Why are you in business? And are you a student of business?
You need to determine your motivation for being in business, and then set up the business with realistic, attainable expectations and goals. Of course, profit is a key factor but you also need to understand the dynamics of business.
Your business has only one big boss. And it’s not you. It’s your customer.
Business is about strategy – thought – and understanding the needs of the customer and what the customer wants. Those are the things that create profit. Most business people don’t understand why they are in business or what they are truly there for. Your business is about service – how you serve the needs of customers. Service includes education.
Employees are a big part of the service equation. The challenge is to get your employees to understand where their paycheques come from – your name may be on the pay stub but the money, as you know, actually comes from your customer who is doing business with your company.
Without the customer, there’s no business, no profit and no jobs for employees. It comes down to educating and motivating your employees to provide the best customer service. And it comes down to educating and motivating the customer to buy, and return to purchase again and again.
If you are to educate and motivate both your employees and your customers, then how do you educate and motivate yourself as the CEO, president or owner of the company? You can’t know it all. Information is increasing at an astounding pace today. Seek out sources and people with more experience and knowledge than you. Seek to gain more understanding of what you don’t know or need to be aware of for your business.
The bottom line is: Become a student of business.
Debo Kayode Ogunranti is a business/financial advisor. Connect with him on Facebook and Twitter to ask questions about this article and other business issues.
