Business owners and their management teams need to be aware about what is happening around them. It is not enough just to work on your business, you need also to work on your business. A failure to pay attention what is happening, could mean you miss valuable information required to protect and grow your business.

In my previous blog, I discussed three possible sources of information to help you create a better business. In this blog, we will look at other sources from you own daily business experiences.

As our daily business interactions provide us with a great deal of valuable information. Whether we see this information, is another story. This information is visible and can be provided from our:

(i) salespeople - if educated and encouraged to report honestly on what they see;

(ii) accounts payable people - they see how your suppliers are interacting with your business;

(iii) accounts receivable people - know which of your customers are working with your business and paying their accounts properly;

(iv) mentors or respected professionals or business peers; and

(v) networking events.

What we and our employees see in our day to day business transactions is all valuable stuff. We need to stop occasionally to reflect on this information and then use what is of value in our business.

The best business operatives understand that business is not just about working in the business. They know it also involves working on the business. One way of helping your business to survive and grow, is to understand the various sources of information which are available.

If you would like to know more about learning to be a better business person, you can contact Kim at kim@creditmatters.com.au