Search the company's website: mission, vision, values (as available), 10-K/Annual Report (public companies only), media/news/press releases.
Consider the company's "family tree": Is it a parent company? Division of another? Foreign-owned? Family-owned? Information on public companies is much more readily available than info on private companies or subsidiaries.
Search the news: any obvious/reported problems, scandals, challenges, etc.? These can be problems or symptoms of a deeper problem. Companies tend to be in the news when they are performing extremely well, or when they are having problems. Even a small private company may be considered newsworthy by local press.
Problems might not be obvious: Read up on the company, its competitors, the industry it operates in, and the broader environment. Problems will likely emerge as you gain a comprehensive and holistic view of the context and the current position the company is in.
Make comparisons:
Consult a variety of sources: synthesize the findings, and draw your own conclusion.
Approach your analysis from two aspects: what the company says about itself, and how other stakeholders view the company.
Several sections of a public company's website are especially useful for learning about the company's "story": (specific section names might vary from site to site; some companies may not have a mission or vision statement per se, but you can still get an idea from how they describe what they do and what they believe in, etc.)
About: history, strategies, missions, visions, values, etc. Is the reality aligned with the proclaimed missions/visions/values?
Investor Relations: financials, SEC filings, annual reports, corporate social responsibility (or sustainability) reports, strategies, etc.. What did the company say in their annual report or CSR/sustainability report (if available)? Read the 10-K, esp. the Risk Factors and MD&A sections that discuss possible threats or vulnerabilities, as well as current performance and issues.
Press releases: usually listed under "press", "news", or "media". What possible topics or keywords can you use? If there is a current scandal/crisis? How are they responding to it?
Find info from other stakeholders like: analysts (stock/investment analysts, industry experts), journalists, academics, industry associations, government agencies (e.g., regulatory bodies), advocacy groups, competitors, customers.
Company profiles: business description, news and other articles, court cases, etc. Some library databases have SWOT analyses on select companies. The W - weaknesses and T - threats are current and potential problems.
Industry profiles and consumer information: Every company is subject to risks in its industry (e.g., regulatory changes, social/demographic trends, technological advances, competition, etc.). Is your company adapting to these changes?
Environmental scan: are there broader economic, social, political, technological, and cultural factors that the company is not addressing?
Articles: articles from trade publications, business magazines, newspapers, etc.. What are people saying about this company?
How is your company portrayed in the media? Do a quick search on your company in major newspapers like the Wall Street Journal, the New York Times, or the Financial Times, or alternatively, do a Google News search (use Google Advanced Search to get better results).
Articles that talk about problems don’t necessarily use the word “problem." Read up on the company, its competitors, and its environment. Problems will likely emerge as you gain a comprehensive and holistic view of the current position the company is in. When you have a more defined scope (e.g., is it labor, environmental practices, branding, or...?), use specific keywords in one or more of the following databases to find evidence to support your argument.
While the term "annual report" is often used to describe either a Form 10-K or an Annual Report to Shareholders (or ARS), there is a difference.
A public company's 10-K (or 20-F for certain foreign companies) is an excellent source of information on its business, strategies, risks, financials, and more. It presents the company's point of view on its current condition and future direction. Other SEC filings reveal important information as well. ** Private companies or subsidiaries are not required to release detailed financials, and therefore don't need to file 10-K (annual report), 10-Q (quarterly report), etc.
Sections of the 10-K, differences between 10-K and Annual Report to Shareholders.
Recent and some historical annual reports are usually available on a company's website, usually in a section called Investors or Investor Relations. Or, google company name investor (e.g., Best Buy investor) to get to the Investor section.
Company filings (including 10-Ks) from 1994 to present. ** Useful guide on researching public companies through EDGAR
Library databases below may have a readily available SWOT report on select companies. Not all companies have a such a report, and even when there are SWOT reports, these are other people's opinions that you can consult and cite.
Industry classification systems are created to promote data comparability. NAICS (current version) and SIC (older version) are the most widely used in the United States. You can search by classification codes to find information on industries or sectors in many books, databases, and government websites. However, NAICS and SIC focus on broader industry activities and may not have a specific code for niche/emerging industries. Many databases also have their own classification systems.
Intro video:Finding NAICS Codes You can find your industry's primary and secondary codes in business databases plus reports about the industry.
Older system (doesn't cover industries that emerged after 1987. However, a company must declare its primary SIC in Form S-1 when filing to go public.
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