The importance of knowledge to growing business
If you’ve started a business you know how difficult it is. What's even more challenging, is growing the business. If you've done everything you could possibly do to grow you're business and you still don't see growth, this blog is for you.
Defeating the Odds
“There is no force more powerful than a woman determined to rise.”
Congratulations on being an entrepreneur and accomplishing something a lot of your peers couldn't. Traditionally, entrepreneurs would develop business plans that include the company description, goals and objectives, market analysis, target audiences, financial projections, and more. However, it's 2019 and you can launch a successful business without one. Although this statement is accurate, it’s not likely. There are key fundamentals of business that we all should know, understand, and be able to articulate to potential investors.
The key fundamentals of business are people, operations, accounting, strategy, finance, and marketing. The success of any business is directly affected by employee performance. Operations is important because it is the basis for the company and ultimately impacts efficiency and effectiveness of the business. Accounting and finance keeps the company aware of important financial details that can't grow and/or end the business. Lastly, having a good business strategy and marketing plan is necessity to increase the odds of success.
Learn to Earn
“Learning is the only thing the mind never exhausts, never fears, and never regrets.”
As entrepreneurs, we have to be good in business and not just our craft. You can be the best chef in town but if your restaurant is poorly operated, you will eventually struggle for growth. You can sell the best product on the market but if you can not properly manage supply and demand, you will eventually struggle for growth.
Knowledge is power when it comes to business. The more you know, the more you grow. The good news is, you’re not alone. We are all learning together. Visit the business section of our forum to ask questions, share advice, and consolidate resources.
Let's talk business. #Queendom
Written By: Jayna Thomas