Businesses are driven by knowledge that give you the edge over your competitors. If you run one without arming yourself with adequate knowledge, your business will soon go down.
In no particular order, the following are major stakeholders in a business you must have appreciable knowledge of if you must be in the driving seat of your enterprise.
• Industry development and business environment
Customers – both current and prospective ones – are regarded as the king in any business. They are the reason a business exists. In fact, businesses are established with the customers in mind.
You, therefore, must know your customers, what they want, how they want it, how frequently they want it and where they need it.
Customer knowledge also requires that you are where they are so you can catch them conveniently. Without this, your business may struggle to survive. If the customers are online, you have to meet them there.
This group consists of people who are as important as the business. In fact, they determine how the business will be accepted by the buying public.
As much as the customers are the king, employees appear to be the queen. Before employing them, the business must know and be certain they will be valuable additions to the entity. Knowing one’s employees adequately positions the business for better performance.
Can you imagine selling what you do not know? That is a total miss. Product knowledge is an all-important requirement of any business.
The business owner, as well as the employees must have a full knowledge of they sell if not, even buyers will school them. This is made possible by embarking on product research, product development and equally knowing the competitors’ offers.
A business should equally know what substitute and complimentary products are there to their own products. This will make them demonstrate full product knowledge to their customers.
COMPETITION, LAWS, INDUSTRY DEVELOPMENT AND BUSINESS ENVIRONMENT
On a last note, you cannot succeed in business if you do not know what your competitors are up to. As much as you have to focus on your business, you equally need to avoid playing catch-up because you are lagging. Be on top by knowing and predicting your competition’s next move.
You also need to know what laws are there in the business environment where you operate. Recent developments should not leave you in the dark just as you should move ahead to be a driver of the sub-sector you operate in.
With sound business knowledge, you improve your chances of succeeding in business.