Knowing the market and perceived competition can help a small business grow in the right direction without substantial cost.

According to an article in the Globe and Mail, spending time, but not necessarily money, on competitive intelligence can aid small business management.

Industry expert Jonathan Calof tells the news source, "Large companies have the capacity to absorb big mistakes.  If you're a small business and you miss a market change - you're done. The key is to figure out what in the environment is most important for you to understand so you can focus your resources."

The article divulges some easy-to-implement tips for small businesses to gain awareness.

Primary research can include talking with suppliers and vendors about business trends and also utilizing feedback from clients.

Businesses often overlook a vital resource for business intelligence - its own employees - says the article.

Experts agree that informing employees about information gathering techniques, collecting their experiences, and then analyzing the data can offer valuable insight.

Given the current financial turmoil, competitive intelligence can help the over 2.3 million small business establishments in Canada remain well positioned for current market opportunities and meeting customer needs.

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