It is estimated that 15% of success is from your technical skills whereas 85% is through gaining trust and respect. So, what has knowledge to do with this? Plenty, as it happens. Knowledge covers the whole spectrum. Good technical skills are, of course, important. But not if the knowledge is out of date. Technology is changing all the time – as are trends – and it is essential to keep abreast of what’s going on in your market place and in your profession.
Solicitors and doctors go through years of training in their profession before they are able to practice. Yet, how much training have you had to run your own department, or your own business? How much knowledge have you acquired to help you be successful? Whether you are running a department or a business of your own, the knowledge you need to be effective is extremely broad and most people simply muddle through. In the meantime, what happens to the trust and respect essential to 85% of your success?
The following table helps you to understand some of the fundamentals for trust and respect and the kind of knowledge you need for them:
| TRUST AND RESPECT | KNOW-HOW |
| Good people and rapport skills | Influencing and leadership |
| Doing what you say you will do | Planning and organising |
| Doing an excellent job | Technical and delegation |
| Managing complaints effectively | Problem solving and conflict management |
| Meeting your obligations | Business acumen and resource management |
| Emotional intelligence | Understanding of people and yourself and how to manage yourself and your relationships in times of stress |
Business knowledge – such as sales, marketing, finance, operations – is important whether you run your own business or manage a department as you need to see how everything fits together. These will help you to exploit strengths, minimise weaknesses, seize opportunities and handle threats from a point of strength.
So, how can you increase your knowledge? Through coaching, training, reflective learning and study. Often, you don’t know what you don’t know (in the case of business, ignorance is not bliss) and it is helpful to have someone there who can help you see your blind-spot. Having your own coach and mentor is an excellent step to take to help you stay on top of your game. For more information call 0845 130 0854 for a no obligation chat.
© Tricia Woolfrey 2012
About Tricia Woolfrey – click HERE to find out about the author.
1. Cash is King
Customers are the lifeblood of any business. It doesn’t matter how good your product or service, if you don’t have customers willing to buy, you have nothing. In such challenging times, and considering the cost of attracting just one customer (have you ever done the maths on this?), customer retention is a stronger strategy than customer attraction could ever be.
We normally think of brand in terms of company name, tag-line or logo and it’s an important part of your marketing. Personally, I view brand as much more than this. Let’s say your company name is “Precision Accountancy Partners”, there is a promise implied in that name which suggests a level of accuracy and professionalism.