Understanding The Impact Of Location, Geography And Demographics On Businesses

Today's business has to deal with a myriad of factors in order to ensure profitability and growth

. For instance, your business has to be relevant, provide products or services that are in demand, and ensure that you are able to get customers in your doors. In addition to that, you also need to make sure that your physical location is right, and that any new or relocated stores are positioned correctly in the market. This means having a firm understanding of location, geography and demographics.

Location

The real estate mantra of "location, location, location" applies equally to the world of business. If your store is not located in the right place, it will fail, whether you offer quality products and services or not. In fact, the location that you choose is often more important than what you choose to sell to your customers. You'll lack the flow of patrons needed to ensure profitability and growth without the right location. How do you choose the right location, though? That will require you to have a firm grasp of geography and demographics.

Geography

Geography might not seem like it plays much of a role in business outside the area of logistics, but it does. For your physical location, including the ability of your customers to get to your front door, it plays a vital role in determining several things. Let's say you will be cutting your own throat if your business is not located in an area that sees a decent amount of traffic (foot or vehicle).. Studying the geography of a specific area prior to expanding, relocating or opening your first location is essential. You need to consider the layout of traffic arteries, the location of neighborhoods and the proximity of complementary businesses.

Demographics

Demographics form the backbone of your business. Whether you are selling high-end luxury furniture or athletic shoes at discount prices, all businesses have a target demographic. It's essential that you locate your business within close proximity to that demographic. Your customers are highly unlikely to drive out of their way to find you, so it's essential that you make it convenient for them. Sure that means you will need to know where can you find your demographic. What areas of town, what neighborhoods and which traffic arteries are the most ideal for your location?

Gaining a firm understanding of the above topics will help ensure that you are able to aggregate the data you need to make sound, reasoned business decisions that result in stability, profit and growth.

by: Ko Fai Godfrey Ko

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