Every entrepreneur should follow key
economic indicators. There are key economic factors that
impacts your small business. These economic factors
measures the health of the economy. They are an
indication of how the business cycles are faring and how
consumers are spending. As a result, you should
understand what the economic indicators are and pay
attention to them on an ongoing basis.
These indicators will impact the
decisions you make to grow your business, whether that is
how inventory you buy, whether or not you raise your prices,
your access to capital, etc. When you watch experts on
tv give their opinions about the state of the economy they
base their opinions on key economic indicators.
Economic indicators are put out by
government agencies and private organizations. They
are published daily, weekly, monthly and/or quarterly.
There are many key economic
indicators. However, not all of them are relevant to
you as a small business owner. Some are general
indicators while others are industry specific.
These are some of the key economic indicators that you
should pay attention to: