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The most devastating mistake we see for small and mid-size businesses is that they don’t spend the time and resources on understanding and keeping pace with their market. In order to maintain your company’s viability you need to ride the wave of a viable market. A receding tide lowers all boats and a rising tide raises all boats. Make sure the market you are connected to is viable and that means growing.
How can you find out what is going on in a particular market? It is important to get objective information about the market. This means communication with the market. Most small and mid-size businesses don’t have the resources to do market research themselves. This is why it is important to have a means of getting that information from other sources.
Sources of outside market information that is economical for small and mid-size businesses include the federal census bureau where you can track the trends for a particular market. You can also get information from industry associations and trade magazines or ezines. Finally private companies can provide reports on a variety of markets.
Below is a link to the US Census Bureau and a company called www.marketresearch.com. If you need help with these resources let us know.