Data is all around us, and you’d be a fool to ignore it, no matter what your business does. If you’re involved in a start-up, there really is no excuse these days for not doing your research – both early on and more importantly in an on-going manner – and it doesn’t just mean market research. It also means research into what your competitors are doing in your field already – we’re talking competitive intelligence.
First of all, the bare financials. Luckily a number of online tools exist that allow you to search the official records of companies that are held at companies house. Not only can you check out the company’s most recent financial results but you can also get a real insight into the business and the people behind it. Keep your friends close and your enemies even closer by making sure you’re up to speed with their latest position so that you can adjust yourself accordingly, if required.