It use to be business 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. That’s why it’s important to know your business for more success and increased profits.
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.
For example:
If you don’t know how to read a financial statement, ask your accountant to teach you or read a book regarding the topic.
If you don’t know what it is to cold call or to social sell on social media sites for new prospects, take on the task. Join in on sales calls with your salespeople on a regular basis. This will allow you to understand what your sales team is doing to move along the sales process so more deals will close.
Make sure every six months to a year you are working various job positions and/or departments in your company for a day to better understand what it takes to do the work and what the problems in that particular area may be.
Get out of your office more often! Wander around the office talking to the employees, asking questions and getting opinions or feedback. Not only will you learn more about your business but your employees will feel you have an interest in them and what they do.
Read the Wall Street Journal, the local business journal, the business section of the local newspaper or online work-related industry publications. Form professional relationships with other business people in your industry to discuss emerging trends.
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 co-workers; 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 to lead with less stress but also more successful and profitable. That’s why it’s important to know your business.
To your success!
Want to improve and grow your business? Talk with Howard! – 888-738-1855 – Howard Lewinter, business strategist, guides – focuses – advises CEOs, presidents and business owners throughout the United States to MORE success – MORE profit – less stress.