As many fellow business owners can tell you, knowing what is going on in the outside world is as important as anything you will do in running a company.

That said too many running businesses fail to follow the daily occurrences in the outside world, instead solely focusing on their companies. While the latter is certainly necessary to run a sound business, you can’t tune yourself out to outside happenings.

From what is happening in the political world to the daily goings-on of the economy, being an informed business owners is a recipe for success.

With that being the case, is your business listening to the outside world?

Be Aware of Daily Events

So that your business can position itself for as much success as possible, take the time to understand how events outside of your company can very well impact your brand.

There are different ways to go about this, some of which would include:

  • Bringing in speakers – With all the focus in recent months on the U.S. presidential election, it should not come as a big surprise that many business owners are both hopeful and fearful of what the new administration will mean for the economy. That said it wouldn’t hurt you to try and bring in some nationally-known speakers on occasion to talk to you and your team. Such outside insight can prove quite beneficial, allowing you and your employees to have a better sense of how what transpires nationally and locally can impact your company. Whether you opt for a speaker such as Dana Perino or countless others, know that you will be getting savvy insight as to what is taking shape across the nation and the globe for that matter. Speakers like Perino take their insights from time spent in both government and working for the media. With that experience, you can learn how the new administration is likely to impact the business community as a whole and much more;
  • Discussing outside events – Even though your company’s focus should always be on how best to serve your customers etc. it can’t hurt talking from time to time about outside events. Having a meeting once a month to talk about the overall economic conditions, how your company is impacted by them, what your business can do to better assist consumers (especially those feeling the pinch by the current economy etc.) can only strengthen your brand.

Always Listen to What Your Customers Have to Say

  • Don’t turn a deaf ear to customers – By keeping in mind that national and even some global politics impact your customer base, don’t turn a deaf ear to what they have to say. For example, some of your customers may be struggling financially in recent times due to hikes in healthcare insurance costs. As a result, they may have less money available to spend with you. One of the things you can do is offering them some discounts whenever possible. Yes, you might make a little less money over time, but still maintaining them as customers is worth it;
  • Survey the landscape – Your final order of business should be taking occasional surveys of your customers, seeing what is most likely impacting their daily lives. Knowing what kind of financial means they have goes a long way in helping you to determine what prices to set for your products and/or services etc. It also gives you insight into when it is best to offer consumers discounts on different products and services. In the event you are afraid consumers won’t take the time to respond to such surveys, offer them some incentives to motivate them.

When your business listens to the outside world, it stands a much better chance of making inroads into the consumer world.

By turning on occasion to some guest speakers to address you and your team, you will have more insight into what is going on around you.