As a serial entrepreneur of more than 18 years, one thing stands out for me… I always have a voracious appetite to learn more! Learning never seems to stop if you are inquisitive by nature and you should be as a business owner. Ask you staff, ask your clients and ask your business associates for feedback about your business. In particular, your clients will often give you the next ideas for your business. They always want some tweaks to your software or some extra features added to your hardware.
In the technology market, while working for Motorola, we collaborated with clients (automotive, industrial, aerospace, medical, scientific) on projects for the real-time environment. There were always variations of the defined projects. Our engineering team was incredibly competent and listened to what clients said about our products. In many cases, these ideas became the next revision of our product offering. It’s a great lesson to learn and to try with your own business.
Don’t let your products idle because everything is running smoothly. Always try to push the envelope and consider the business decision and revenue upside to these improvements. Your competition is not standing still. They’re always looking at ways to gain an edge and you need to think this way as well. This is a great way to build your business plan projections, allowing you to think ahead to the company you will become. This is critical planning for any business.
When you consider more formal education, think outside the box. As a web design company owner of 14 years, I push myself to attend technical training but I’ve also picked up an Executive Coaching Diploma, an IFIC Financial Investor Diploma. Most recently, I took a 2-day intensive course on the legal issues that impact business owners, sales people and other staff. This will help make me a better owner.
Always look for ways to improve your management skills and business knowledge. It will pay off very well for your business.
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