I am getting better at predicting the survival rate of a small business. One sure sign is when an owner tells me that he knows everything about his business. ” I could be giving seminars, I don’t need to attend them”. If that is your line of thinking, you have a problem.
As a small business owner, you not only have to sell and deliver your product or service, but you also wear the accounting, purchasing, marketing and Human Resources hat, just to name a few. Change is the only constant in our lives! That change occurs in each of the areas you are responsible for. Even if you are fortunate enough to have someone in charge of an area, you still need to know what new innovations are being introduced. Gaining new knowledge is important; our business life is like that of a tree, if a tree stops growing than it dies.
When you are doing an annual budget, I recommend that 10% of your net income be dedicated to continuing education. Let’s list a few of the benefits of becoming a lifelong Student.
- you learn the latest about your business
- you are in the people business and by attending and participating in seminars, etc, you may meet people who can become your customers.
- other owners can share their experience with you, (it’s better to learn from the mistakes of others).
- it’s a great way to get enthusiastic about your business again.
- friendships are developed
- great place to meet potential future employees
Get out of your box, attend seminars on marketing, accounting, etc for other types or products and services. You may be able to adopt some of their methods to growing your business.
Never cut yourself off from learning something new.
“The most successful people in life are generally those who have the best information.”
Have a great day!
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