You may have been made fun of as a kid for being a know it all, but in the corporate world a know-it-all has many benefits. It is the key to being a successful company. The more you know about your business and its operations, the better off you are. To know your business you must certainly know more than your Memorandum of Incorporation. Here are 4 benefits of being a business know it all.
You Will Detect Fraud Regarding Your Company Finances
There are many departments and divisions within an organization. Most of your corporate officers will hire someone to run their accounting division because they are afraid of numbers and making mistakes. It is true that accounting is a very specific business. A few accounting courses in college won’t due. There are corporate taxes to consider, discounts to customers, income and expenses to record, and books to be balanced. Moving money out of a company is very simple and easy to do undetected. If you are familiar with your financial operations and how everything is run, it will be difficult for someone to pull a fraudulent act in your business.
You’ll Know If Sales Are Truly down Because Of the Economy
Another important benefit of knowing everything about your business is you understanding your sales cycle. Some teams will try to state that the economy is down, there are freezes at companies, or marketing is not doing their job to provide quality leads. Having a good CRM software system installed, you can go in and read the sales reports. Analyzing the sales team’s logs will help you figure out if they are just crying wolf or if there truly is something going on preventing the sales you are accustomed to seeing. You can then team up with the correct department to figure out what the next steps should be.
You’ll Know If You Need to Downsize or Hire More
Some businesses often hire too many or too few employees. They don’t study their own market data in front of them. Knowing your own business and its trends are helpful because you may not even need data to make a sound decision. It however is helpful, as it gives you a reference to stand on. For example, if you are in the business of managing employee benefit plans, you’ll know your business is very busy with open enrollment periods and planning from August through February. Instead of hiring too many workers, you are convinced outsourcing or contracting workers is more beneficial and profitable for your business.
Grow Your Business
If you are a business know it all, you will know the most effective way to grow your business. Your business relies on strong negotiation skills, social media, and knowing certain people. You must have strong leadership skills, be able to communicate well, address problems in the workplace, and provide a stable work environment for your employees. Without these steps established, your business will suffer. You are the only one that can make sure your business grows.
Kelly Smith loves helping others learn more about difficult subjects such as Memorandum of Incorporation through her writing.