James Mills is a web developer in the North East of England and founder of Refresh Teesside »
Mike Hughes is the Head of Business for the Evening Gazette. He will be blogging on all matters of importance to Teesside businesses - and some that are just worth knowing »
Jez Davison, business writer at the Evening Gazette, is a regular blogger on all things business - particularly finance, entrepreneurship and the state of the Teesside economy » 
Karen McLauchlan is the Evening Gazette's deputy business and features editor - with special interest in all things industry, property and arts related » 
Jeremy Middleton is a venture capitalist and the co-founder of FTSE-200 company HomeServe » 
Deloitte, which has 23 offices across the UK including Newcastle, is among the country's leading professional services firms » 
ClimateNE & Climate Change Schools Project support the move to a low-carbon, resilient economy and help businesses avoid risk and realise commercial opportunities. Posts by Jen Atkinson, Krista McKinzey and Harriet Thew »
Due diligence and research are vital whether buying or investing in a company or contemplating a new service, product or business plan.
Even if an in-depth study unearths unpalatable information, at least you know precisely what you are dealing with.
This information can help to map out a reasoned strategy or investment figure that reflects a company's current abilities, future capabilities and/or actual worth.
A survey by a North East council on how much visitors to the area spent during a trip there revealed that it was a derisory average of ã1.70.
This sum was just enough to buy a couple of ice creams or pay for parking at the seaside town of Redcar.
The local authority has drawn up major regeneration plans to breathe new life into the area with a hub for creative and hi-tech industries and a new sea front attraction of a vertical pier.
Thanks to its research, the council now knows exactly what it is up against and that the status quo is not an option.
Knowledge can never be under-estimated and is an essential tool in the world of business and commercial planning.
It can prevent costly mistakes being made and steer companies or would-be investors away from proceeding with ideas that would not be feasible.
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