Update your industry knowledge

This article first appeared on July 13, 2011.

Right, it’s time to close that office door, sit down at the computer and do some surfing of the internet.

No, you’re not looking for a new pair of shoes or a place for a weekend getaway – you are on the prowl for news, trends and the latest insights about your industry.

For the leader of a company, strong product knowledge is essential – you have to know the features, benefits, weaknesses and strengths of your product or service intimately.

But a good knowledge of your industry is essential too. If you are not up with the latest happenings in your sector, you’ll find yourself in the following sticky situations:

• Looking silly at a function when everyone’s talking about industry news you’ve missed.

• Looking silly in front of a client when you don’t know about a competitor’s new product.

• Looking silly in front of your board when they ask how you are reacting to an industry trend.

• Looking silly in front of staff when their industry knowledge is better than yours.

Yes, I know you’re busy – we all are. But an afternoon reading industry blogs and news sites both here and overseas is time well spent.

Get it done – today!