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October 13, 2016
Chicago  |  Seattle
Read last week's issue here!
The Importance of Business Research
Regardless of your industry, business research is very important. Business itself is a beast. With technology and other factors playing into your business everyday, keeping up can sometimes seem burdensome. However, you can also use these same burdensome factors to your advantage. 

While it seems we can sometimes find ourselves running after technology, we can also take moment to pause and analyze what technology captures to our benefit. Here are three types of research businesses should always be focusing on: market research, operations and consumer behavior. 

Market research allows you to evaluate how your market has and will potentially develop. This can influence purchasing, production and sales. Operations, or operational research, allows you to evaluate how to optimize your business costs by minimizing your costs and, in turn, maximizing your profits. Consumer behavior allows you to figure out why your consumers do what they do, essentially understanding why they purchase or don't purchase your business' goods or services.

Evaluated and analyzed correctly, business research will enhance the productivity, reduce the cost, and save and maintain the goods and services your business does well. It will also help you discover the latest trends in technology so you can keep up with it for growth and continue to innovate. Business research can also help you identify - in advance - set backs or issues that can arise so your business can avoid them or create a plan to deal with them in the future, as to not caught off guard. Think of it as a proactive approach rather than reactive. Lastly, research allows you to create benchmarks and measure its progress on a number of different levels. Thus, you will also be empowered to reduce risk to your business and be able to make the right business decisions.

Read the entire blog here!
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