Research Business Around The Globe

What Is Global Research Business?


The idea of research for business purposes is not a recent concept.  For many years, way back into our history, man has traded with his neighbour, before currency evolved they would barter items. 

From these humble beginnings, the thought of business growth lead to more information aiding businesses to grow their turnover by reaching their target market in various locations and growing larger, from small enterprises to multi national conglomerates.

The ability to research your business whether it is with the close locality or on a global scale, the key principles still apply.

Knowing every aspect of what makes a business work is fundamental to its overall success or failure.

 

What Are The Core Principles?


The Business Idea


Probably the first stage of business research is the initial idea generation.  Whether this occurs from a current or previous work experience or career, or as a lightbulb moment when you see a problem and promptly acknowledge it's solution, the Business Idea is generally the starting point for research.

Business Strategy


Once an idea is ready to be developed, the strategy or plan of action begins to be drafted.  There are a whole range of aspects to consider which are encompassed by Business Strategy, since these factors are all imperative towards the overall success of a business launch.

It pays to perform a S,W.O.T analysis at the inception stage of the business, whereby you identify its Strengths, Weaknesses, Opportunities & the Threats. Awareness and a plan of action if well researched will aid such circumstances as they arrive in order to maximise the potential of the strengths & opportunities, but equally to minimise the affects of the weaknesses & threats.

Economics


The economy has huge impact upon business, both nationally and globally - one simply has to consider Brexit currently to see how markets react, and this in turn filters downwards to all businesses.  Some will gain from the lower price of the £, especially if they are exporting, whereas the costs are considerably higher for those importing, for example.

A P.E.S.T analysis maybe performed to consider the implications of such factors as Political, Economical, Social & Technological.  We will go into more depth with each of these factors later.


Marketing


The marketing mix consists of the 4 P's - Product, Place, Promotion & Price.  Each of these is critical in the overall plan, since they play such a key role in the success or failure and so need to be included within the research of the business.

Other marketing concepts such as Porters 5 Forces which aid in differentiating and identifying your USPs, goals & route to market are equally important at the initial stage of the strategy.

Competitor Analysis is another key area to give some thought.

Finance


The financial aspect of a business is critical.  Knowing your breakeven point, the cashflow, the profit & loss and your balance sheet expectations are all key to your business strategy.  One of the most overlooked areas is the cashflow, which is very dangerous, since no matter how wealthy you maybe on paper, if the cash isn't there to pay the salaries & bills at the end of the month, then the empire can come tumbling down.  More finance later.

Legal Aspects


Understanding the legal aspects & how they apply to your business, with your responsibilities are key. From staff legislation, to financial transaction requirements, through to copyright & innovation, contracts & much more, there is a whole range of considerations.

Technology


Living in the technology age, understanding the requirements of the business in regard to how technology can aid and what is available to make the roles easier is a major area.

HR


Human Resources & Management can make or break a business.  Employing the right people in the right positions can grow a business exponentially or sink without trace.  A current example would of course be the Ryan Air fiasco.  A dedicated & happy workforce is worth its weight in gold.


Summary


As you can see, the areas of research are summarised above for a business on either a local or global scale, and the key principles are the same, they are simply multiplied for the multi-nationals.

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