To run your own business, you don’t have to have the perfect IQ score. You don’t need to attend every academic course on how to manage your business. You don’t need to read every book on attaining business success. There is so much information out there, it would be impossible to study and learn it all. However…
You should make the effort to stay up to date in your industry and have a continuous growth mindset. If there are workshops or conferences for your industry or if books and qualifications are recommended to you, you should really consider them. Not just for yourself, but also for your employees. The more knowledge you have between you, the stronger your business will be.
There are many benefits that can be gained through education and increased knowledge. Here are few to keep in mind.
You will make better decisions
As a business owner, you will have some tough decisions to make. With some decisions, the answers won’t be so clear. When it comes to the growth and survivability of your business, you need to be able to clearly assess all your options. Having a strong knowledge base can help you think things through and come up with the best possible solution. You will stand a better chance of making an informed decision that can only benefit the long-term success of your business.
You will earn respect
How many times have you talked to somebody and come to the realization they don’t know what they are talking about? Chances are, your respect for that person will drop especially if they claim to be an authority on the subject. When you strengthen your knowledge, it will be clear to people that you know what you’re talking about. This will affect the way your investors and other interested parties think about you. They will take more notice of you if you actually show and speak with authority. You will also get more respect from your workforce when you take the time to learn more. When they talk to you about what they are doing, or when they ask for help, you will be able to hold an actual conversation with them, instead of brushing them away because you don’t have a clue about what they are talking about.
You will manage finances better
How many times a week do you spend money on your business? How many times do you know exactly what you’re paying for? If you don’t have a clue as to the worth of a product or a piece of tech you are purchasing you might be spending more money then you need to. By knowing what you’re buying into and understanding its worth to your business, you will have greater peace of mind when you’re handing over your money. While you don’t need to attend business school for every spending decision you’re going to want to do your homework before making significant investments. Take time to read industry journals and reviews. Keep track of how you are spending money and determine if the purchases you are making truly benefit your business.
You can trust your staff to make the right decisions
Your employees expect you to make the right decisions. However, if they have been trained and educated and stay up to date in their perspective job functions, you can expect them to assist with the decision making process. After all, you can’t be expected to know everything, so you have to depend on the expertise of others. This especially true when running a large business where you can’t or don’t have time to manage and understand every aspect. Take the manufacturing industry as an example.
Would you need to know everything about the individual tasks your employees did on the production line? Probably not. Your time would be wasted if you did try to learn everything. With fully trained staff, you could rely on your staff to take some of the burdens off of you as they can handle the day to day minor decisions. The same extends to spending decisions.
Let’s look at a manufacturing example again. You might not know about specifics parts or products that would be the best fit for your business. If an employee were to suggest a low-cost air flow meter in favor of something less expensive you might want to hear them out. They may be able to share with you the practical and financial benefits of purchasing this particular air flow meter. When you decide to make the purchase, you would have the peace of mind knowing somebody better equipped than you was able to make an informed decision.
Don’t neglect the need for education and knowledge growth within your business. Stay informed and up to date so you can be a leader in your industry. When you do, you will grow as a business leader and your staff will develop within their roles. And, consequently, your business will prosper because of the mass of knowledge you will have between you.
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Leadership and Life Coach. She is the Chairwoman and CEO of Infinity Coaching, Inc. where they help you up-level your skills so you can up-level your income. Infinity Coaching, Inc. provides one-on-one and group coaching, organizational training, and personality assessments. Carolyn is certified to give both The Energy Leadership Index Assessment and Myers Briggs Type Indicator (MBTI) Assessment. You can find out more about both assessments and other products and services athttps://www.infinitycoaching.net.