It is difficult to define "business." All of the arts and techniques of running a business need to be included. Business is also an important part of a complex political, social, and legal system. Those in business must satisfy customers, comply with laws and regulations, meet employee expectations, bargain with unions, watch competitors, and make a good impression on the public.
Every profession and academic discipline has some linkage to business. For example, the sale of art objects is obviously a business as well as an integral part of the fine arts. The notion that all organizations, including universities and other non-profit institutions, should be run "like a business" indicates the considerable span and popularity of business today.
There are several lists of the major parts of "business." Here is a relatively brief one:
Business is frequently categorized by function, type, place. Functions might include accounting, sales, marketing, and human resources. Type might include entertainment, transportation, or computers. Place might include local, regional, within a state, within a multi-state region, within the U.S., within a continent, or global.
Another way of looking at business is to look at the process of creating value by creating and selling a product. Typically, there are six steps:
Business information requests are often driven by the need to learn more about:
Since three of these forces are related to present and potential competition, competitor intelligence (CI), broadly defined is extremely important.
There are so many useful websites for business that it is difficult to keep up with them. For example, the CEO Express, "connecting busy executives to information that matters," provides a rich variety of useful content. Most universities and many colleges create business research guides. MelissaData provides a rich variety of free quick lookup databases that answer many ready reference queries. CNN Money provides much useful information as does Yahoo! Finance. Just a few years ago, such extensive and current information would not be available outside a few urban business centers and then at great cost. Melissadata.com provides a variety of free database lookups.Strauss's Handbook of Business Information: a Guide for Librarians, Students and Researchers [2nd ed.] and the Encyclopedia of Business Information Sources . Other standards include:
The Kovacs Consulting surveys reported that the most essential print reference sources were:
Although business is a profession and the economics is an academic discipline, there is considerable overlap between the two. Many reference librarians find it easiest to place business and economics sources together because of the difficulty in drawing a line between the two. This is an area where names and descriptors may be tricky. For example, economic development may be a purely economic topic, as in Somalia, or a way of helping local business to become more competitive or the process of attracting more business and industry to a locality.
Numeric data are absolutely essential for business decision making. The information professional working in this area MUST be comfortable with numbers and statistics. Users are often interested in data files that can be down loaded and manipulated using spread sheet and statistical software. PDF files, often favored by the U.S. government cannot be manipulated and are often not usable.
Historically, the Federal government gathered, analyzed, and published substantial statistical series. With budgetary problems and Congressional disinterest, there has been a substantial reduction in both the gathering and the publishing. Libraries, for example, will need to rely more on numeric data included in fee-based publications or issued by trade associations. Thus, the costs of providing access to business information is increasing.
Trends and fads tend to be important in business, especially in approaches toward management and leadership. Often, these begin with theories and values expressed by leading management consultants. Re-engineering and total quality management are good examples. "Client-driven" organizations received considerable attention in the literature a few years ago, but much less attention today. Some of these fads have a short life, but receive considerable mention in the business press. Managers may want audio book versions or popular summaries of current fads.
It is difficult to know which new approaches will have staying power. The Business Week Business Book best seller list does a good job of identifying what is "hot" at the moment.
Given the large number of businesses and industries, and the various names given to each, elaborate classification schemes have been developed to identify particular kinds of business, including services, and industry. Until recently, the scheme most often used in the United States was the Standard Industrial Classification (SIC) code. The Standard Industrial Classification Manual allows you to convert a term into the proper code. Although still used by some business information providers and valuable for retrospective information, SIC has been replaced (1997) by the North American Industrial Classification System [NAICS]. NAICS is part of the North American Free Trade Agreement and is designed to provide Canada, Mexico, and the United States with the same standard code. Special emphasis was placed on better coverage of new/emerging technologies and service industries. The first major use of the new code was in the U.S. 1997 economic census. Moving from the old code to the new one raised concerns about time series integrity. Moving back and forth from old codes to new codes will make some information searches more difficult.
Business reference materials have always been expensive, but the popularity of digital online products has made the cost of business information more complex. At the same time, currency has been substantially improved. Print products are notably less current and they are difficult to manipulate.
There is also a movement to providing business information via mobile technology. LexisNexis and Dow Jones, for example, developed information services for hand held devices [including cell phones] in different languages for the European market.
Blogs, both official [corporate] and unofficial, have quite an impact. The better sites offer "valuable opinion, comment, and news." Business librarians will need to be familiar with blogs in the news and those providing strong insight into industry and company affairs. Jot down notable blogs encountered in your current awareness reading and add them to your rss feeds.
Each business, regardless of size, creates, uses, and archives internal information. Production statistics, inventory data, R & D reports, marketing studies and sales figures are examples of information that is crucial to business success. Each business needs to monitor performance and report to owners/stockholders as well as regulatory and tax agencies. Policies and procedures need to be created and shared with employees. Often, business success is related to the effectiveness of the internal information system. One of the most important information categories consists of the information and expert knowledge developed by experience and held by employees. Knowledge management seeks to capture this kind of information, share it with others, and preserve it.
External information is gathered, digested, and incorporated into the internal information system. Competitor intelligence is especially important as is knowledge of the changing market. Environmental scanning , formal or informal, will watch social, economic, and political change to identify threats and opportunities. In comparison to internal information, external information is more likely to be qualitative, unstructured, and fuzzy.
As seen in the headlines, business is in rapid flux. Change occurs rapidly and the environment is often a global one. Business is affected by change in the political, social, and technological environment.
