Research is an integral part of planning. Planning without conducting proper research may not be a good idea to even step into the business.
Entrepreneurs generally prepare a Business Plan when they conceive a new business idea. These Business Plans require a lot of comparative analysis, data and statistics in order to justify the business logic. It also requires deeper market insights and contenders’ position in the market; these help businesses evaluate their plans in an effort to achieve their goals. And this can be done only through proper research, that is an integral part of any Business Plan.
Understanding market trend and analyzing consumer behavior is one of the key ingredients of a Business Plan. Moreover, it also minimizes the risk of failure thereby protecting the investor’s interest. A detailed research provides enough information and confidence and plays a pivotal role for the management to take important business decisions in light of their Strength, Weaknesses, Opportunities and Threats (SWOT Analysis).
Studying the customers, the market and competitors are key attributes of strategic decision making which help in executing plans most efficiently. A thorough research gives a better understanding and knowledge of the market and market trend; it also helps in coming out with innovative ideas of new products and enhanced services that may give them an edge over the competitors.