Sometimes business owners and directors get so caught up on the day to day affairs of running their companies that they fail to read the signs of the market as a whole. Just because your business is doing well doesn’t mean that it won’t be affected by variables outside your market, and the only way to be forewarned is to follow the news. Here are three reasons why every business owner should make it a priority to follow the news, local, regional, national and global.
1. The Ripple Effect
While your particular market share may be doing well one day, the next it could succumb to global markets that cause a ripple effect across the board. For example, just look at how the real estate investment market impacted banks in the United States and from there, banks across the globe. Before long, 2008 was the beginning of what history will see as the start of the Great Recession. It started in one market and then rippled across literally every market in every country around the world.
2. News Which Could Affect Your Company
If you follow sites like internationalbrief.com, you will learn things the major media outlets won’t be publishing. For example, how many restaurant owners do you think knew of the Chipotle scare back in July of last summer, 2017? While Mexican restaurants were probably sent directives if they were affected, steakhouses, family diners, and BBQ restaurants are all known to offer a bit of spice with Chipotle sauces, and if they were unprepared, they could be responsible legally, morally, and financially for sending hundreds of people to ERs in their areas. This is one article you will find on International Brief, but did you see it elsewhere? Probably not.
3. When to Expand, Fold or Hold
Again, your particular business may be doing well or not so well, and you are entertaining the notion of making radical changes. Maybe you are considering expansion or perhaps you want to fold because business isn’t so great of late. Unless you understand exactly what’s happening in the economy, it would be very unwise to make any radical decisions until you’ve had time to research and analyze statistics influencing why business is as it is. Investing at a time when the economy appears to be spiraling downward could be a huge mistake. You may not want to fold, but you can probably safely hold until you’ve analyzed market conditions. Your investment is at stake, so always stay apprised of what is happening out there before making changes.
Do you think major corporations like Apple, Microsoft, Google, McDonald’s and Ford Motor Company don’t analyze the markets and global geopolitical news before making any major decisions? The whole purpose of being in business is to make a profit, and with so many factors affecting your investment, it’s a wise man or woman who takes the time to stay current on those events which could impact their business. Don’t get so caught up in day-to-day affairs that you don’t have time to read the handwriting on the wall. That graffiti could make or break you – it’s as simple as that.