Should the entrepreneur surf the news to improve his business?

The health crisis has taught us that we cannot be sure of anything and that we have to follow the news in order to adapt and adjust our strategy. For example, you have to anticipate stock shortages and ask yourself how to do that, but also anticipate what has come under disaster movies so far and especially get rid of the idea that it only happens to others to be unlucky.

The news changes every minute and at the same time the external environment of the company. The entrepreneur is obliged to follow the news in order to be able to respond to the various situations that may arise. To ensure that this information is as current as possible, he must at all times obtain it directly from the Internet and social networks. What information does the entrepreneur need to run and develop his activity properly?

What use is it for an entrepreneur to follow the news?

A company is surrounded by many actors that justify its viability. These are shareholders, partners, institutions, suppliers, customers and even competitors. By following the news, the entrepreneur can know all the information about these different actors and adapt his strategies accordingly. To enable his company to survive in a highly competitive environment where information plays a more than capital role, the manager must constantly follow the news.

How to follow today’s news?

The entrepreneur can follow the news in different ways. The easiest way is to read the newspaper, listen to the radio or watch television. However, the evolution of technologies allows him to access information in real time. Thanks to the Internet, he can obtain all kinds of information, regardless of his field: economic, financial or directly related to his sector of activity. Social networks like Facebook, Twitter, Google+, LinkedIn, Pinterest, Feedly, Pearltrees or Netvibes have become effective and essential monitoring tools for an entrepreneur.
Thanks to these increasingly varied and powerful tools, he will be able to follow the news according to filters that he will have established in advance.

Use the news to offer specific products

Depending on the field of activity, a company can use the news to develop specific products or services. For example, the rise in the price of a commodity may encourage a company to offer a substitute product to companies that need it. News can also become a source of inspiration for companies to develop a product or service that meets a particular need or fulfills the requirements of a particular purpose. This is the case for companies that provide the public with Smartphone applications for renting a car, reserving a place in a restaurant, etc.

Which sectors depend on the news?

In reality, any business needs to surf the news to survive and grow, regardless of its sector of activity and regardless of its size. An SME like a multinational can never survive disconnected from the world around it. For example, if Japan is ravaged by a tsunami, Japanese car manufacturing companies could be forced to suspend their spare parts orders from company X in Europe.
If you are a subcontractor of this company X, your orders will also be dropped. If you have this information in time, you can, for example, prospect with German manufacturers to maintain the activity volume of your workshops.

Use the news to create buzz and make your products known

Finally, don’t forget that the news is a very interesting way to spread information about your company. Launching a new product, opening an agency, IPO or purchasing a new machine, you can make the news yourself to draw attention to your company and your products or services.

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