If you had dreamt of one day starting your own business and excelling in that area here is something that you need to think about. Even if you have already started your business or is at the moment going to start one soon there is something you really need to know. And that thing is as the title already states is; knowing your business.
You would think “ha! Who would start a business without knowing anything about it?” which a totally valid question no doubt. But what I am suggesting is not just knowing the basics of the business but something more deep. You must know it or at least try to know it inside out.
This will require a lot of research and time. Some things you learn from sheer experience and the others you get from the knowledge you collect. Running a business is no easy task and diving in to it without prior planning and research can be deadly not just for you but for the employees who depend on you.
You should know the latest updates in the industry in which you carry out your business. For an example if you run a business that basically sells phones you should know the phone systems that are available (ex: the avaya phone systems in Melbourne, etc.), its pros and cons, what the market trend is these days, whether you could predict a price escalation etc. Also it’s not just the phone industry that you must be fully aware of. You must know what surrounds you which in other words mean the world. Now don’t panic. You don’t need to know everything. Like you don’t need to know which year a certain president came to power and all of that but you definitely need to know what his economic policies are and what kind of restrictions that he/ she will likely impose on the domestic market, what kind of development projects he/she will undertake (these projects can in an implied way affect your industry both positively and negatively leading to price escalations or reductions).
Not only in the national level but things that happen in global sphere both politically and economically will affect your industry. Let’s say that you specialize in a specific foreign cell phone brand and there is an economic instability/ recession in that country. Then your brand gets affected and so does you. Of that country is currently having a referendum (like in the case of Britain) to break away from the European Union (which is a political and economic decision) then there could be inflation and a recession that could be predicted in the future. So as you can see we are not alone.