Business owners and their management teams can be overwhelmed by the amount of news about the state of the economy these days. As a consequence, they may miss valuable information that is essential for the welfare and growth of their business. For instance, those with a "glass half full" view of the world, may fail to see the warning signs that all is not well. On the other hand, those with a "glass half empty" view, may miss valuable opportunities to earn a dollar because they see negativity.
In this blog, I will discuss three possible sources of information. In the next blog, we will look at other sources from you own daily experiences.
Three ways of finding out what might apply in your business sphere is to pay for reports on the economy, to subscribe to newsletters, or study what the media via newspapers, tv news and other similar sources of news.
The greatest handicaps for business owners in using these resources are the cost of the paid for reports, and their own bias on the source and the type of information they are prepared to review.
My thoughts on paid reports are that the costs of the reports and areas covered and the language used, may not be of value for smaller business enterprises.
In the case of newsletters and other media, this information is usually free and can be useful as sound bites on business topics which the reader can think about in ore depth later. There is a major benefit of these sources of information when it comes from a range of commentators which you may not always agree with or like. The benefit it that it helps you form a balanced view of the world.
When running a business, you just cannot operate the business properly without due regard to what is happening around you. Awareness of threats and opportunities only comes from being opened minded and studying all types of information.