Keep informed: Research competitors, attend forums and seminars

One of the challenges of running a business, is running a business and forgetting to innovate and stay competitive.

You and your teams can become so involved with managing operations, keeping your customers happy and staying competitive that it’s easy to lose track of what’s happening in your industry.

A part of a healthy routine is ensuring that your process analysts, management and frontline staff know what’s happening on the outside, not just what’s happening on the inside.

This means registering with industry forums, media monitoring services and attending relevant seminars and conferences.

What problem does it solve?

Understanding what’s happening in your industry can help your business to remain competitive, innovative and relevant to customers. Staying in the dark about industry news means you will miss prime opportunities to evolve your customer experience, improve your operating model or innovate your ways of working.

Even worse, in highly regulated industries, not complying with legislative changes may put your business at risk of penalties, fines or damage to your brand.

How much does it cost?

Apart from registering to free newsletters, set aside a budget for relevant staff to attend relevant industry forums and conferences.

It’s possible to setup keywords on news websites to automatically email a summary daily or weekly, however some media monitoring websites may charge a fee for providing you with summaries of radio or television transcripts that are relevant to your organisation or industry.