Getting hold of business intelligence

Understanding all the elements of business is vital, writes Will Clark

The key to a successful company is more than just a clever idea. Understanding all the elements of business is vital, writes Will Clark.

All successful companies start with a good idea – but a good idea alone is not enough to make a business successful. There are a huge number of important issues that bosses need to get to grips with to ensure the smooth running of any enterprise. Whether it is the basics, such as getting funding and finding new customers, or the kind of challenges that growing businesses face, such as managing workforces and meeting their legal obligations.

For example, where do you go to if you need to discover what sort of business grants are available to help a start-up company, or perhaps to fund the R&D of a new product?

If you are employing people or dealing directly with customers, just where do you then go for advice on your health and safety responsibilities and public liability insurance?

Often a business is the brainchild of one or two people who have experience in specific areas. But that very rarely means they are also experts in sales, marketing, administration and finance. However, without at least some understanding of those areas, business owners could find themselves in trouble.

The bottom line is that bosses need to be in the know. The trouble is, if you are running a successful business, you do not have time to go out and research the finer details on stakeholder pensions or UK late payment legislation.

To run a successful company, bosses and managers need to the very best business intelligence available. This can include access to all up-to-date economic data, inside knowledge of customers and markets, expert advice on legislation and regulations, as well as professional help in absolutely crucial areas such as business planning and marketing.

In fact, there is an awful lot of business intelligence widely available in the UK, much of it for free. But where exactly do you start looking? Probably the best place to begin is your local Business Link, a regional network of government-backed centres that offer advice and help on a variety of business-related topics, often including free training and networking events.

The organisation’s web site at www.businesslink.gov.uk will provide the address of your nearest Business Link, along with a wealth of other information and guides.

Also worth a look is the government’s Department of Trade and Industry web site at www.dti.gov.uk. This has an abundance of great information, statistics and guides for companies doing business both in the UK and overseas.

For a more independent outlook on business – again with a regional spin – your local Chamber of Commerce will be invaluable. The central web site is at www.chamberonline.co.uk where you can locate the nearest Chamber serving your area.

Using business intelligence to your advantage can help your organisation become more successful, either by bringing in bigger profits or by saving you money.

For more sources of business intelligence, check out the free Atradius publication, the In The Know Guide, available at www.atradius. co.uk.