Research in any area of field or specialty is very important as its main purpose is to inform action, to prove a theory as well as contribute to developing knowledge in a field of study. In business, research helps to study all areas of business, including the market and the customers and using that information to maximize the sales and profit of the business. Research also helps to reduce the chances of failures, as it gives an idea of the target customers, who to engage business with and the perfect time to launch a product or service. Research is the foundational block any business should build on. It acts as a catalyst that helps you to thrive in the market.
It is quite common to desire to know about another business entity or company either when dealing with the company or in your need to find out about your competitor’s strengths and weaknesses. It is common knowledge that doing business is fraught with potential risks. There have been tales about contractors who attained deposits for a job and then, never returned to do the job. There has equally been news about the accounts of companies that defraud investors out of hundreds of thousands or millions of dollars. These reasons have ascertained the importance of researching a company’s or business image before solidifying a relationship with any business to guarantee their image is not damaged by liens, judgments, bankruptcy, or civil action, either against the entity or its principles.
Assessing a company, therefore, is a practical way of keeping track of your competitors or competition in the market.
It is important to point out that when carrying our company research, there are many sources to use. This depends on the company, the size, industry, and location of such a company. Small and private companies are usually harder to research and investigating them tends to be much more creative exercise in comparison to the bigger and public companies.
Below are some of the place you can research on Uk companies
At the State Archives
This is very important because when trying to obtain information about a small firm, this may be the only source of information available. By law, every company in a state where it is situated or located is required to obtain a license to conduct business within state boundaries. Therefore the state in which a company is operating will have a database of information that will provide useful for the investigation. The information you will find at City or country records include:
- Origin of the fame
- Tax liens
- Judgments filed and criminal complaints or actions pending against the company or its principles
All this information is available to all who ask. Some states even provide this information through its website.
Visit the Better Business Bureau. This is another important source for researching a company and they may even have information in businesses that are not members. At the Better Business Bureau, information about a business’s customer service practices and details about the products and service failures can be gotten from the Business Bureau. They include information about complaints and reviews about companies that have been filled by the customers or clients of these companies or the companies they’ve had business contact with.
Published Articles: Published articles on a company can help broaden search parameters. This can be done by checking the company’s # name through local newspapers, archives, and industry-specific journals.
Visiting the company’s Website: This is another way to investigate a company. A great deal of information about the company’s products, services, and personnel is disclosed on their website.
Consult an Online Company focused on Business Information: There are online services that possess information about all kinds of business (both national and international) like Hoovers and Manta. You can search the company you wish to investigate the only industry, industry, geography, or by business name and learn about the company’s revenues, names of personal, phone numbers, and addresses.
Equally, as an employee looking for a job, researching a company puts you ahead of other employees, making you a stand out. By doing thorough research on the company firm, gives you a better understanding of the company which means, you will have more things to talk about at your interview. It’s also a way to find out if the company you applying for is a good fit for you and also if they are a good fit for what you can provide. Searching on the company,
- You will be able to find out about what they do, their target audience;
- you can also find out about what they are looking for in an employee;
- the values of the company such as their goals, that they are passionate about; if you find the mission statement of the company, this even makes things better;
- you will also be able to find if there are good opportunities for progression;
- As an employee, you are also on the lookout for employee benefits. Researching on a company will let you know if they offer flexi-time hours, how much holiday you get as well as want their pension is like.
You must investigate a company’s credit rating before proceeding to do business with them. Knowledge of what possible liabilities could be faced if the company does not fulfill its commitment is a significant factor. Company credit reports are accessible for anyone who wishes to investigate. The three major credit Bureau along with Dun and Bradstreet are major sources who provide this information. Many large corporations file their accounts annually through their public information office.
Any business must investigate potential partners and vendors from all possible angles. The depth and breadth of information gotten through investigation often make the difference between successful and failed relationships in business. A vast amount of information is available through the providers listed above. It is quick economical and it saves money. Furthermore, it gives you the understanding you desire either as an employee or an employer, whether as a business owner or someone who is seeking to own a business of his/her own. As I earlier stated before, research is the foundational block upon which any business should be built.