In The Know

If you’re a business owner, it can be very rewarding to build a self-sufficient, interlocking company that can run successfully on its own without much personal intrusion. It’s difficult, at times, to find the balance between employee, customer, software, and hardware. But once you do, the next step is not to fall into the comfortable seat of observation. Your business must grow and evolve with its market, so it’s very important to stay in the know of the main ingredients to success.

#1. Know Your Market.
Who is buying your product, and why? The answer to these questions may not always be the same, and if your product needs to be tweaked accordingly, you’ll benefit from predicting that ahead of time.

#2. Know Your Product.
Even though you may not be doing the one-on-one work with sales or service, you must be educated in all aspects of your goods in order to play as a reliable, trustworthy captain for your team. Seeing the real values (and potential downfalls) of what your company is producing will allow you an element of expertise, comfortability, and realistic expectations which will generate respect from customers and employees alike.

#3. Know the Value.
Knowing the market value of your product will help you make decisions for its future and your company’s future. Keep in mind that good, reliable work, positive reputations, and respectful business practices will up the value of your product just by making it more presentable – a win/win situation for your business on a whole.

#4. Know Your Workers.
Employees are some of your best assets. Knowing their strengths and weaknesses will help you build the team in the most effective way possible, so that no one gets burnt out or loses the engaging side of their work. Listen, respond, and act to keep your crew as happy as possible.

Knowledge is power! Keeping your finger on the pulse of your company will only have positive benefits in the long run. Glean feedback where you can, listen as often as possible, and stay open to new opportunities so your company can only grow bigger.

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This post was written by Hallie Dunn

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