Do you know what you don't know?

From the August, 2009 edition of Flagship, a publication of the Hyannis Chamber of Commerce...

You may not know what you don’t know !!
There is no doubt that the business world has changed dramatically in the last year. There are new problems, new solutions, changes in buying motivation, changes in selling strategies, changes in laws, changes in technology, and more new stuff that we don’t know yet. Do you know the most dramatic things that have changed in your industry? How do you know they are the most important changes? How do you find out?

Head in the Sand?
Unfortunately, too many business leaders are scared (understandable) and sticking their heads in the sand (a budget-friendly tactic, to be sure), waiting for the storm to pass. But it isn’t a storm. It’s a climate change. (No windmill or solar panel references. Sorry.) The economy has permanently changed, and to succeed, you need to understand what is fundamentally different, and what it means for your business. So get you head OUT of the sand, look around, and get reconnected with the world.

Its time to attend that conference
You industry associations have meetings all over the country and the world. It can be expensive to attend, but make an effort to go. Listen to keynote speakers. Attend breakout discussions on things you don’t know anything about. Don’t keep going to the sessions on technology or marketing because you used to. Go to new ones on health insurance or stimulus grants. And ask the other attendees … “What is changing in your market, and what are you doing about it?” “What is the worst thing about this new economy?” “What is the best thing?” “What is the most surprising thing?” I guarantee that you’ll be stimulated and jolted into thinking of new things for your business. Sure, the internet and business blogs can accomplish a lot of this, but let’s have some fun while we do our exploration.

Local Networking
Local networking opportunities are expanding all the time a former ‘corporate’ types have become local entrepreneurs like the rest of us. There are probably 10 networking events each week within an hour’s drive of Hyannis. Make a commitment to attend at least 3 per month. The Chamber work continues. BNI chapters continue to encourage guests. Other less formal groups like Monday Madness are becoming networking resource centers. Stay in touch with local people, and ask interesting questions.

Read
Read. Remember that? Your industry journals can be more interesting than ever before. Pick up a copy of Inc magazine, or Forbes, or the Harvard Business Review. Some things won’t apply to a small business, but most will be perfect. Read at least one article that doesn’t seem to apply to your industry, and find the parallels to today’s problems and at least one idea that can be modified for your business. This simple exercise will awaken the creative impulses that got you into business in the first place. I promise.

There is stuff we know. We use it to our advantage. And there is stuff we don’t know, but have decided its not important, or hire others (CPAs, Lawyers, etc) to keep us up to date. But then there is the stuff we don’t know we don’t know. It can devastate us if we find out too late, or it can open new opportunities when we find it out earlier than our competitors. It’s the really important stuff.