Know the business you are in

It sometimes really surprises me how some business owners, really don’t know much about the business that they are in. They know they are in business and they know what the business is but they have really not any idea about the actual inner workings of the business.

I believe it can become one of the main things that can harm a business is the owner, not knowing about the business and as such not taking as much interest in the business. Unless you have a manager that is totally dedicated to the business and they are happy to generate an undeserved for an owner that does not care enough to learn something about the business then maybe it will work out. This is not to say that a business owner needs to be present in the business all the time, and know every little detail of what is going on. But more that if the manager is sick for a few weeks then the owner should be able to fill the place.

This in my opinion is just pure commonsense for a owner to know the business. Really the smaller the business the more the owner needs to know. Now this may not in every single case be true, there may be those times where the owner has created such good systems within a business that really anyone can take on the business and make it work. But this still does not mean that the owner should be ignorant to the business. Ignorance is the quickest way to lose control of your business.

Ok so all of this does have a point, while i am constantly looking for new idea’s or business opportunities i am also wary to see that the business is something that i can learn. While i am looking for businesses that i can set-up and not physically work in them, if i have a business i need to know what is happening and how one thing affects another. So that i know why the profits are down or why revenue is up, not just seeing a bunch of figures and not be able to put it into perspective.

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