As a result, many business and economic variables interact in a complex manner. Thus, business questions, even simple ones, rarely have simple answers.
Since competitors often wish to hide their activities and plans, much business information is proprietary and not readily available.
Since business owners are often willing to pay for current information, there are a variety of relatively expensive business information services. This is a problem for those who lack the resources to pay for these services [many libraries].
Business is increasingly specialized and that results in a literature that is fragmented in narrowly focused reference tools. Often, these are expensive and beyond the reach of many libraries. The librarian and the user will need to work together to integrate data and analysis from several different sources to develop a fuller picture and to verify facts. The librarian will need training and some familiarity to use these sources well. Substantial amounts of data with highly abbreviated headers and explanatory notes may be found on a single page.
Some business information is inaccurate, dated, or incomplete. Business data should not be taken at face value. It is important to use more than one source to confirm data.
Many resources report data, but do not include analysis or interpretation. This means that many users will need assistance in using the data and figuring out what it means. Finding is one thing while understanding is another. Many users need help with understanding.
Business information is frequently used to assist in decision-making. Users may be impatient. In addition, few users are able to clearly articulate what they need and how it will be used. Incorrect questions are the single greatest cause of failed business research. Users are often aware of only a few standard resources, i.e. the Wall Street Journal , and may not be aware of library collections and services. In fact, most small business owners spend considerable time attempting to locate needed information without considering the library as a solution.
In academic libraries, marketing students are likely to be the heaviest users of the business collections. "Not only do students not know a great deal about business resources, they still don't know they don't know." As Michael Lavin notes, we need to use stock phrases to help them to understand the process:
The evidence overwhelmingly indicates that middle and senior managers prefer informal to formal sources of information. The most popular information source is a colleague, and often information is shared at meetings, including semi-social events such as the bar or the golf course.
There is relatively little interest in the library or the information center. The crucial question is:
If information is important, why do so few managers consider formal information provision important?
Since managers are not likely to go to the information center or library, the business information professional will often deal with proxies such as administrative assistants or secretaries. A reference interview with an intermediary can be difficult, time-consuming, and may lead to unsatisfactory performance. Often, there is an immediate, urgent want. The proxy is impatient. The wrong question may be asked, the reference interview may not be successful, and the proxy leaves with the wrong answer. Developing positive relationships with proxies will take time, but makes an important difference in improving the quality of service.
Special librarians and environmental scanners often sift through unrelated facts, detect patterns, and make connections. Normally, however, users must do this and it can be difficult. Managers, and other users if they could get it, want their information to be packaged so that it is easy to identify the major findings, conclusions, and recommendations. Ideally, we would package information for all users to maximize convenience and save their time and effort. Convenience may be more important to many users than the quality/utility of the information itself. Information professionals need to repackage themselves as information consultants and consultants synthesize and package information for clients.
Many managers/business owners are unfamiliar with business information except for a few favorite web sites, the Wall Street Journal and Dun & Bradstreet. However, they are often reluctant to admit their lack of knowledge. Few managers/business owners consider the library to be a necessary information resource. Most small business owners would not consider the local public library to be a useful resource because they are unaware of collections and services.
The information professional working with business information must be comfortable in a complex and rapidly changing environment. With an emphasis on very current information, the standard print sources so valuable elsewhere in the social sciences may have limited utility.
Current awareness is absolutely essential. For example, a proposed merger will generate a variety of questions as soon as it announced as in progress. Besides keeping up with regional and national news, foreign business news is increasingly important. A merger of major German utilities may have an impact throughout the world. Business news can age quickly so be careful to insure that you have the most current information. Often corporate news appears first on the web, then in press releases, then on business wire services and business websites, then hard copy newspapers (L-N, WIRES files, NEWS library), then newsletters, then weekly business magazines where more comment and evaluation is added Since business is affected by many environmental factors, the business information professional must also keep up with social, political,and technological change. Those in business need much non-business information.
Unofficial business information appears more quickly, randomly, and with less authority on discussion lists and blogs.
Marydee Ojala identifies the life cycle of official business information:
It is important to establish contacts and network with other business librarians, especially those at peer organizations. Membership in professional associations like SLA's Business and Finance Division (publishes a useful periodical) and the Society of Competitive Intelligence Professionals really makes a difference. You will also need to establish contacts with local business organizations, beginning with the chamber of commerce.
You must understand current business terminology. Thoughtful scanning of the Wall Street Journal and Business Week (or Forbes or Fortune) will identify new "buzz" words and phrases and what they mean. You will also need to understand how business and economic information has been gathered and presented. This means that you look carefully at table headers and footers, source information, and the like so that you can help users, especially students, to understand how valid and reliable the data is likely to be. It is encouraging to note that most of the information professionals now working in business reference work did not have a strong business background in college. This means that the information professional can learn quickly on the job (with some effort).
Government information has been under used in the past. Few business people would visit a depository collection, and many business library collections did not have substantial collections of government information likely to interest business. Many government serial publications lack a distinctive title. Subject focus and utility are not always evident. A few public libraries have done a good job of bringing business and government information together.
While there are many government agencies important for business, the Securities and Exchange Commission [SEC] is a particularly good example. Note that SEC is a source of information for publicly owned companies. It answers questions about financial status, board members, subsidiaries and more. The SEC administers and enforces U.S. securities laws and regulations. A major purpose is the disclosure of corporate information. Information available through EDGAR [the Electronic Data Gathering, Analysis and Retrieval System] includes:
The 10-K data is most frequently used, often for competitive intelligence. SEC data is available from several free and fee-based services including 10-K Wizard [fee], EdgarOnline [fee], Factset [fee], and EDGAR [free]. Zimmerman's Research provides a helpful guide to SEC filing research.
