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Step
10 in the
FORMIDABLE Business - Expertise
The
final step is Expertise. As a business owner you need to have
access to information and knowledge that will empower your business
to be more successful. In a truly global market, there is a
wealth of 'knowledge workers' who are able to provide a wide range
of expertise to complement your knowledge.
You do
not need to become an expert on all aspects of your business -
business planning, marketing, employee recruitment, business
processes, taxation, etc. It is too difficult to be an expert
in all the specialities that are the role of a business operator.
It is vital to focus on your expertise and utilise external
experts to assist you in your business.
Traditionally,
small business operators have only used specialists such as an
accountant or a lawyer when needed.
Expertise
is a resource that your business must exploit. Often business
owners are wearing too many hats and try to do everything in the
business. This is not practical nor a sustainable strategy.
The opportunity cost of not using expertise is the lack of
focus you have on your high payoff activities that add most value
to the business.
This
step examines the six alternative strategies for engaging external
Expertise. Expertise is divided into two categories, the
first being technical in nature, e.g. product specific, and the
second being of a business development nature, e.g. using a
business coach or mentor to implement change.
Available
in 2011 - We
will be launching the FORMIDABLE Business Kit - a Guide (PDF),
Workbook (PDF) and MP3 audio product that you can download to give
your business EXPERTISE.
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