Every business owner needs to have someone to advise them about the industry they operate. Large companies like Apple, have industry experts in the tech sector to let them know what is going on. The Apple stock has to react to the stock of Samsung and Huawei for example. And you as a business owner have to know when to act when large moves occur such as sudden drops and or the appetite for more stock to be released. It's also a good idea to know what the market is doing, just so you can prepare for economic shocks, slowdowns and bull runs. This way you can know, when your clients might want more business and when customers are likely to be more ready to tolerate price increases. But what if you don’t have such a person?
The best app
Nowadays there's no excuse for not knowing what is going on in your industry. When you have an app like Trade Forex, you can know about every stock dip, commodity increase, or index fund being created. Using this app for the tracking of the foreign exchange will help you know when you should push for more exports or imports. The currencies fall and rise, depending on the overall wider picture of the economy as well as central banks. When you see a dip in a particular currency like the country of one of your clients, you may want to increase product sales to them. You will be able to get a cheaper price for your own import needs. Overall, business owners can just be kept aware of what is going on around the world and in their industry.
Geo-risk reports are not always concerned with politics but rather tha financial and economical state of the nation. This can mean that you can commission a risk report of your own country or a particular country, and be shown the general mood of the consumers, the market fluctuations, patterns and general swings. The Geo-risk also involves large-scale projects like those of infrastructure. If you want to trade more with a city, but you can't afford the logistics travel, because the winding road takes too long. There could be a new road being opened that is linked straight to the city. You could increase trade, by being one of the first to make a logistics deal using the new route. Geo-risk reports are done by risk analysts and can either be done internally if you have the talent and externally via freelance or risk companies.
Watch the news!
Watching the financial news has to become a part of your daily routine as a business owner. As you bite into your toast and sip your coffee, turn on the CNBC Television channel, BBC News, or the Yahoo Finance channel, and get updates about what is going on out there. It sounds simple enough but it has to become a habit or you’re going to start missing out!
Every business owner needs to be aware of what is going on in their industry. These are just a few ways you can keep up with the news and markets. Can you think of any others?