Other sources that you need to be familiar with include:
As more and more government information is available on the web, it is more heavily used. Still, scattering among agency web sites is a problem. Most government information of business interest is likely to be in the PDF format which can be cumbersome to download and use. Preservation of information on these web sites remains a major concern.
The business reference librarian needs to be:
The overwhelming majority of business librarians have NOT had extensive course work or experience in business. One survey found that only 10% of business librarians had an undergraduate degree in business or economics.
Many business reference questions involve people. These may be company officers or leaders, B school faculty members or managers who are in the news. The usual biographical sources, such as Marquis Who's Who , are often helpful for those who are well known, but newspapers, including local business ones, websites, and trade periodicals are often needed. Regulatory findings [10-K statements] may also be helpful. The standard business reference works, Sstandard & Poor's Register of Corporations, Directors, and Executives for example, present brief information.
Many business reference questions appear to be relatively simple and straight-forward. However, often negotiation is needed. For example, a question about the current U.S. population may need to be transformed into "the unadjusted resident population of the U.S., excluding outlying areas, as measured by the 1990 census." Answers normally need to be qualified, especially when data is involved. Some users, students and lay people for example, may need help in understanding nomenclature used as well as the statistical processes involved.
Traditional on-line searching is more important for business/economics than for any of the other social science disciplines or professions. One of the reasons for that is the on-line sources are typically more current and more comprehensive. Today, many of these sources are available to end users on a vendor website via library or information agency gateways or portals. There is a notable trend to make these databases more friendly for the end user searcher. Dialog searching remains useful for the special librarian in business.
However, many library users, including students, prefer the web sites found via their favorite search engine even though the databases are clearly superior. Even when the databases are easily found and used at home or work via the library website, some time and effort is required to convince users to use these higher quality sources.
The Searcher is useful in learning more about database searching. There seems to be some difference of opinion as to which databases are best for what. Dialog files 415 (blue sheets), 416 (company name finder), and 413 (product name finder) are often useful. The query focusing on retrospective information may need to go beyond the on-line databases since most may not go back far enough. Adequate statistical data may still be a problem with some databases. Economic and business information my be scattered in a variety of sources.
End user searching has become more popular (and more sophisticated) with selective dissemination of information (news sorted based on user selected profile) services available by subscription via a website or email or an rss feed. A repeatable database search is another example of SDI service. Commercial SDI services are usually fee-based. Some special libraries have provided SDI service for years, but many do not. Most end users lack the training and patience to be effective searchers, but improved filtering schemes may work well for many managers who know what they need. Filtered services are aimed at executives faced with information overload and a need for decision-making information. The product is only as good as its raw feed and its filtering software. This service does remove the information professional--the middle person--from the delivery of valued content.
While traditional Dialog-like database searching is heavily used by special librarians and the environmental scanner, it is not likely to be heavily used elsewhere because of the high cost and the need for continuing experience to be able to search productively. Most lay people, including many small business people, will only use free sources found on the web via their favorite search engine or in the databases available via their local library.
Digital sources available on a vendor website via a library gateway are increasingly popular because there is no end user fee and end users can do reasonably productive searches. Business Periodicals Abstracts , the familiar H.W. Wilson resource, was the source most likely to be found nearly everywhere. It has been replaced by Wilson Business Full Text. Abstracts on material from about 600 business periodicals with full text available on slightly more than half [from 1995]. ABI/INFORM is still the best known international business abstracting service, but its competitors are gaining [especially EBSCO's Business Source Premier which is more comprehensive and is highly recommended but is expensive at $30 to $200 thousand per year]. Three editions are available: Global which is complete, Research which has less international focus, and select includes only a few hundred of the most popular sources. The ProQuest search engine is very good. There are abstracts for all records and full-text is available for about half. Some strength in monthly and quarterly publications. Very useful for a summary perspective on an industry. Focus on management information. Some strength in market research. Gale's Business & Company Resource Center is quite comprehensive and includes a wide variety of resources. Good for company and industry news. Includes full-text from 1985. More likely to be found in smaller academic libraries and public libraries. EBSCO's Business Source Premier is similar and gaining in popularity. It indexes and abstracts about 9,000 titles with about 7,500 with full text availability. Aimed at the business school market, but considerable popular appeal. FACTIVA combines Dow Jones Interactive and Reuters Business Briefings. Includes a large number of corporate reports and much content from D & B. Quotes are available from a large number of exchanges from more than 70 countries. Most likely to be found in corporate and larger academic research libraries where it will be an essential source.
While there is some overlap between the business databases, perhaps as much as one-third, each of the major databases will include some unique content. Thus, it is better to have more than one."Timely information is the lifeblood of business [Marydee Ojala]." It is crucial that you be able to answer these two questions about business information:
Obsolete information is not only misleading, but can be destructive. Always check and double check for currency.
These types of questions generate most searches: (ranked)
Here, we will focus on the first four categories. Most questions will focus on domestic business, but with the global economy a growing number will deal with foreign and international business too.
Company information is the most common type of business reference question so you need to be prepared to do this well. Often, these questions begin with a local business directory [many web sources provide a somewhat satisfactory substitute but most are incomplete] and then move to state and national sources. Industry questions are the second most common.
