It’s easy to get heads-down into your business, wearing different hats throughout the day and trying to keep it all going. But if you watch just one episode of a show like Shark Tank, you’ll quickly realize that you need to know about your business and not just work in your business. Here are five lessons we’ve gleaned from the show.
Know Your Sector
It isn’t enough to know what industry you’re in; you need to know which specific sector that drives your sales. For example, it’s not enough to know that you’re in the retail, software, or medical insutry. You want to know what sectors your business covers like children’s clothes, software for event management, or medical device sales. Additionally, your want to know which sector in your industry is the hottest. Knowing what’s trending and why can help you compliment your business or help you adopt those trends into your business if you haven’t already.
Know Your Customer
Once you know what sector you’re in, do some research and get to know your customer. What are their pains points? Where do they shop? How do they purchase? You need to know all about them so that you can meet them where they are, meet their needs, and sell to them in the best way. Creating buyer personas for the types of customers you serve will position you to better meet your customers’ needs.
Have a Plan
You need to actually sit down and write up a short-term and a long-term business plan. It might be beneficial to get a group of people, like and advisory board, to help you get your business plan together. It’s been proven over and over again that if you have a plan or a goal, you are likely to get closer to it than if you’re just wandering without direction. And the accountability of a board will hold you to your plan.
Running a business is an endeavor only the fittest survive. Do your research and take the time to get things organized. This will help you in the long run when problems occur. Practice truly makes perfect, and when you’re prepared, you’ll be more confident and relaxed facing unexpected business problems.
Know Your Numbers
You have to know what’s going on in your business. In today’s connected world, you should be able to instantly pull up bank and credit card balances, see who owes you money, see who you owe money, and have a quick snapshot of what is going on financially in your business in real time. The better you know your numbers, the better decisions you can make in regards to your business.
While most entrepreneurs and business owners won’t appear on Shark Tank, learning these lessons will allow you to thrive, give you confidence in your business, and let you enjoy why you got into business in the first place. If you missed our presentation, check it out for yourself below.