Overview: Ignorance is bliss… but it won’t get you very far in business! That’s why this week’s word of the week is KNOWLEDGE! We’ve got some advice on how and why business owners should make an effort to constantly accumulate knowledge. Read on!

We’re devoting our blog posts this month to some words that we believe business owners should seriously ponder. Each week in January, we’ll present to you a different watchword and highlight some ways you can make it work for you and your business.

This week’s Watchword of the Week? Knowledge!

How Does the Dictionary Define It? 

Let’s turn to our old friends at the Oxford Dictionary again. They define knowledge as “The fact of knowing or being acquainted with a thing, person, etc.; acquaintance; familiarity gained by experience.”

If you’re a business owner, you almost certainly have some general knowledge of what you’re doing. If you own a bakery, you have knowledge of how to make some bread. If you’re a lawyer, you have knowledge of how to prepare and file legal documents. If you make pet food, you have knowledge of what dogs can and can’t eat.

But it would behoove you to have knowledge of various other subjects as well! Let’s take a look.

Know Your Customers 

How well do you know your customers? We’re not asking if you know the names and addresses of everyone who’s ever made a purchase from you — although that would be super-impressive!

How much do you know about your hypothetical “ideal customer?” (We sometimes refer to this as the “buyer persona.”) Learning as much as you can about your audience can help you refine the kinds of products and services you offer and the way you market them.

How old is your average customer? Where do they live? How much do they spend on products like yours? Which social media platforms are they most likely to use? What else are they interested in? Study up on your customers and ensure your success!

Know Your Competitors 

To maintain a good position in business, you should know your competitors! Note that we’re not saying you should copy your competitors and try to do everything exactly like they do. In fact, that might do you more harm than good. Especially if your audience catches on and writes you off as just a copycat.

But it’s a good idea to be aware of who your competition is, how they do business, and what methods they use to acquire customers. Is their marketing strategy similar to yours, or have they chosen a different path?

By keeping an eye on the other businesses operating in your space, you can determine how to stay competitive — which might just mean being totally different!

If you’re in the business of making No. 2 pencils and you discover that your competition is using print media to sell their pencils to senior citizens, you have an opportunity to use digital media to sell your pencils to younger, hipper demographics! It pays to accumulate knowledge!

>> Related Reading: Tips for Keeping Up with the Competition

Know Your Team 

Think about your employees. Do you have a good idea of each person’s strengths — and the areas where each person has room for improvement? Getting to know your employees’ work styles can help you ensure that you’re allocating your human resources as efficiently as possible.

And getting to know your team’s personalities a little bit can also help you. If you know what your employees are passionate about, you can make some informed decisions when it comes time to get them gifts for holidays or birthdays!

Never Stop Learning 

The learning process never has to end — even for business owners!

There are so many ways you can expand your horizons and keep your personal knowledge base up to date. You could watch educational YouTube videos about a technology or area of business that interests you. You could take an online course. You can even take night classes at an educational institute near you!

Continuing your education is a fantastic way to keep your brain — and by extension, your business — in good shape!

>> Related Reading: 4 Reasons You Should Never Stop Learning

In Conclusion 

It’s a cliche, but there’s a reason they say “knowledge is power.” The constant acquisition of knowledge can help you thrive as a business owner.

When it comes to website support, our amazing team is as knowledgeable as it gets! And we’d love to put our to knowledge to use for YOU, and help you with your online presence. From WordPress updates to fixing errors to building Shopify sites — we have knowledge about all of it.

How can we put our knowledge to use to help you with your online presence? Let us know!