Gone are the times when running a business meant owning a store in your town market and selling goods on credit system to your loyal customers. Business today is more complex than ever before. First things first, capital is not everything is business anymore. There used to be a time when money was the key to running a business and only the rich and well off, those who were ready to take risks indulged in business. If you are a businessman, in order to be on top of your game you must stay updated with the daily happenings around the world. News and information is power and business is a power play. Here are the top ten reasons why staying updated with news is necessary for a business today:
Exchange rate and Stock markets.
The rate of the dollar to the currency of your country could be a game changer especially when international trade is concerned. Even if you do not deal at import/export, you must purchase or sell to someone who does and because of difference in exchange rates and stock market high and low your business could easily get affected. In order to be well prepared for your next move you need to keep a close eye on this one.
Political power and Elections.
This again is a major factor to the peace and prosperity of any area and all the business in it. Only if a market and region is safe will the business flourish. Also if there is any unrest in adjacent area travel routes could be affected and a business man must monitor these aspects on the news.
Offers and Deals.
Many times newspapers, television and radio have advertisement promoting various businesses through offers and deals. One can get an idea of what is working in an industry by paying close attention to these details. It can also help develop better plan than of the competing company.
Public View and Opinions.
News is another place where one can find out mass public opinion through polls and votes. Many times mass poll on many matters are taken and if the businessman needs an idea of what the public thinks he can use this to his power.
To Stay Up To Date.
In any meeting and general conversation, business men are expected to have small talks and be aware of the general happenings around them. News can enable them to be aware on matters not only in their field but in general world news as well which can be pretty impressive to cast a good personality on a potential buyer to convince him of forming an alliance etc.
Look For New Opportunities.
The news is always filled with job opportunities, news on alliance, merger, overtake. In many such situations if a company is looking to hire new employees or make a merger, it can do so by staying on top of the news to get an idea of predicting the near future of other companies in their field and by so doing benefit for themselves.
Many times CEOs are expected to have an opinion on the matters of the world during interviews or meetings. One must have an informed opinion on all relevant matters and to do so they should watch news and debates to see the matter from all aspects.
To Be Aware Of The Law Of The Land.
Any major changes in laws or always made public through news. Many times new amendments appear in the news and are to be strictly followed in the business for anytime random checks can happen and a business man must be aware of the laws.
Bank Loans and Interest Rates.
Today getting a loan from banks or government institutions for start-ups has revolutionized businesses around the world. A lot of this information is broadcasted through news media and business can greatly benefit from it.
For The Weather Forecast.
Hello! This is part of important news too! To predict the weather, its effect on agriculture and trade is crucial.