How to Research a Company Using Only Free Public Sources
Students, job seekers, investors, analysts and anyone that wants to learn about a company's operation will benefit from conducting research on a company because conducting research on a company is one of the greatest skills available to them. You do not need to have access to paid databases and/or purchase expensive tools to research a company today. A significant amount of free information about companies is available on the Internet. By knowing where to find these free sources of information and using the information correctly you can develop a thorough understanding of any company including its business model, products, financial position, competitors, strengths and weaknesses, and future growth potential. In this article, we will outline a simple step-by-step process for researching a company using only publically available free resources. In addition, we will use simple words in this article to ensure that it is easy to comprehend and implement.
Start with the Company Website as the First Step
The first place to look for research into a company is its own website. Not only is the website free of charge and easy to access, but it will typically be the most reliable source for information regarding what a business actually does. Once you have reached the website, review the “About Us” portion of the site to gather the company's background, purpose, values, and general information about its operations. The “About Us” section is a great place to get an idea of how a business is positioned.
When finished exploring the “About Us” section, look for the products or services page to see what type of products and services the business sells, who its target audience is, and what issues the business addresses. Keep in mind to take note of the notable categories or types of products and services. Next examine the Leadership section of the site to learn about some of the key individuals that are running the company. Reviewing the history and qualifications of the CEO, CFO, and other executives will help you understand their leadership styles.
Another area of the company website you may want to check out is the Newsroom or Press Release portion of the website. You will find much information in these sections regarding new products or services that have launched, new partnerships that have been created, any changes that have occurred within the organization, and any awards or recognition that the business has received, as well as any financial results that have been published. This information will provide you with a picture of the company as it currently exists. The website should provide you with an organized and clean starting point from which to begin your research into outside sources.
Use Google Search for Quick Background Information
One of the best tools available for free on the Internet for researching a company is Google Search. Typing in the name of the company into Google Search will provide an overview, recent articles, key facts, and sometimes links to Wikipedia for an overview of what has been happening with that company. Other ways in which Google Search is beneficial for research: 1) When you perform a search using Google Search, Google's algorithm will recommend additional questions to answer; e.g., “What type of work does the company perform?” or "Is this company profitable?" This gives you the ability to quickly see what other people are searching for related to that business as well as any questions that may be of interest to others.
Google's News feature can help you find recent articles from various sources (newspapers, magazines, online business databases, etc.) about that business. This will help you determine whether or not a company has recently had great success (e.g., awards, innovations, expansion) or great challenges (e.g., bankruptcy, layoffs, lawsuits). You should always double-check the date of any news sources you read, because businesses are quite dynamic, and older articles may not accurately reflect a company's current situation.
Google also provides access to many other types of information beyond news sources (e.g., website reviews, blogs, market analysis reports, experts' opinions). Additionally, you may find interviews with the founders and top executives of the company. Reading these interviews can provide insight into the company's philosophy, vision, and strategy. Google is an excellent source of free and easy-to-access information that can help you gather early impressions about a particular business.
Explore Wikipedia for a High-Level Summary
Wikipedia can be a great place to start when researching a company; although it is open to alteration from any party, a majority of a business's history will be adequately recorded and based on reliable and verifiable resources. Wikipedia will summarize a company's history (and founder(s)), acquisitions, key events through-out the life of that specific business, sector of industry, as well as any controversies associated with the company.
The advantages of using Wikipedia for researching a company is that it condenses much of the business's information into one location so that a user can easily understand the path a company has taken, how they generate revenue, and where they sit within an industry. In the case of smaller companies who may not have a Wikipedia page, your reliance on other online providers will play a key role; however, for medium and large companies, using Wikipedia can be extremely time-efficient.
Use Free Government Sources for Financial Information
If a firm is listed publicly on an exchange, the firm’s financial information will be listed for access via the government’s (or exchange’s) website. For example:
● Firms in the USA use the US Securities & Exchange Commission EDGAR database
● Firms in India can use either the Ministry of Company Affairs’ (MCA) website or stock exchange website (in the national stock exchange (NSE), Bombay stock exchange (BSE))
● Firms in the United Kingdom can use Companies House.
● Firms in Australia may use ASIC registers.
These governmental portals will provide the investor with access to annual reports, quarterly results, audited financial statements, shareholding patterns, shareholding history, legal filings, and all other audited records. As companies must file these documents, they serve as strong legal documents that are detailed and therefore trustworthy.
If a firm is privately held, there may be limited access to financial data, however, in some instances, there may still be access to basic details regarding incorporation date, registered office address, the names of directors, and any mortgages or other charge(s) placed over assets. This information can assist an investor in validating the authenticity of the organisation.
Use Business News Websites for Market and Industry Context
When you research companies, you are not only researching the company but also the space it operates in (i.e., the industry). The news sites Business Standard, Business Times, Financial Times, Money control, CNBC, Reuters and Bloomberg Quint all provide free articles and information about the industry. Some areas of these websites may require payment, but basic news and market information are free.
