Know Your Business Inside and Out

It’s important to never lose track of the inner workings of your business. While it’s impossible to be everywhere at once, you have the ability to take a general’s-eye view of the goings-on of your domain. Don’t be the clueless business owner that never knows what’s happening to his company. Stories abound of entrepreneurs who became comfortable and fell out of touch with their businesses, losing the respect of their employees and having their clients leave them.

You need to be familiar with the following aspects of your business:

The Market

Knowledge of economic situation surrounding your business will prove extremely valuable when it comes time to make decisions about business operations. The waters are constantly churning, and if you get caught off guard during a major shift, you could drown. On a positive note, if you do pay attention, you may see opportunities that your competition doesn’t, gaining an advantage.

The Product

Whatever your business offers, you should know it intimately. Doing so will give you the ability to sell it to the public. Any gaps in your knowledge that reveal themselves to potential customers will demonstrate your lack of competency, and will factor heavily into their impressions of you and your company. This could very well meanlosing business.

The Customers

Neil Camenker says that sales are the lifeblood of your business; understanding the needs of your customers is the key to making sales; therefore, you should strive to know your customers as deeply as possible, so that you can identify with them and address their needs.

Be able to place yourself in their shoes and understand the pressures that have driven them to seek solutions from your company. You will then know what you should offer.

The Employees

People keep the gears running in your company, and ignorance of what drives them is a recipe for malfunction. Some companies have entire departments dedicated to handling workforce issues, but if you’re relying on some human resources goon to tell you that your employees are unhappy, then you’re already out of touch and in trouble.

Instead, talk to them directly and figure out what’s going through the minds of your rank and file; otherwise, you could have a revolt on your hands.

The Leadership

The impact of strong leaders on the productivity of a company is immense, so you should always attempt to cultivate the managers that show talent. According to Neil Camenker far too many businesses cripple themselves by allowing coalitions of weak, ineffective leaders to proliferate throughout their command structures, promoting one another to better positions and gumming up the works with their ineptitude. You should always know who among your staff is genuinely effective, and who is only passing time.

By truly understanding your business, you open yourself up to all sorts of opportunities that you would be denying yourself if you were to take the lazy way out and let everything be handled by managers. While you should always delegate the tasks that your employees can do better than you, always insist upon detailed reports so that your vision is not clouded by your absence. In business, your vision is your greatest asset.