There are many good web-based guides and tutorials for finding company information:
Competitive intelligence is usually seen as a separate category of business information work. It may be found in a stand-alone unit or as part of marketing. Most librarians are not involved in the analysis and synthesis stage unless they work in a corporate setting. Similarly, knowledge management and information resources management are considered to be separate. Donna Cavallini and Sabrina I. Pacifici have created a most useful selective resource guide for CI.
Vernon Prior comments: "Enter competitive intelligence: a systematic and ethical programme for gathering, analyzing, and managing information about your business environment that can affect your company's plans, decisions, and operations." Information sought may be "soft" [directly from people] or hard [found in published sources].
Traditionally, competitive intelligence follows the four step military intelligence process: (1) pose a question and a method of attack [selecting the right questions might be another step], (2) gather information, (3) analyze information gathered, and (4) share the packaged results with decision makers. The CI cycle has several steps:
Competitive intelligence (CI) involves learning as much as possible about the competition, evaluating the information retrieved, and drawing conclusions. Librarians are usually comfortable with the gathering, but not so with the evaluation and "so what." Typically, the gathering involves a variety of fee based on-line sources and the web. Fee-based services will automatically notify subscribers when any new information on a particular firm becomes available, such as a patent, a news release, or a SEC filing. Interestingly, internal employees are often the most important information source with publications and websites second. The most common product is the company profile and then competitive benchmarking and market or industry profiles. Early warning alerts are also a popular product. A major barrier is the difficulty in integrating content from various sources into an understandable whole.
An example might be to provide management with information to help with the decision on whether or not to expand a marketing campaign in a particular geographic area. You need to discover if the competition is expanding in that area. You will attempt to discover the number of new hires by the competition by reviewing classified ads, viewing their web site and perhaps employment sites too, and perhaps news groups and discussion lists.
However, much competitive intelligence simply involves keeping an eye on the competition using the sources mentioned below. Shelf life of CI is often short because it is used for prediction and the competitive environment changes quickly. Corporate information and Company Sleuth are useful web sites for competitive intelligence.
There is considerable interest in company information, especially about the competition. In addition, many job seekers are interested in company information as part of their interview preparation. Some have suggested that about half of all business information queries are for company information. How to Find Information About Companies is a useful guide to company research. Companies are either public or private. Public companies sell stock to the public. The government requires publicly held companies to make certain financial information publicly available. Private companies do not sell stock to the public and are not listed on a stock exchange where it may be bought and sold. Financial and other private company information is more difficult to find because it need not be shared with the public. Small privately owned companies are often very difficult to locate information on. As soon as possible, attempt to determine if the company in question is private or public.
The current, correct, full name of the company is important and may require some effort. Many users only need an headquarters or main office address or a phone number and that can come from a hard copy telephone book or one of the digital telephone databases. Next, you will need to determine if the company is public (stock is traded) or private. Standard & Poor's Register of Corporations works well for public companies. Dun and Bradstreet's Million Dollar Directory is useful for larger public and private firms. If the company is public, try to identify the stock exchange ticker symbol for the company since that will be useful in locating stock information, especially on the web. Ward's Business Directory (also Ward's Private Company Profiles) and Hoover's Guide to Private Companies work well for private companies. Yahoo! contains a good selection of company profiles. You may discover that the company is actually a subsidiary of another larger firm. Useful sources for subsidiary information are the Directory of Corporate Affiliations Library , Who Owns Whom and America's Corporate Families and International Affiliates.
A reasonably short company profile is often the best way to begin. Both Value Line Investment Survey and Standard & Poor's Stock Reports do a good job.
Company annual reports may also be helpful. You may be able to obtain this from the company web site or from AnnualReports.com. The EDGAR 10-K report mentioned elsewhere provides more detailed financial information on your company. Note that 10-k reports are only required for companies that issue securities.
Both Fortune and Forbes have several ranked lists of both foreign and domestic companies. These lists often provide the information needed since it is current and covers the highlights. While some information may be available on their website, most rankings require subscription to the periodical.
If you can, attempt to determine how current the information requested needs to be. Digital sources that are revised each day, including some web sites, discussion lists, and news groups, present the most recent information. Newspapers come next. Then weekly periodicals and newsletters. Periodicals issued on a monthly or quarterly basis will usually contain more context and evaluation, but will be less current. Many of the hard copy sources found in the reference room do not reflect current change. They are useful for history, background, and introductions. Analysis and interpretation are often better in older sources. Up to three years old is a reasonable life span for much business information. Of course, the more current the better.
The Wall Street Journal is the most used source for company information by business people. It is especially useful for relatively recent business news and should be scanned daily by those working business reference. Here are some useful sources:
The best source for hints of company change may be in its home-town newspaper. Identify the home town and then use a newspaper directory to identify both the local paper and the nearest metropolitan paper if the home-town is not large. Ebsco's Regional Business News and Academic Universe are often useful here. Business Dateline [Proquest] is another useful source.
Corporate websites are increasingly useful for:
Your favorite search engines will work well.
The 10-K form filed with the SEC by all publicly held companies contains much useful financial, legal, and corporate information in a standard format that facilitates comparison between companies. 10-Qs are unaudited quarterly reports. 8-Ks are required when the company undergoes any major change such as merger, acquisition, or bankruptcy. There are several free and fee ways to access Edgar. You may begin with the official U.S. EDGAR web site .
