Day 11: Knowledge – Improve Your Business in 77 Days

business knowledge about your customers

Let’s continue with the eleventh day in our challenge to improve your business in 77 days. We are in the business planning improvements part in this challenge, and we already work on improvement of previous business planning experience and forecasting.

But, as you know, the business planning process will be dependent on your own knowledge as an entrepreneur, but also the knowledge of your team that will be included in the process.

When we talk about factors that make an entrepreneur successful, the second layer was knowledge and creativity. There we talk about the knowledge and acquiring that knowledge.

Each person has a specific knowledge. I think that there is not a person without some knowledge. Our knowledge starts from our birth. Each new day of our lives is the acquisition of certain knowledge. We acquire knowledge, home from our parents, from a kindergarten, and later in school, university, everyday life.

When we talk about the knowledge and improvements in these areas it is only two things that you as an entrepreneur need to implement in your business:

  • Increasing of the knowledge in your business and
  • Implementing the knowledge in everyday operations of your business.

How you can increase the knowledge in your business?

There are two possible ways to work on the increasing the knowledge:

  • Previous experience that was a part of improvements in this challenge in day 9. With bigger experience comes bigger knowledge about the subject of experience. Every time when you experience something new you increase your knowledge about that new.
  • Education. All of us spend a large part of our lives through a formal educational system that gives us the basic knowledge that we can implement in our future. But, each of our future tasks will always want some additional knowledge that we need to acquire through different courses, seminars, books, informations from the internet… All of that is part of our formal and informal educations that will increase our business potential energy.

The next is the part of implementation of everything that you know. Why you need knowledge if you don’t use it into everyday operations of your business?

Let’s summarize:

  • You need knowledge if you want to improve your business planning process.
  • If you know more about your business, your market or your industry you will have the better business plan.
  • Your knowledge comes from your experience and your education.
  • You need to use and implement your knowledge in the business planning process and the actions steps that will come from that process.

How You Can Improve the Knowledge in Business Planning?

This is a systematically approach that you need to implement and use in your business. As a good starting point to define that system answer the following questions.

  • What is the most important knowledge for my business?
  • How I can acquire that knowledge?
  • How I can continuously increase that knowledge in my business?
  • What knowledge needs different working positions?
  • What’re different sources that we can use to increase our knowledge?
  • What will be the processes of implementation of newly acquired knowledge in our business?