Knowing Your Business Inside and Out – Knowledge is King

Date: 6-Nov-2013 Post in: Business By: Raj Dhonota

Ponder over this if you will, for just a moment – are you completely in touch with the day-to-day processes of your business?

Far too many business owners feverishly work to enjoy a good standard of living, often choosing not to look into key aspects of their business. Can you honestly say you took time out to have a walk-around and look at your business objectively?

If you haven’t done so, or feel that it’s a practice that often has low priority on the order of things, think again. Your quality of life or even the security of your family’s assets may be at stake here.

There is absolutely no shame in taking it upon yourself to understand the key role each department or individual plays in your business. An entrepreneur is essentially a people’s person; somebody who everybody can look up to and use as a vessel for motivation and inspiration.

Unless you start giving personalized attention to your customers, chances are your competitive edge is going to wither away eventually. Customers are all too happy when they get to communicate and share their concerns or feedback with top-level managers as well as businesses owners themselves. Take a phone call or two every now and then and take the time to get to know your customer.

Your staff is the very lifeline that relays your products and services to the end-user. Efforts are made to make sure the ship stays afloat in competitive and often stormy seas. Take time out to grasp and understand how each team member’s job description integrates into the organizations central objectives. Let them know your doors are always open so they may share any concerns or even propose business ideas. In addition, delegate as much authority as possible, but within a reasonable scope.

Never underestimate the value of following-up with your team and even your customers; a little pro-activeness on your part can go a long way in terms of keeping team spirit high as well as ensuring that customers are completely satisfied with your business practices.

Knowing your business from the inside out effectively places you in a position to make well-informed decisions.

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