To conduct business research you need to :

1. identify the problem or choose the topic.
2. formulate the research questions.
3. review existing data from numerous sources.
4. observe, evaluate and draw conclusions from these.

You should research your specific industry, your competitors and your target customers before formulating your business plan.

Research methods can include interviews, experiments, observation as well as secondary sources like internet searches and digital analytics.

Staying informed and up to date on external risk factors such as those in your PESTLE Analysis can help you identify possible peaks and troughs in business.

This link below has lots of useful information you could use to research your business:

The 5 step process is below. Click on each box to explore each step.

Business research is defined as ‘the systematic and objective
process of collecting, recording, analyzing and interpreting data for aid in solving
managerial problems’.

(An Introduction to Business Research, pg 3)

Examples of Business Research could include:

Consumer Behaviour – buying habits, brand preference, consumer attitudes.

Product- Test markets, performance studies, concept studies

Finance – forecasting, budgeting, efficiency of accounting software.

The Research Plan

A research plan will help you stay focused on your goal allowing you to get better results. It is a document that outlines the steps and resources required to make it happen.It will give you a clear guideline of what needs to be done by when.

The steps to follow are:

1. Define the project purpose.
2. Identify the steps required to accomplish the goal.
3. Select your research methods.
4. Allocate tasks and recruit participants.
5. Prepare your resources, questionnaires, surveys.
6. Create a realistic timeline.
7. Determine how to display or present your results.

Set Clear Research Objectives

Setting clear research objectives will allow you to:

• focus on what you need to know and not get side tracked.
• save time as you avoid distractions.
• create concise surveys and questionnaires.
• set a scope to the purpose, problem or question you are trying to solve.
•  remain objective because you have clear perameters.

An example of a research objective might be:

To conduct at least 100 online customer surveys for 1 month to determine:

a) their preferred buying methods-online versus shopfront.

b) their preference between product A and product B

c) what is more important price, quality, delivery.

Research Strategy

The research strategy is how the data and information will be collected from the numerous sources available. Undertaking any form of research can be time-consuming but worthwhile if you are to achieve reliable results.

The main research strategies in business research are qualitative and quantitative analysis.

• Qualitative research is the soft feelings, or the behavioural and psychological reasons why.
• Quantitative is numerical analysis based on facts and figures highlighting variances.

Most research will include both. You often need to know “why” the person responded in a certain way to your questions, offering a more in-depth, comprehensive analysis of your subject.

Watch this video about Quantitative versus Qualitative Research

The link below describes research methods to consider:

➡Refer to Assessment 1- Question 2 & 5

Customer Journey mapping will help you keep your customers happy. Understand their touch points and create loyalty.

➡Assessment 1- Question 4a,b,c./Q6

Watch this video to see how to evaluate your research for reliability.

Digital Safety and Security Processes

Data Privacy is compliance with data protection laws and regulations. It is concerned with the proper handling, processing, storage and usage of personal information. It focuses on how to collect, process, share, archive and delete  data.

Data Security is the measures the business takes to prevent any third party unauthorised access. It ensures the integrity of the data, meaning data is accurate, reliable and available to authorised parties.

Watch the video to find out more:

Cyber Security

Cybercrime is a growing threat. Know what to look out for and how to protect your business.

Security Awareness fun videos to watch:

Passwords

Data Handling

Computer Theft

Phishing & Ransomware

Be Cybersmart

Human Error’s guide to keeping security simple

➡Review Knowledge Question 3

Analysing data

Critical thinking is the ability to objectively analyse information and draw a rational conclusion.

After you have checked your data quality and accuracy, you need to analyse your data and draw insights. You need to use appropriate tools to explore or describe data patterns, trends or outcomes.  You may collate the results into a spreadsheet to help identify common themes and similarities.  These similarities will confirm the reliability of the findings and allow a rational conclusion based on facts to be made.

You also need to consider the use of visual aids such as graphs and tables to present your data in a clear and engaging way.

The Rainbow Spreadsheet helps you highlight themes and similarities.

The first part of this video has some good information on correlating data.

Evaluate Data

Evaluation is interpreting the results of your research against your objectives. You have correlated all of the data, studied it for themes and similarities so you can make a statement about what you have found.

As you analyse your data, consider how your insights compare to your assumptions and benchmarks. Are there previous reports that support your findings? Have you identified any limitations or challenges that may affect your conclusions?

Communicate your Conclusions

Finally, you need to present your findings or conclusions to your audience. The recommendations made, need to be based on your evidence and goals. The presentation of the report needs to use effective formats, styles and languages to convey your message.  Design your presentation around who your audience is and what the outcome is you are aiming for.

