There are 6 areas that you need to research and gather information from to help you make the very best recommendations and decisions - that means taking the risk out of making the wrong decision! They are:

1. Assess you internal or micro environment. This is everything to do with how you run your business. Try using McKinsey's 7S model. Details of the model can be found here

2. Assess your external or macro environment. This covers everything outside your business which you have little control over but which affects your business. The PESTLEG Model will help structure your brainstorming and research.
P- Political
E - Economic
S - Social
T- Technology
L - Legal
E- Environmental
G- Geographical or Global

3. Competitor Review. Every business has competitors - some within your specific arena and other organizations that are after your clients money! Don't forget that it's not just your direct competition that is tempting money out of your clients pockets! There is a template to help you in the resources file.

Complete the attached Competitor Analysis Grid found in the resources file.

4. Customer Review. The aim here is to identify discrete segments of target customers who have a higher propensity to purchase. Once you know their attributes, likes dislikes, wants and needs you can make sure that you are seen in the right places and deliver the right message through the right channels.
As a first step review your existing customers and profile them. Ask yourself why do they buy from us?

5. Product Review. Here you need to look at the current product range and assess where future demand, and profit, is going to come from. Try the Boston Consulting Group matrix and the Product Life Cycle model

6. Past Performance (including financials). What has the business achieved so far? Review your own KPI (key performance indicators), financials, stock levels, complaints, production metrics and the Balanced Business Scorecard