If you are a busy business owner, it can be hard to keep up on the markets in order to be able to position your enterprise in the most favorable manner to withstand the ups and downs of the economy. As we know, being a business owner is more than a full-time job. It is an avocation that can consume much of our time.
The problem occurs when we have not had the time to keep an ear to the ground for market news and end up being blindsided by some new competitor, regulatory hurdle or technological innovation that changes everything overnight. The following will look at some sources of information on market conditions and how you can find the time to keep up.
Where to Find the Time? –
YouTube “Radio” for Talking Heads –
YouTube features a wealth of information that can be used to fill dead time when one is doing something mostly mindless. Instead of playing the radio, or listening to Pandora or Spotify, it may be helpful to find a few economic experts on YouTube who host a regular segment. These videos can be played in the background when driving to and from work or doing chores as a way to stay informed with little extra effort.
Pick Succinct Sources –
The typical Fisher Investments update that recaps the week of trading usually falls under 10 minutes. They call their segment, “Market Insights.” Their other vlogs include a podcast called “Market Insights Podcast” that runs for 15 to 20 minutes, on average, and the Fisher Investments Outlook on the economy and global stock markets tend to last under five minutes. Their general education videos for investors are under five minutes in length as well. Bite size segments like these can be consumed in even brief moments of downtime, which may prove to be useful for those who rarely find an extended break in their schedule.
What Types of Market Information? –
Industry-Specific Information –
If you can access a podcast about your own industry from a trade organization, that would help with key insights that are directly of relevance to your enterprise. You also might consider getting an RSS feed for your industry’s trade organization website in order to automatically receive news of updates to the website.
Customer-Base Information –
Obviously, you will want to stay abreast of your local economy and the national as well as world economy in order to gain insight into the financial health and wellbeing of your customers. You can get the online version of your local newspaper and quickly scan for relevant information. You may also choose to subscribe to publications from other areas, such as The Wall Street Journal.
Look for Honest Information, While Disregarding the Elephant and Donkey Show –
In terms of national and world information on the economy, the first suggestion is to access a wide variety of sources and not get caught up in the red or blue trap. Over time, if you have a good memory, you will begin to see which sources consistently attempt to report the truth and which sources don’t seem to have a very good record. Your ability to make sound business decisions depends upon your knowledge of the honest state of the national and world economy.
Regulatory Information –
You can use apps that allow you to troll for certain information automatically. You can set a string of keywords to troll the web on a regular basis for new regulations that could affect your particular industry. The app will usually notify you when something is found on the web that matches your keyword string.
For example, a gun shop owner in California or Virginia would want to use an app to troll the web for new gun laws that are being proposed. The last thing you want is to be blindsided by some new regulation that you did not know about because you did not have your ear to the ground to hear about it. When it comes to an issue that has resonance for so many, like Second Amendment rights, there are usually a few good vloggers on YouTube that will keep you abreast of changes in laws as well as proposed new laws and how they will affect businesses in that sector. This information is useful for business owners and investors alike.
Banking and Federal Reserve Information –
In the financial meltdown that was the last recession, businesses found that the banks were unwilling to lend money. This harmed the liquidity and growth of many businesses and caused other businesses to close. It is important to be aware of bank health and the ability and desire of the banking sector to lend to small businesses.
Right now, the actions of the Federal Reserve are worth special attention. The Fed appears to be reacting to the overall health of the economy in a way that is signaling to many financial advisers that a recession may be looming. Also, one of the largest banks in the world, Deutsche Bank, is teetering on the verge of failure. It has ties to many other world banks through derivatives, which could cause many other banks to collapse like dominoes. Business owners need to know the truth about the markets, so they don’t end up making mistakes on the cusp on what is possibly another recession on its way.
Stealing time to listen to and watch vlogs and follow up on RSS feeds will help you stay abreast of all market and economic conditions that can impact your business in the coming year.
