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Step 10
in the
FORMIDABLE Business -
Expertise
The final step is Expertise. As a business operator 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 operators 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 soon
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In early 2009 we will be launching the FORMIDABLE Business Kit - an
e-book, workbook and MP3 audio product that you can download to
give your business EXPERTISE. To find out more details please visit
our Resources Page. | 