An industry is a group of establishments that produce similar
goods or services. An establishment or firm is a company or business.
Familiarity with the industry is usually needed when working with
company information so that you can compare companies with industry
(group) performance
It is important to identify the industry. A standard way to
begin is to identify keywords relevant for the company and then match
those against the SIC
OR NAICS
codes. Using these codes for database
searches will eliminate ambiguity and focus on the right industry.
Keywords may be found when doing a quick and dirty search of your
company in a standard database such as ABI/INFORM, EBSCO's Business
Source Premier or LEXIS-NEXIS Academic.
Government agencies such as the Census Bureau with its Economic Census is not as full nor as current as most would like because of under funding. Trade associations can be a rich source of information for those who are members. Investment websites and periodicals often contain useful information on industries as do business periodicals such as Business Week and more specifically focused trade periodicals.
D & B's Census of American Business, U.S. Industry and Trade Outlook [year] , and Standard & Poor's Industry Surveys are standards for industry/trade information. Mergent Industry Reports provide a similar service. Other titles to be familiar with include:
In addition to these standards, Forbes has an annual report on U.S. industry in the January issue. Business Week has a similar feature. Summaries identify leaders and laggards and make short term predictions.
Current news about the industry may be found in such business periodicals as Business Week, Fortune, and Forbes. Dow-Jones Interactive and LEXIS-NEXIS provide good coverage of industry news and articles. ABI/INFORM is the most widely used source of articles about industries from business and trade periodicals.
Many industries have a trade association that issues statistical compilations and news. Often, these have a web site that offers useful information about the industry. However, substantial information is usually limited to members. The Encyclopedia of Associations is available in almost every library reference room or via web portal. Association Central is a useful site for identifying trade associations, but you may also use Yahoo! or your favorite search engine.
Often, you will need a ranking of companies within an industry. Business Rankings Annual and Market Share Reporter do this well.
Related to ranking within the industry is market share. TableBase is especially good for this. Market Share Reporter is the standard here. "Market share" is a descriptor in ABI/INFORM. Standard and Poore's Industry Surveys include market share information. Simmons Study of Media and Markets is useful for information on consumer markets and comparisons.
Financial ratios are found in Almanac of Business and Industrial Financial Ratios , Industry Information Resources and Industry Norms and Key Business Ratios .
The most difficult to find industry information is for emerging markets and trends. An example is the biometric identification industry which uses finger prints, voice patterns, hand shapes, and blood vessels in the eye to identify people. With new industries/markets, subject terms and industry codes may not be available or standardized. Data bases may contain the new trade lumped together with others for an older, established one. Existing firms may create new subsidiaries to deal with the new market and these may be difficult to find. Press releases are often a good place to begin, but they are not always accurate. As the new trade emerges, an industry newsletter is likely to be created. A trade association would come later. If the new industry is concentrated geographically, the local newspaper can be helpful (San Jose Mercury News for Silicon Valley). Investment analysts and consulting firms will begin to create market research reports. These reports are most useful because they include data, analysis, and interpretation in one convenient package. However, they tend to be expensive and few libraries can afford them. Eventually, the new industry will become established and will be found in the standard resources.
Summary articles often appear in both popular and scholarly business periodicals as well as monographs. The more popular titles [Drucker for example] will be widely reviewed. There is a certain amount of trendy/fadish to this literature and most public libraries will need to select with care.
H.W. Wilson's Business Periodicals Full text and ABI/Inform Proquest are good sources for trends in management information after you have kept up with the current awareness reading looking for new theories and practices.
Metropolitan newspapers, especially those that cover the state, often provide useful information about business topics, including the changing political and regulatory climate. Information about laws and regulations may involve searching legal databases and using legal loose-leaf services [many of these are now digital]. Scientific/technical information is often important to business designs, processes and decisions, especially in manufacturing, heavy industry, and pharmaceuticals. Environmental information may also be important in these same areas.
Foreign business is increasingly important. "In today's global economy, all business research is potentially 'international' business research." Note that international business information will include demographic, political, and cultural information as well as business and economic information.
Many domestic businesses are now owned by a foreign firm. More domestic businesses export where they face foreign competition or they import and are interested in information about products and services produced abroad. Recent news stories about foreign product quality have increased attention on product and manufacturing quality. While Europe is still the primary focus, there is strong interest in Asian business.The Virtual International Business and Economics Sources, University of North Carolina at Charlotte is a good choice. The International Trade Administration web site is a good place to begin with importing and exporting queries.
Size and development status of the company and country are important. The larger the foreign company, the more likely that you will be able to find information. The more economically developed the country, the more likely that you will be able to find information. Note that not all needed content is available in English.
Some useful sources of foreign industry information include:
The collection seriously supporting international or foreign business will need to provide access to the publications of the Economist Intelligence Unit (EIU). The Economist is a well-regarded weekly periodical that provides comprehensive news about the world. The most notable EIU publications are quarterly country reports, the annual country profiles, and the country forecasts. Nearly 200 countries are covered in about 100 reports. While the report subscriptions are expensive, the information is most useful. EIU reports are available from Dialog (file 627) and LEXIS-NEXIS (WORLD libraries) as well as a separate package for library portals.
Although sometimes difficult to use, the National Trade Databank (NTDB) contains much valuable information on exporting and importing.
