Entrepreneurs hit a milestone worth celebrating when they to the point on the production of products and services, the more money the business can make. Although Entrepreneurs cannot do all things at once, they do need to know how to do the things in their business that keep it running and making money.
Let’s discuss two reasons why knowing your business will keep you from losing business:
- If an employee or contractor doesn’t show up for work, you can get the job done. It is best to know how to work your own business from top to bottom. Having the skills to work in the different roles of your business saves you from the headache of doing without someone that has an important position within the business, should they not show up for work. Because you can fill role in their absence, your business doesn’t miss a beat and you may even save the money you would have paid the employee or contractor had they worked. Learn the ends and outs of your business, so that you don’t have to do without in your time of need.
- When hiring you know exactly what the value of the position is and what it takes to do the job well. Having firsthand knowledge of how to do a job gives insight on exactly what kind of person will work well in that position. Knowing how that job fits into the big picture of your business’ success and the skillset that it takes to get the job done, allows you to better assign a salary to the position that attracts the best talent and that makes sense for your business’ financial situation.
Scaling is great and one of the best ways to scale is to hire other people to help in your business. But knowing how to perform most roles of your business gives you the upper hand in protecting your business from absences and in hiring the right people at the right price. Sounds small but it can have a huge impact on the future of your revenue. Whether you are a beginner or seasoned Entrepreneur, know your business inside and out; your profits and growth depend on it.