![]() Modified for industrial use COAL WAS WEALTH stands for: In this version the initial T stands for Terrain the first A, that usually stands for Apparatus, now stands for Apparatus and Personnel and the additional S stands for Special considerations.Īs taught by FDNY, COAL WAS WEALTH stands for: In his version, Area is combined with Height, allowing the final H to be designated as Hazardous materials. In his book the Fire Officer’s Handbook of Tactics, he made a change that I feel is particularly pertinent when applied to industrial incidents. If 12.5% of all businesses are dying for the preventable cause of a lack of preparation and access to resources, it logically follows that an astounding 63% of first-year business failures can be mitigated and reduced through the direct engagement of economic developers implementing proactive programs designed to reduce the failure rate.One change to the mnemonic was introduced by Deputy Assistant Chief John Norman, a retired member of FDNY, Special Operations Command (SOC). Entrepreneurs can us SizeUp to create a business plan and interactively test their business assumptions based on real data for their industry and location.Ī reduction of new business failure also has long-term benefits to local economies because each business that survives the first year produces a larger total pool of businesses surviving into every future year. EDOs can prepare entrepreneurs with the information, training, and infrastructure needed to move out of this bottom 1/8th of businesses that fail quickly in their first year. If 1/8th of business failures can be mitigated through preparation, then economic developers can have a significant impact in reducing this failure rate. Economic developers are positioned to directly reduce this rate of failure. Being better prepared than the bottom 1/8th of all businesses puts an entrepreneur in a much higher likelihood of success. If 7.5% is a predictable/natural rate of business death, then 12.5% of businesses (1 out of 8 of all businesses) are failing in the first year due to “lack of preparation in one way or another” (Source: Entrepreneur Magazine). 30 percent divided by 4 years equals an average of 7.5% of businesses failing each of these years. 20 percent of businesses fail in the first year, but an additional 30 percent fail in years 2, 3, 4, and 5 (Source: US BLS). It is common to hear the failure rate of new businesses is high, but the data is insightful because it tells you when businesses tend to fail. SizeUp LBI addresses these critical changes with four market intelligence tools: Business and Industry Analysis, Competitive Intelligence, Advertising Analysis, and Demographic Analysis. They help these companies know things about themselves they would never otherwise know without access to this powerful business intelligence.Īccess to this kind of online market data changes the playing field for small business owners. By implementing the service on government, chamber of commerce, Small Business Development Center, and library websites, communities are able to help their local businesses make better decisions. These places are actively enabling their small businesses to make data-driven decisions for success using an online service called SizeUp LBI (Local Business Intelligence). This approach makes their community a better place, with more successful businesses that foster job growth and taxes that create quality amenities, including parks, libraries, schools, public safety, and more. Organizations like the Colorado Springs EDC, Town of Gilbert in Arizona, Jackson Chamber in Tennessee, and the Small Business Development Center at Dallas College in Texas are just a few examples of those who recognize the importance of fostering an online strategy to support local businesses. This enables local businesses to make smarter decisions through data, upgrading the ability of small businesses to be more successful and grow as modern companies. This levels the playing field so that their small businesses can access the same types of intelligence that big companies use. Smart communities are empowering their local businesses to succeed with information. ![]()
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