Begin with what is locally available. You may be tempted to go with those databases that you are most comfortable with, but be open to new possibilities. Interacting with colleagues at peer organizations or posting queries on a discussion list should help to identify "best sources." Variables to consider include:
For example, Dialog has experienced a variety of changes in recent years. Some of these are dramatic. Databases frequently change in important ways. If you do much business searching, you should be multilingual re: current host search languages from Dialog, L-N, and Dow Jones. You should be familiar with how Standard & Poor's data currently differs from Moody's. Read the news updates produced by your database vendors. Read the trade magazines such as Searcher or Information Today. Attend vendor workshops, especially the free or low cost refresher ones. Talk with your peers about searching and database changes.
A large number of queries will involve requests for statistical data. Government agencies gather and publish fewer statistics than in the past because of budgetary problems. Still, they remain an important source for the data itself. Value-added information providers often provide the analysis and interpretation needed by users.
Trade associations gather and publish much useful statistical information. As government agencies reduce their statistical effort, trade association statistics become more important. Often, however, these products are limited to association members. This can be a problem for public and academic libraries. Associations may not publish all of the information that they gather. You may be able to gain access to additional information by contacting the association, especially if your employer is a member. You can identify contacts at trade associations via the Encyclopedia of Associations and the American Society of Association Executives web site.
Much business information is proprietary (private) and may be difficult to obtain.
Regardless of your source, there is a considerable amount of inaccurate, incomplete or dated information, even in reputable sources. Over time, you should develop a sense of when answers don't seem right and warrant a second look. Interim numbers may not be reliable. Data may not be consistent over time because of changes in definitions or data collection methods.
Many users are not really interested in the data itself. Rather, they want the "so what" or the interpretation based upon data analysis. While the data itself may be valid and reliable, interpretation may be biased or subjective. Users may need help in understanding data, analysis, and interpretation because of the tabular format, the small print, the unfamiliar terms, and lack of statistical knowledge. Special librarians may be asked to provide a synthesis, but most other information professionals will offer only limited instruction, hand holding, and cheer leading.
More sophisticated users will want data that can be downloaded into Excel spread sheets so comma-delimited files are much more popular than PDF files which cannot be manipulated.
Financial statements are often in the auditor's report for public companies [usually in the annual report and the 10-K filing]. Financial ratios are used to analyze company success. Example ratios would include: profitability, liquidity, debt, and value.
Business information appears in a wide variety of formats, but serial publications, both periodicals and annuals, are especially important. Periodicals include the expensive but often useful newsletter as well magazines and newspapers. Many digital publications via the web also qualify as periodicals.
Business information is often scattered so that both the information specialist and the user need to be able to compare and integrate information taken from a variety of sources. It is particularly important to know when information is comparable and when it is not.
Annuals are publications issued once per year or every nth year. Directories are an especially important example. Since directories are expensive and there are so many of them, most collection developers cannot replace each one every year. Public libraries are likely to have stronger collections than academic and special libraries, but a replacement schedule will still need to be developed. Dialog file 531 (the American Business Directory database) may be useful where you can afford to use it. Many collections of statistics for an industry or business type, sometimes called fact books are issued annually.
Increasingly, hard copy annuals are being replaced by digital collections. They are still expensive, but are more current and accessible beyond the physical library.
There are a many, many web sites devoted to business and it is difficult to keep up with them. Major newspaper sites such as the New York Times and the Washington Post also contain considerable business news. Wall Street Journal has an excellent fee-based web site. Company web sites are often useful in locating historical information as well as information about products.
Product or trade literature is important to all types of business. Catalogs and all types of sales literature are useful for keeping up with the competition and making thoughtful purchasing decisions. Specifications and technical details for particular products are often available only from these sources. There are many trade periodicals. Some of these are controlled circulation titles and that can be a problem for information agencies who do not qualify since there is no control over who reads and responds.
Price information is always important. There is continuing interest in the price of commodities, products, and services. Keeping up with current prices for a range of items can be a demanding job. As more vendors and manufacturers maintain price lists on web sites, it should be easier to identify current prices.
Traditionally, libraries and many corporate information centers have done a poor job with trade literature. The purchasing department was most often seen as the place to go for price and specification information. That may be a reasonable decision.
Trade associations play an important role in providing access to trade information. For example the Automotive Aftermarket Industry Associationn gathers, organizes, and shares trade information with its members. Check with the Encyclopedia of Associations to identify trade associations likely to gather information on a particular topic. Often, these associations produce the best statistical data on their trade, but normally the data is available to members. While many trade associations now have web sites, usually only minimal statistical data is available.
While directories are important for many disciplines and professions, they are especially important in business. There are many, many directories. Often, libraries and other information providers cannot afford to purchase each directory each year. That means that many directories will be somewhat dated. Directories may organized by geography--international, national, regional, state, and local, and by type of business--manufacturing or service. Some directories focus on relatively small and specialized business types.
Local newspapers often contain business information not found elsewhere, especially about smaller businesses. Some local newspapers and regional business periodicals are not included in on-line data bases. Many companies and some non-profit organizations subscribe to clipping services which scan and clip any mention of a particular topic or company in a wide variety of newspapers and magazines. As a special librarian, you may have access to these files. The Open Directory Project maintains a directory of newspaper directories.
Community economic development and chamber of commerce organizations may publish newsletters or magazines that contain information about local business.
Annual reports are both a public relations gesture and a place to find required financial information. Questions about company reputation, industry outlook, company position within the industry, stock performance, financial strength, and corporate relationships may be found in annual reports. Obviously, annual reports are not wholly objective (non-biased), but they do provide a quick introduction to a company. More detailed financial data for public companies may be found on the 10K reports filed with the SEC and on EDGAR.
