Did you know … ?

 

Editor’s note: Michelle Stockman is an independent consultant with her company, Fort Smith-based Msaada Group. Stockman earned a bachelor’s degree from Loyola University-Chicago in communications and fine arts, and earned a master’s in entrepreneurship from Western Carolina University. Her thoughts on business success appear each week on The City Wire.

Did you know that Americans spend more than $815 billion annually on groceries? How about, 55% of consumers eat ready-to-eat/easy-to-prepare/easy-to-transport foods at lunch? Did you know, 51% of Americans say the average person is not very considerate of others while talking on their cellphone? Also, did you know, over 59% of Americans are often worried about financial matters?

Whether you knew the information about consumers, the four statistics above taught you new information. For some, the information is trivial or at least material for the next game of Trivial Pursuit. However, for others, the information could be a critical key for business planning. In this age of information, it is easier to obtain good information to make confident business decisions while mitigating as much risk as possible.

Yet entrepreneurs are often perplexed on where to start in obtaining critical information to use in their business plans, marketing plans or tomorrow’s plans. It seems smaller businesses either don’t know how or don’t want to take the time to sift through the resources to help their research efforts, so we’re going to go through the simple list of resources to get started.

The first step in business research is deciding what needs to be researched. Do you need to know more about your industry, market place, economy, customer or any number of questions you may need to find the answers to within your business? For instance, a company came to me seeking information about the demographics for a new consumables product. After asking what their goal was to find through their research, I discovered they not only needed consumer demographic information, but the client was really looking for buying trends of a specific consumer base.

The next few steps depend on the information you want to find. In regards to business planning, strategic planning, gaining industry specific information or more, one often over looked resource is your local library. Many libraries have reference centers to help you with your research quest, and they also subscribe to many business and industry trade magazines or databases that are often too expensive for an entrepreneur to purchase. While I can’t vouch for all the libraries in the world, I can say the libraries in Fort Smith and Fayetteville have outstanding reference desks that are capable of helping your business.

If the library is not your place to find information, the Arkansas Small Business and Technology Development Center (or any SBDC/SBTDC) is an additional resource to help you start your research project. The ASBTDC has access to counselors to help refine your search as well as access to a wealth of databases and research tools focused solely on business research. You may also find a great wealth of information at your local university’s library and/or business school.

Another avenue for you to take is engaging in your own research by collecting consumer data through your own surveys (there are several online survey tools that allow you to create, collect and analyze survey data). Schedule and collect data from your own focus groups or search for information on the internet. You can always hire a market research firm to assist you with collecting the same kind of data.

Once you obtain the information you were seeking from the research, then it is time to understand and use the information to make those important business decisions. Compare data in appropriate ways, such as coffee drinkers aged 35 and up tend to drink regular home brewed coffee daily, meanwhile coffee drinkers 35 and under tend to drink cafe coffees occasionally. Rather than, coffee drinkers over age 35 drink coffee at home, while younger coffee drinkers only like specialty coffees.

While not everyone finds statistics as fascinating as others, finding trends happening within your business world is as vital to your company as a computer is to most. Did you know that even your Facebook page offers you a wealth of information to use for your business? Do you know how to use it for your advantage?  If not, go find out.

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Stockman can be reached at [email protected]