How to Increase Your Company’s Revenue or Gross Income – Part 17

Welcome to LeadEtics® Consults Actionable Business Advice Series.

In our last post, we discussed the mastermind formula or the formula to attain mastery of anything.

In this post, we are going to look at the Knowledge portion of that mastermind or mastery formula.

What kind of knowledge must a business owner or a CEO have as a precursory step to the attainment of business and corporate mastery?

Having knowledge is critical. However, having the wrong knowledge is worse than having no knowledge. Having the correct knowledge that is useful, applicable, predictable, and teachable is the key.

Whereas one can have a correct knowledge of thinking or doing something, the inapplicability of this knowledge to advance others is a gross error, an error that screams “bad knowledge”.

So, what is “knowledge”? What is “know”?

The basis of knowledge and to know is awareness. Awareness is that power of discernment that is at the heart of everything we think, emote, and do.

With awareness comes perception; the ability to cognite (become aware of something for the first time) and recognize (to become aware of something again) the presence and quality of things and people within our space.

And perception follows the interchange of ideas, communication, action, and the living of life itself.

One of the byproducts of awareness, perception, and communication is the dreaming, building, and management of a business.

What we need to know

1. Know yourself: As a business owner or CEO of a company, one needs to know oneself, one’s life purpose, one’s direction in life, one’s basic philosophy of life, one’s key operating principles or ideas, and one’s physical, emotional, and spiritual characteristics.

All these should be known in relation to oneself, one’s spheres of power and influence, other people, and life in general. So, know yourself!

2. Know the people around you: We must then extensionally become aware of or know the key and primary people who surround us. How do they reason, what do they think about; what are their life purposes and outlooks, what are their likes and dislikes, and with what energy are they attempting to survive, and whether or not they desire others to survive as they desire for themselves? So, know the people who surround you.

3. Know (by creation) the vision for your business: Whilst your own life purpose is the overall umbrella that shields everything else in your life, the vision of your business or whatever endeavor you decide to pursue is the pillar that holds the entire edifice.

Think of your business or corporate vision as a sun or star that revolves in the space we call the sky, the sky of which is your life purpose. Without a life purpose, that vision will be aimless, unprotected, and easy to sway away from your control.

4. Know the technology, data, and knowhow to produce your products: Other knowledge that one must have includes the knowledge of the technologies, data, and knowhows that you will need to produce whatever product you desire, the processes that will ensure that the organization, people, product, etc. conform to a uniform standard.

5. Know your market: A knowledge of the market wherein your business operates to reach its defined customer groups, and how you approach, communicate, relate with, and serve the market,

6. Know the organization of your business: You need a knowledge of the organization of your business to ensure that every aspect of the organization conforms to and is capable of being aligned with the overall vision of the business, and your overall life purpose.

7. Know the socioeconomic environment: A knowledge of the larger socioeconomic, legal, and regulatory environment wherein you live and operate your business is essential to being safe, secure, and carefree in your ability to reach and interact with your environment and the people within it.

Conclusion

In conclusion: Know yourself, your life purpose, and your direction in life. Know the people around you; what they intend and their aims in life. Know the technologies, data, and know-how with which you will create the products to exchange with your customers. Know the market wherein you will meet and exchange values with your predetermined customers. Know your socioeconomic, legal, and regulatory environment.

With the having of applied knowledge as described above you win one-third of the formula of mastery. We shall look at the second portion of the mastermind or mastery formula in our next post.

Let us continue to strive to thrive!

Babatunde Odutola
LeadEtics® Consults