Business: Staying in the Loop

Posted: 24th March 2015 09:29

Information has always meant power: those who have information, have the power as well. In order for your business to run, and by run we mean effectively, you need to be in the information loop. Timely and accurate information helps us in building our careers, in understanding work politics and culture, and in initiating cutting edge actions. In order to stay in the loop, take the following advice.

The Market and Competitors
Ask yourself how good do you actually know the market and your competitors. Healthy competition will help you set the direction for future business activity. Conduct a desk research of the available, public information about the marker, such as national market reports, trade press, statistics, Chamber of Commerce etc. Then narrow search down to your potential customers, how they can find about you and what their special needs are. The power of feedback is of utmost importance, since it is the customers your business depends on.

Business News and Ideas
It's important to change your business for it to evolve. Your business plan should be updated or changed thoroughly at least once a year. Not only will your business benefit from keeping up with current trends, but your customers as well. Changing the strategy often, taking different steps and changing the objectives while crossing the street is a good thing. You must keep reading so as to expand your views and see from different perspectives what could be wrong with your current strategy. Embracing new ideas is the key to good management.

Keep Expanding Your Network
Your network of associates should constantly grow. Networking will bring new opportunities for your business to expand. They say that it is not what you know, but who you know, so make sure that the people in your network are experienced and know how to deal with ups and downs. And do not forget about those who are not in the business anymore, because they can teach you all the tricks of the trade and they are more informed than you think.

Your Customers 
In order to stay in the loop, you should understand your customers. The world of today is such that it is always changing, so you never know how fast it will happen. You must put yourself in the customers’ shoes, see what they are doing on social networks, and try to engage your followers. Always respond to their comments and questions, encourage interaction by putting up polls and asking different questions. Ask for their opinion and they will tell you what you are missing so desperately.

And remember, motivation is the key to successful work, so each day you should set new goals. Keep your eyes and ears open, even outside the office, and always observe the obstacles objectively. Also, when you find out something new, share your thoughts with your boss and managers. And do not allow for any of your ideas stay unheard, because you never know which one will make a massive breakthrough.