These websites provide an overall view of the present and future of the company within its industry, including things like changing customer demand, updates on new regulations impacting the industry or other businesses in this space; as well as overall economic conditions that will have an impact on the company's performance. Be sure to read any articles related to the competitors of the company you are researching. By doing so, you will gain a better understanding of the strengths and weaknesses of both your company and its competitors. In addition to news sites, some may also include interviews with company executives, analysts, industry experts, predictions, etc., which can all be helpful in building a more complete view of your company's environment.
Learn About Your Competitors with Free Resources
Understanding your company's competition is essential to properly assess your company. You can do this through Google searches (“Company X competitors”), trade publications or LinkedIn. Once you identify who the competitors are, you should research them by using the same free resources — websites, news articles, LinkedIn and Wikipedia.
By comparing the companies you will see which company is performing well in relation to their competitors, which has the best product, which has developed the most innovative products and has the highest profit margin. For someone seeking employment in this field, the knowledge of their competitors will greatly assist them in preparing for interviews. For investors and analyst’s competitive analysis is also important, as it provides insight into the total market share of a company and the various threats facing the company and the company's competitive advantage.
Use Publicly Available Review Sites Such as Glassdoor and Indeed
Publicly available review sites like Glassdoor, Indeed, Ambition Box and Google Reviews provide valuable insights into employee satisfaction and work environment, the difficulty of interviews, salary levels and management behavior.
These reviews will help you to:
● Determine how happy employees are
● Identify problems that employees consistently experience
● Learn what employees say about their work-life balance
● Understand how the interview process is conducted
● Know what salary ranges are typically paid for similar positions
Keep in mind that you need to read the reviews carefully, as they may contain biases or inaccurate information. Look for patterns rather than solely relying on an individual review. If several hundred employees report that they have a similar problem it is highly likely that the problem exists.
Use Social Media to Understand Brand Image
In order to learn about a brand's image through social media, companies utilize social media sites, such as Twitter, Facebook, Instagram, YouTube, and Reddit, to post advertisements and campaigns, customer experiences, and brand-related messages to the public. By reading the comments posted by customers, you will have an understanding of how customers feel about the brand and its products.
YouTube is another great way to learn about a company's image because many companies upload videos of their products in action or events, investor meetings, or interviews. This is also a great way to see what a company is all about visually, without having to pay anything.
Online discussions on Reddit or in forums may also allow you to see if a company has had issues with customers (such as complaints about product quality) or has received input from people who are insiders within the company. Social media is very valuable because it gives you insight on the opinions of people rather than just what the company says.
Make Use of Free Market Research Sources
There are free research sites available to you that offer information on the market, industry statistics, and economic trends. Some of the best free resources include:
● Statista (free limited data)
● IBISWorld (summaries may be free)
● Government Economic Surveys
● Trade Association Publications
● World Bank and IMF Reports
● United Nations Industry Reports
By using these resources, you'll gain an understanding of how large the industry is, what its growth rate is, who the customers are, what the demand patterns are like, and what global trends are taking place. If the company has international operations, these reports will also give you an idea of the risks involved in operating internationally (for instance, fluctuations in currency exchange rates and other geopolitical issues).
Analyse Company Finances Using Free Stock Market Data
Users of free stock market data website have access to daily & weekly stock price charts, past stock price data and growth projections from well respected analysts including the following three sources:
● Yahoo Finance
● Google Finance
● Yahoo Money Control
● Trading View (basic account)
By taking advantage of these free stock market data resources, you'll be able to gain insight into a particular stock's valuation, historical stock price performance, dividend yield over time, quarterly results, comparison with competitors and recommendations from industry analysts. In addition to providing you with access to analyst reviews of a company's stock.
Review Customer Feedback and Market Sentiment
Another avenue for gaining an understanding of how other people view a company is through customer reviews. Examples of where to look for customer reviews would include:
● Amazon (product-related vendors)
● Google reviews (service-related vendors)
● Comments on social media
● Online consumer feedback sites
Customer feedback will give you an indication of whether or not the vendor is providing quality products/services, if customers are repeat customers and what types of complaints are most often expressed. For businesses in technology and mobile applications, the Google Play Store and Apple App Store review sections provide valuable insight into customer user experiences (ie, bugs, performance). There are both positive and negative aspects of customer sentiment; factors such as product success, pricing, customer support, and innovation contribute to a company's market sentiment.
Conclusion
Researching a corporation via free publicly available websites can be simple if you know where and how to look and interpret the information available. The internet has developed a tremendous array of free resources for research including company websites, Google, LinkedIn, annual reports, news portals, online review sites, and stock exchange websites. Each resource gives you a piece of the whole picture and when you assemble them all together, you get an accurate representation of your corporation.
The most crucial aspect of researching a corporation is the ability to ask appropriate questions. You should look for what the company has to say about itself as well as what others—the company's employees, customers, analysts, and competitors—think about it. This allows you to see the corporation from multiple angles. Financial statements contain information regarding a corporation’s actual operating performance, while social media and online reviews reflect a company’s real-time public perception. Competitor analysis gives perspective regarding whether the company is ahead of or behind in their industry.
You can use free public resources for any purpose: preparing for a job interview, analyzing a corporation for investment purposes, compiling a project report, or simply for gaining deeper insight into a corporation through your observations and curiosity.
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