📜 What is FOIA?
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Today, you’ll learn about the Freedom of Information Act thanks to The Peel.
Imagine having access to insider information on any company. Information that can shape your strategy and give you a competitive edge. That’s what FOIA offers, and it’s time you start using it.
Edwin Dorsey uses FOIA to write The Bear Cave, a newsletter exposing how publicly traded companies are harming customers. He reveals his secrets for using FOIA so you can give your business an advantage.
FOIA explained
I think the Freedom of Information Act (FOIA) is one of the best kept secrets.
It's a set of laws that give citizens the right to request official government records.
There's all this information stored with regulators about problems consumers are having, but it's inaccessible unless you know how to use FOIA.
It's good for the world if everybody knows what consumers are complaining about and the pain points they're having.
Edwin Dorsey
How does FOIA help you?
I'm surprised FOIA isn't used a lot by company builders.
I use it by going to state regulators and saying ‘Could I please have all consumer complaints filed with your office against Company X from Date Y to Date Z?’
It needs to be a specific request that they can process. Typically, it'll take within a week to six months to process.
They'll send me a PDF of all the consumer complaints filed against Company X.
It takes some time, but it’s low cost and hugely valuable.
Edwin Dorsey
Why it matters
Most founders and business leaders overlook FOIA, not realizing it’s a goldmine of untapped information.
Beyond consumer complaints, here are other ways FOIA can benefit your business:
Supply chain transparency. Uncover hidden risks by investigating regulatory issues or safety violations with suppliers or partners. It’s like having a magnifying glass on their dirty laundry.
Assessing acquisition targets. Before you make a deal, use FOIA to dig up past legal disputes or compliance issues. Avoid costly mistakes by knowing what you’re really buying.
Compliance benchmarking. Don’t just follow the herd. Use FOIA to see how your competition handles compliance, so you can take proportionate risks on how closely you follow the rules.
If you’re not using FOIA, you may be missing out on insights that can shape your strategy and help you better mitigate risks.
Next steps
Here’s how to turn FOIA into a strategic tool for your business:
Define your goals. Decide what intelligence you need, be it insights on competitors, potential partners, or industry threats.
Target the right agencies. Identify which regulatory bodies have the information you need and tailor your request to their records.
Be specific. Craft focused FOIA requests with clear details and timeframes to ensure you get the most relevant data.
Analyze the data. Use ChatGPT to identify patterns and insights that can guide your business decisions.
Incorporate insights. Regularly integrate findings into your strategy to refine your operations, mitigate risks, and stay ahead of competitors.
Your thoughts?
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