To run a successful business, you need to learn about your customers, your competitors and your industry. Understanding the basics of your business market will help you reduce business risks, identify opportunities and spot current and upcoming problems.
Visit government offices and look into information about businesses, industries and economic conditions. Consult trade groups and academic institutions to gather research data about business trends. Use the Internet to find information related to your location and industry.
It is also important to keep abreast of the international factors that influence your business since today’s economy is a globalized marketplace.