Businesses do not exist in a vacuum. A clear knowledge of the current market and economic conditions is essential to maximizing the effectiveness and profitability of your business. A savvy buyer can use this knowledge to make bargain acquisitions and avoid underselling products and services to substandard companies. There are a variety of online resources available that discuss factors related to the market conditions affecting your business and business decisions.
Your business’ most relevant market and economic statistics will vary by business type and location. Most businesses will want to consider liquidity, average real wages, interest rates, inflation, capital inflows, fuel costs and commodity prices. Those businesses interested in foreign markets should consider the performance of emerging markets, borrowing conditions, country risk rates, and exchange rates. Countless statistical matrices are available online through government departments, listed below.
Major Government Resources
Think Outside the Box
Having a productive business cycle, making acquisitions with synergistic benefits, and maintaining a market niche and customer base will keep a company successful even when market indicators go the wrong way. Oftentimes the demand for a service supersedes the economic factors that would impede its growth. A business that can start and thrive in unfavorable market conditions is almost guaranteed to improve when the economy improves.