Know your business. The industry you are in. The way it works. Your customers. Your suppliers. Your competitors. They way they work. What makes you different. Why your business does or does not work. Know the business you are in. That’s how you will be able to stay in the business you are in.
These are true in all business ventures. If a business possesses this in all aspect then it will have a staying power and will continue to grow. Business is not just making money but how you keep it competitive also in the market so that customers will always patronize it even if there are competitors.
Posted by: Brad Fallon | Feb 14, 2011 at 11:05 PM
Brad you are right. Business is certainly about more than making money. Once you start focusing primarily on making money, it is easy to loose sight of knowing your business, such as what your customers want, what your competitors are doing, and how to maintain your competitive advantage. As you focus on these things, the money will follow.
Posted by: Sonia E. Thompson | Feb 20, 2011 at 09:03 PM