It use to be people could know something about almost everything.  In today’s fast changing world with knowledge increasing at an incredible rate, it’s almost impossible to be an expert or to have knowledge of everything.  The one exception to that is your business. 

If you sit in the big chair as the CEO, president or business owner of a company, it’s your responsibility to surround yourself with the best possible people who can advise you.  To understand if their counsel is wise, you really need to know every aspect of your business.

If you don’t know how to read a financial statement, ask your accountant to teach you or read a book.  If you don’t know what it is to cold call for new prospects, take on the task.  Ride with your salespeople on a regular basis so you know what they are doing. 

Make sure every six months to a year that you are working every position and/or department in your company for at least a day so you understand what it takes to do the work and what the problems in that particular area may be.  Also, wander around your business talking to all of your employees, asking them questions and getting their opinions.  Not only will you learn more about your business but your people will feel you have an interest in them and what they do. 

Read the Wall Street Journal, the local business journal, local newspaper and maybe even the USA Today.  Form a relationship with other people in your business industry you are not in competition with who may even be in another city or state. 

Make your business a passion, as you would playing golf, running a marathon or any other recreational activity.  Just because you got out of school years ago doesn’t mean your education is over. 

Become a student of business and a student of your business.  Understand the needs of your people; understand what’s possible for them to do and how to motivate them.  If you take this approach, you will find your business not only more enjoyable with less stress but also more profitable.