Understand your industry

At the half way point of 2022, I am sure everyone has found time to think deeply, map out goals and are either excited about what the year may bring, or be on a fantastic path already. Time flies, which reminds me always of the need to look and plan forward, with a nice balance of living in the moment. Whether working on being the best you can be in the role you are in, or planning for what next, there are a number of constants, that do need time and focus. There is one area I have touched on a few times previously, which deserves specific attention. That is, knowing your industry.

If your role connects you closely to the industry market, you will know who is who and some of the macro elements, such as major firms and high profile published matters, however this is just skimming the surface. You need a deeper understanding.

If you work in a role where you are mostly removed from regular industry interaction, it is just as important, if not more so.

When you read or hear something, rather than just think, oh well that's interesting, or consider it just a headline statement, pause. Then think about what it might mean and how it might impact your business, or your industry.

Like many important activities, this means time carved out of your busy schedule. Don't wing this one, take the hour or two a week it needs. Why is it so important? As your career develops, your clients, business leaders and your staff will expect you to understand, talk to and debate external events that are happening around you. Clients are entrusting their business to you, leaders are relying on you and staff are learning from you.

You might even find a particular topic or area that really drives your passion, where you become an industry expert voice.

Outside of your own personal brand and knowledge, all factors influence and underpin decision making and good strategic planning (remember the SWOT analysis!). If you don't understand, how can you be part of making good decisions for your business?

Without needing to be an expert across everything, below are areas that you should develop a good general knowledge of;

- What is the regulatory environment and who are the governing bodies of your industry? How does it work?

- What is the size / economy of your industry within Country and/or globally. What trends can be observed? - What is the core purpose of the industry and how does it impact others within a broader economy or environment?

- What are the key financial drivers and metrics ?

- There will always be key impacts and issues for an industry - what are those for yours?

As I mentioned earlier, we all skim social media and local publications each week for key headlines. Great to keep a finger on the market pulse, however dig deeper. Once you start to grasp more of the intricacies that drive your industry, you will likely find you become more confident in many situations. You know that feeling of being on the edge of a group conversation? Sitting back and not being able to contribute to the conversation. Or arriving at a industry forum where you are needing to make small talk with strangers?. So much easier to ask someone's view on an topic where you can start the conversation confidently. In the process you might make someone else, who is feeling uncomfortable, enjoy an interesting interaction. Remember, you are never the only person sitting at that table who is stressed about starting a conversation with strangers! It does not mean you have to be the font of all knowledge, or attempt to be the smartest person in the room (don't be that person), however it is such a powerful feeling to be able to engage in a intelligent, informed conversation. A big tick for personal brand.

If you feel you have some gaps, start carving our time - it’s not a set and forget. Be continually curious and informed. So important for many reasons.

Until next time Lisa