Sources useful for foreign company annual reports include:
The purpose of market research is to identify the potential market for a product or service. It includes environmental scanning to identify emerging social, economic, technological, and demographic trends which may lead to future opportunities for future products. Variables often related to place or geography, personal attributes [demography], and lifestyle analysis.
Market research is done by a variety of organizations and firms from banks and investment houses to government agencies and trade associations. Those who request market surveys are often interested in market share data that answers questions about firm and competitor success. Market share information is often the key to understanding a business, trade, service, or industry. Market share information should answer questions about the number of units shipped or sold and the dollar value of those shipments. Market reports also often answer questions about:
Since much useful information is proprietary, it may be difficult to identify and retrieve market share information. Some of this information is speculative, while some is quite firm. Market survey research may use focus groups, direct mail surveys, and personal interviews as well as federal government sources. Gale's Market Share Reporter is the standard source and a good place to begin the search for market share information. Yahoo!'s market research site can also be useful.
Market surveys and reports often contain much numeric or statistical data. These require some statistical knowledge and background to understand analysis and interpretation. Be prepared to encounter sampling, statistical validity, standard deviations, percentages, cross tabulations, indexation, multi-variate analysis, correlations and the like.
Since many market surveys are done for a particular limited audience and are expensive to purchase, bibliographical control and availability is spotty. The user should understand the criteria for ranking. If ranking is by NAICS code, confirm what that code includes.
Sources frequently found in research libraries useful for market share data include:
Financial ratios divide one number from a financial statement by another and produce a ratio such as earnings per share. Ratios are used to compare a company to an industry ratio or to the performance of other companies. The LC subject heading is "Ratio analysis." These sources may be useful in locating a particular financial ratio:
Some of these sources require a SIC/NAICS code to identify a particular industry.
There are many sources for business statistics. The LexisNexis Statistical database is the single best place to begin since it includes governmental, nongovernmental and foreign/international statistical sources. The Statistical Reference Index component includes statistics from trade associations. The Census Bureau publishes a variety of statistical publications containing business and economic data with the most visible being the Economic Census . The University of Michigan's government information unit's "Statistical Sources on the Web: is excellent.
Nearly every business will need to deal with standards whether they relate to such local issues as how a building must be constructed or the standards that must be met to bid on a government contract. The key agency is the American National Standards Institute [ANSI]. Most standards are actually produced by other organizations such as the American Society for Testing and Materials, but ANSI is the standards clearing house. German standards [DIN] are especially important because many are being adopted as the European Community standard. Products that do not meet these standards may not be sold within the European Community.
Those variables often associated with information use are:
In general, larger organizations, organizations with an IT focus, and industries involved in exporting (and importing) are more likely to be notable information consumers. Small businesses without an IT or export focus are likely to be minimal consumers of business information. They are also more likely to be ignorant about libraries and library services.
The larger the business the more complex the information wants and needs. Information about the competition is especially valuable and much of that can now be gathered via the web. Information about the government, especially laws and regulations likely to impact business are also much needed. Larger firms often engage in extensive environmental scanning and that may provide opportunities and challenges for the information professional.
Larger firms are more likely to have an information center or a special library. However, many firms have reduced their on-site library and rely more on external information services.
Many new business are created each day. It may be easier today than ever before to create a new business (think of opportunities to sell products via the web), especially business with a focus on creating intellectual property. There are millions of businesses in the U.S., but the largest business directory will provide access to less than 200,000. Most of these smaller companies do not exist in the directories found in libraries. Brief news notes may be found in local newspapers or business periodicals. Many will be found in a community business directory. If the new business belongs to the local chamber of commerce, that organization may be able to provide some limited information.
In recent years, some one in the U.S. starts a business every 11 seconds. Many lack business experience and knowledge. They need clear, easily understood information on:
Understanding the local economic environment is probably the most often voiced information want. Where do new business people go for information? About 43 percent relied on information from other people and 36 percent on current periodicals. A study of information resources used within the last six months found that these sources were used:
What topics were of most interest?
U.S. public libraries have provided services to the business community for many years [1904, Newark Public Library business branch], but most of the libraries with substantial services are located in larger metropolitan areas. Often, there was a separate business branch or a business/industry department in the main library. However, few libraries promote service to business rather than to individuals. D"Elia suggested that the PL add two additional roles related to business: "Reference Services to Businesses in the Community," and "Workplace Away From Home." The Johnson County Library [Kansas] provides the local newspaper with links to selected websites, books, and databases to supplement the paper's business stories. That should grow business interest in and appreciation for the public library.
The public library interested in serving business should develop partnerships with the local business community:
Those most likely to use the business services are:
Few business people think of the public library as an obvious information source. This lack of awareness of possibilities is a major barrier. When asked, these are the services that they would like to find the library:
Successful public library collections should consider providing these services for individuals:
These services should be provided for local businesses:
However, most public library business collections are strongest in employment and career information. Digital business resources are quite popular, but require instruction, guidance, and some initial hand-holding. These databases are also so expensive that many libraries cannot afford them.
Most small business people have no idea of what is available at the library. Since most of these business people are under pressure, they do not have time to become familiar with intellectual and physical access. Most libraries will need to develop a program to make their business information services more visible after they are properly developed. Having a separate business department or unit adjacent to the general reference place makes a substantial difference. At the minimum, one reference librarian should be a business specialist.
