Business ABCs

BUSINESS OPTION

- DR. GEORGE S. CHUA

There is likely a whole encyclopedia and countless books written about business. However, as a quick guide and reminder, simply think of the ABCs: Awareness, Buffer, and Continuity. Awareness means knowing the environment in which you operate. This includes your customers, competitors, the regulatory landscape, operations, products, services, employees, and the community—as well as other internal and external factors that impact your venture.

Awareness allows you to properly configure your business to be competitive, relevant, and progressive. Knowing what is happening and why enables you to plan for future opportunities, react appropriately to current events, operate efficiently, maximize profits, and motivate employees. Other advantages include the ability to prioritize—identifying what is important versus what is irrelevant—as well as knowing your strengths, understanding your weaknesses, and preparing for threats such as fraud.