It’s important to never lose track of the inner workings of your business. While it’s impossible to be everywhere at once, you have the ability to take a general’s-eye view of the goings-on of your domain. Don’t be the clueless business owner that never knows what’s happening to his company. Stories abound of
entrepreneurs who became comfortable and fell out of touch with their businesses, losing the respect of their employees and having their clients leave them.
You need to be familiar with the following aspects of your business:
The Market: Knowledge of economic situation surrounding your business will prove extremely valuable when it comes time to make decisions about business operations. The waters are constantly churning, and if you get caught off guard during a major shift, you could drown. On a positive note, if you do pay attention, you may see
opportunities that your
competition doesn’t, gaining an advantage.
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