Do Some Research

Business becomes slow at the end of the year. Most people are busy tying up loose ends at their own businesses and will not have time for prospecting calls, discovery calls, follow up calls, or closing calls. Some will not be available because they are on holiday.

But you are not, and you should put that time to good use. And one of the best things you can do at these times is to research your industry, your business, your customers. It is also a good time to do research as with most of the year behind you, you will have a good amount of data available on the business cycle that has gone by.

Research will help you understand your industry, your business and your customers and make you better prepared for future interactions. It can help you make better plan for the business. It can give you perspective on what you need to do to gain leverage with a customer, on how you need to grow your business and on avenues you need to follow.

Research these days is easier than before. The Internet is a treasure trove of data that can be trawled for unique and valuable articles and tables. Most are available free for use, and others are paid. Public Limited companies regularly publish data including financial information which you can use. Government agencies collect and publish data which can be useful. Your local business bureau or chamber of commerce can provide some data as well.

You can look up member lists of your local business organizations for leads on businesses. This could form as a basis for creating your research list on prospects. It could also come from specific bodies and agencies your customers may be part of like an association or a union.

Your skill will come in on how you can put the data into perspective of your business and your targets. Some things will be obvious. Others may require vetting from two to three different sources to ensure that you are following the right track. Sometimes you may also need outside help to make sense of the data.

The idea is to use every available source of information and analysis tool to use to provide you a clearer picture of the arena you are working in and how you want to approach it to achieve the goals you have set out for yourself.