical IQ into everyday SBDC work:
- Start early. Mike recommended using Vertical IQ at the beginning of client engagements, not just when a research need arises.
- Explore beyond financials. Connor encouraged advisors to use Vertical IQ for industry challenges, financial solutions, and operational insights to enhance client guidance.
- Expand your expertise. Richard emphasized how Vertical IQ helps advisors quickly learn about unfamiliar industries.
- Stay connected. Subscribe to salient Industry Updates as a simple way to establish recurring client check-ins.
- Learn together. Share successful use cases with SBDC colleagues and participate in Vertical IQ’s ongoing training webinars.
Better intelligence. Stronger advisors. More successful businesses.
What struck me most about our panel was the variety of ways these SBDC professionals use Vertical IQ. Some focus on financial benchmarks and credit insights. Others emphasize industry education, relationship-building, or economic development. But all share the same objective: helping small business owners succeed.
And you don’t need to master every feature of Vertical IQ to make an impact. Start by researching an industry before your next meeting, using a financial benchmark to strengthen a financial projection, or sharing a timely industry insight with a client. Small, consistent habits lead to stronger client conversations, more credible business plans, and more meaningful relationships.
Learn how Vertical IQ can help your team of small business advisors, and then request a demo!
Image credit: Pexels; Kampus