Still, that amount of knowledge can lead to stress and frustration. The better you know your business, the more you notice what’s not working the way it should. That’s why Brian Tracy’s style of business coaching leverages your own ability to see those problems. Our FocalPoint Business Coaches work with you to pinpoint the bottleneck and develop a solution.
Here are 5 types of business knowledge that can help you see problems – and look for the solutions.
Knowledge of your organization
As a business owner, you should know how every component of your business fits together. From your production department to your financial experts to your salespeople, every group contributes its own kind of work to your company’s overall goals. Understanding how each section of your business moves you toward those goals can help you restructure areas of your business for greater efficiency, and redesign the tasks each group specializes in, in order to work around roadblocks your business is facing.
Knowledge of your people
You should know why every one of your employees is working for you, what they do, and how they’re necessary to your business. Hopefully, you haven’t just been hiring people without calculating exactly what value they’ll be adding to your organization. At the same time, it’s important to see each employee not just seen as an asset, but as an individual with dreams and goals, and with skills and potential that can be unlocked to solve problems and increase the value of your company as a whole.
Knowledge of your processes
Here’s the real nuts and bolts of your business – the means by which you manufacture products, provide services, and deliver your offerings to customers. A solid understanding of these processes can help you eliminate inefficiencies in your manufacturing or delivery systems, innovate new ways to deliver your products or services, and think up new ways of making your processes sleeker, smoother, and more effective at generating profits.
Knowledge of your market
It’s crucial to know all about your competitive landscape – not just who your competitors are, but how they differentiate themselves in the marketplace. This will help you figure out what makes you different from the competition, so you can use those key differences in your marketing. You should also stay on the lookout for effective marketing – from advertising and promotions to sales and customer experiences – and look for ways to adapt those techniques into your own market strategy.
Knowledge of your customers
Not every business owner knows exactly who their ideal customer is – but you should. By now, you should know where this person lives, what they enjoy doing, what they do for a living, and why they buy products in your category, as well as why some of them by from your competitors instead of you – so you can target them based on all those traits. On an individual level, you should be recognizing your highest-value customers, and cultivating stronger relationships with them.
Once you’ve acquired these 5 types of knowledge about your business, this deep understanding of your organization, your people, your processes, your market, and your customers – you’ll start to see the solutions you’re looking for.