Your conclusion must:

• restate the purpose of your research
• summarise the main points of your research
• connect the significance of these points to your objectives
• Conclude your thoughts based on facts

Methods of Reporting

There are different methods of reporting that you can choose from. This will depend on who your audience is, what your skills and knowledge are and what you want to achieve.

There is written reporting, graphic reporting and oral reporting.

Written reports may be in the form of a letter or email, a circular or manual. Written reports can include financial reports and be helpful in financial analysis.  They are ideal for transmitting lengthy messages without risk of unauthorised alterations, they can serve as a legal record or reference for decisions in the future.

Graphical Reporting

“A picture says a thousand words”.

Charts, diagrams and pictures have the advantage of quick grasp of information presented. In this world as attention spans shrink, we need the attention of the reader.

Graphics create a long lasting impression, they create impact of information and are more effective in people remembering them and the fastest way to compare data.

How to avoid “Death by Powerpoint”.

Oral Reporting

This method is best when presenting to groups or having one on one conversations. It works best in conjunction with written and graphic reporting. Using more than one sense will help the information be remembered better.

Oral reporting is inexpensive, quick and can leave a better impact, leaving a more personal touch and possibly a better understanding. Misunderstandings can be dealt with straight away. It is more responsive compared to written reporting and can be more flexible as you can change to suit the needs and response of the receiver.

Here are some handy Presentation tips:

Here are 3 links that could help you design your presentation:

Task 5 Instructions

Prepare your Research and Analysis presentation.

You are required to develop and present the research you conducted in Tasks 1-4.

What was your Research Objective? (Refer to TAB 2)

• To test the viability of my business by conducting a Business Feasibility study for my Certificate in Entrepreneurship & New Business Ventures.

What was your Research plan? (Refer to TAB 2)

• Explain what your plan was to gather the data and information you needed to complete the Feasibility study.

Was your Research plan relevant to your research objective?

• Yes/No- Why? or Why not?

Did your plan find out the information you needed?

• Yes/No – Why? or Why not?

What sources did you use?

• Provide the details of your primary, secondary, qualitative and quantitative research you conducted. Give the websites you used, the methods you used. How many people did you survey? How many competitors did you observe etc.

Are your sources reliable? (Refer to TAB 3)

• Yes/ No- Why are they reliable?

Who is the information targeted to?

• Task 6 requires you to present your research about your Business Feasibility Study to someone. Who is your audience that you intend to present your findings to? Is it an investor, a business partner, your business mentor?

What format did you save this information for analysis? (Refer to TAB 5)

• When you gathered all of your information, where did you store it? How did you format it so you could evaluate the results and make your conclusions?

How do you securely store all data collected to prevent cyber attacks or confidentiality breaches? (Refer to TAB 4)

• Explain your procedures and processes you follow.

Task 6 Instructions

Present your Research and Analysis

When creating a presentation, the first thing to consider is :

• Who is your audience?
• What do they need to know?
• What calibre do you gear your language to?

For example, if you present to a possible investor, your aim would be to sell your idea and impress them with your return on investment figures with fancy graphs, facts and figures. Consider the most effective method of presenting this information? Is it face to face in a meeting with a slide show or video? Maybe a formal report emailed through or presented in person. You need to decide the most effective method to obtain your objective. (Refer to TAB 6)

” The information must be presented in a clear and structured format and suitable for a business environment.”

Task 6 Outlines some suggested headings you could use to format your presentation.

Topic: example:  “Is Joe’s Jungle Juice a viable business idea?”

Audience- who is the presentation created for?

Distribution- Purpose of the presentation.

Research Conducted: Methods and processes used to gather the data and information that you researched. Include any data security or legals you followed when conducting research. (Refer to TAB 3).

Analysis Performed: Describe how you analysed the different data you collected to be able to evaluate and make conclusions. Did you correlate it all into a table and count how many people said this versus that? What evidence did you find to reach your conclusions? Base this on only facts from the research.(Refer to TAB 5).

Summarise: Outline your conclusions/ discuss secure storage requirements followed. (Refer to TAB4,5)

FEEDBACK:

“Seek Feedback” – means ask for feedback about your presentation. Create a feedback form with the points outlined in Task 6 and include this with your submission.

If you have someone you can gain feedback from, that would be excellent. If not, send it to your Assessor requesting feedback.

Send a copy of your presentation with Feedback to your Assessor for marking.