Some public libraries have reported a loss of business users and some corporate business libraries have been closed. The Internet and contract research firms appear to provide better and more current service. It is difficult for even large public libraries to be able to afford the more expensive business databases. However, public libraries remain competitive for smaller, newer firms if they can provide quality services. Note that Library Journal provides an annual feature on the Best Business Books of the year. Most of these titles are appropriate for the public library. Business Week and Forbes also have similar features. The Business Reference and Services Section of the Reference and User Services Association of ALA provides a Best of the Best Business Web Sites . They also provide a series of useful guides to Core competencies for business reference for various aspects of business such as small business or investment and finance. Not all are current, but all remain most useful, especially for the new business reference librarian.
Academics who teach and do research often need data sets about business and economic activity. Detailed information about firms, industries, and markets is a constant demand. Laws and regulations likely to affect business will also interest. Given the impact of new technology on business, somewhat detailed information about IT will also be in demand.
The leading U.S. universities [you might look at business library support on these campuses] with a focus on management research are:
The leading business periodicals are:
These teachers need current information about the changing global business climate. Since case studies are often used in teaching, somewhat detailed information about firms that are particularly successful or not is wanted. Assignments will often require students to research particular firms, industries and markets so reference sources in these areas will be valued. New approaches to management, especially from notable consultants, will continue to be popular. Although less popular than before, business history is still an area of some interest, especially as it provides examples.
Business schools, both undergraduate and graduate have received considerable critical comment in the last few years. Business schools are profitable and enrollment remains high. Critics would like to see more emphasis on leadership, team problem solving, ethics, a more global orientation, more emphasis on management best practice and a stronger partnership with the business community.
These students often work in groups or teams researching a particular company, product, or market. Trendy management literature is popular. Increasingly, they prefer digital sources, especially web ones. Information on business schools, the business school admissions test and MBA programs interests undergraduates.
As these students get closer to graduation, career and job market information becomes more important. Material on how to find and get a job is always popular. What Color is Your Parachute is the number one best seller in this area. Resume/cover letter/how to interview effectively works are also in demand. They need to know how to research a company before a job interview.
While many facets of business are of interest, current career information is most important. The focus is usually on what people do in certain occupations and which occupations will present the best employment opportunities in the future. In high school and some middle and elementary schools, business is part of the curriculum so there is a need for current information, particularly on the skills and experiences needed for employment.
Test books are always in demand to help job seekers prepare for tests associated with employment screening. How to find and get a job materials are always popular, particularly those that focus on the "hot, high paying" jobs of the future. Information on self-assessment, research, networking, locating job listings, resume writing, cover letters and interview preparation materials are in demand. The library should have subscriptions to metropolitan newspapers (for classifieds) and visible links to the WSJ Career Journall as well as carefully selected local and state employment web sites.
In the last few years, more people have become interested in creating their own business and need information on all aspects of establishing a business, often from home.
Financial management/planning is another topic where interest is heavy and continuing. Such aspects of financial planning as earning, budgeting, investment, insurance, home buying, how to get out of debt/credit/budgeting, how to pay for college education for children and retirement planning all have their own growing popular literature. Personal finance for special segments such as beginning investors, women, gays and lesbians, Christians, and teens/kids also appeal. As more Americans become more affluent or are forced to do their own retirement saving, interest in a variety of investment opportunities has increased. The financial aspects of caring for aging parents is increasingly important. While seasonal, the tax books are much in demand in the winter and early spring. Wiley's Ernst & Young titles and J.K. Lasser titles are very popular. "Brands" are important in this category.
With about half of all U.S. households including at least one stock holder, company pension plans that require employees to make investment decisions, and a recent stock market downturn that grabbed much attention, interest in the stock market and thoughtful, prudent investing remains high. There are many more opportunities for investors to make major mistakes. There is no lack of "how to do it" books and websites to tell folks what to do, but some of these are not well informed. The Dow Jones Industrial Average is the oldest and most visible stock index in the U.S. You should be familiar with it. Also take a look at the Nasdeq Composite Index.
Retirement planning is a core subject of any personal finance or personal business collection. One study found that about one-third of adult Americans are pondering retirement. More people are retiring early. Those who retire at the 65-67 are likely to live much longer and will need to do more financial planning. Again, there are many how to do it books. One of my favorite titles is How To Retire Early and Live Well with Less Than a Million Dollars .
Library Journal, usually in March, provides an annotated list of the "Best Business Books" of the year.
Many titles of the popular personal business genre are ephemeral and of marginal value. This is certainly true of some investment books that promise riches with little effort. Some works contain advice that could be harmful. The collection developer will need to be diligent to select works that are both popular and reasonably authoritative. As with law and medicine, those who do business reference need to be careful to insure that they don't "practice business without a license."
If you were assigned to be a business reference librarian in an academic or public library, how would you prepare to be competent and effective?
Libraries and information centers are largely invisible to most business leaders and managers. How would you make business library services and collections more visible for this audience?
There is a temptation for many users to rely on the web for business information. Provide examples of when it would be appropriate to use web sources and when it would be better to use on-line or web data bases or traditional print tools.
Discuss and be prepared to provide examples of the harm that inadequate or erroneous information could have for a business or an individual conducting personal business. Can we insure that accurate, complete, current information is available and used?
You have been asked to create a business/industry department in a medium-sized public library. Which services would you offer and why? How would you make your collections and services more visible to the business community?
To what degree should you help users to understand and use the data that has been found?
