Do Business Owners Need To Watch The News?
As a business owner, you’re going to be a very busy person. While you might not appreciate yet another task on the do list (I can relate) it’s important to stay up to date with current global events. There are things happening in the world every day that could affect your business.
Plus, there might be causes or issues that speak to you and your business, that you might want to support with. It’s also vital to make sure that you aren’t getting all your news from just one source. Keep up with the news from a mixture of sources to stay up to date, informed, and unbiased. As the famous saying goes: “There are two sides to every story and the truth usually lies somewhere in the middle.”
Let’s take a look at some of the reasons why business owners should watch the news.
One of the risks of consuming news from only one place is that you can accidentally give yourself confirmation bias. Confirmation bias is when you seek out information that confirms the viewpoint you already have, usually without realising you’re doing it. This could be following only Twitter accounts of people like yourself or reading only the newspaper that shares your political leanings.
The risk here is that you miss the bigger picture. Economics and politics can both have an impact on business, either by hitting the success of an industry, leading to new trends, or changing how much spare money people have, so you must stay informed and use a range of sources.
News From Around The World
If your company trades internationally, you should keep an eye on the news in the countries you trade-in. If you’re going to be successful, you need to be aware of situations like political unrest or economic changes, even if they aren’t reported in your country. For example, if you trade in Britain and Europe, read the news about Brexit negotiations, so you know if there’s happening that could cause a drop in business.
Sign up for alerts from newspapers and news sites around the world, and subscribe to some local newspapers too. Papers designed for ex-pats living in the area will cover local news in English, so will be easy for you to follow. Considering drafting in an IT support company to help with any infrastructure you need to access foreign news sources.
Read the local paper of the area your business is located in, and check local Facebook groups. If you have a location where customers visit, like a storefront, you’ll need to know about things like traffic problems, planned road works or other issues that could make it harder to reach you. If you’re warned in advance, you can prepare information for staff and customers on the best alternative routes, so you’re not caught short with less staff, or customers who can’t reach you.
For some businesses, you should also keep an eye on the weather forecast. Extreme conditions like snow will stop staff and customers getting to you, so you’ll need to know in advance if this is coming. If your services are outside, such as gardening, window cleaning, or outdoor exercise classes, it is, of course, essential to know if the weather is going to be bad.
Staying informed is an important part of business ownership, so you can plan and react accordingly to any situations that change things for your business. Protect your business and react accordingly by being a well-informed business owner.
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