Keeping Up-To-Date on Your Industry
Bob has just had to shut down one of his department's production lines, while he re-engineers a key process to comply with new safety legislation.
This change in legislation has been expected for well over a year, and, while it's only now coming into force, other people in Bob's industry have been prepared for the change for months.
Needless to say, Bob's boss isn't happy, particularly when she hears how this is going to affect profits and delivery times.
Many of us work in changing competitive environments. If we don't keep up with news and trends, we can miss key opportunities and can be caught unawares. That's why, for some of us, it's important to keep-in-touch with news and trends in our industries.
Benefits of Keeping Up-To-Date
Although keeping up with industry news may seem to be just one more thing to add to your To-Do List, there are several important benefits.
First, you'll make better decisions, and you'll spot threats and opportunities early on, which can give you a competitive edge. This is especially important if you contribute to shaping your organization's strategy. It's also important if you're involved in sales and marketing, where it helps you identify and take advantage of the sales opportunities that come your way.
Secondly, keeping up-to-date with your industry is key for building expert power. By developing expertise in your job and your industry, you'll earn the trust and respect of the people around you. From a leadership perspective, this is invaluable!
Finally, it will alert you to changes that you need to think about. This is the sort of information that would have saved Bob his embarrassment.
Clearly, in some roles (for example, in junior roles, or where you're providing a service within your organization) there may be no need to keep up-to-date with your industry. Use your best judgment when applying the strategies in this article – if you don't need this information, don't waste your time sourcing it!
Sources of Information
To keep up with news and developments in your industry, the first thing you need to do is identify the best sources to use.
We've listed traditional and online sources below: choose the most appropriate sources depending on your industry and the type of work that you do....