During lots of business processes and procedures, two of the cornerstones are going to be knowledge and strategy. You can approach each of those focuses individually, but it’s much more powerful if you figure out your plan of attack keeping both of them in mind.
A few examples of times where knowledge and strategy meet together include when you’re dealing with the stock market, if you are trying to do a business startup venture, if you’re trying to improve your personal employability, and if you’re doing any hiring and firing for your company. In all of those cases, just knowledge or just strategy aren’t going to work, but a combination of the two will create positive results.
The Stock Market
When you’re trying to figure out how to trade on the stock market, both knowledge and strategy are crucial. As far as knowledge goes, you want to know the history of the stock market. You want to know who the smart players have been in the past, and who the smart players are currently. When you get to strategy, that’s when you want to start looking at what the smart people are doing. You want to have short-term goals. You want to have long-term goals. Knowledge is about what the rules are. Strategy is about how to use them.
If you’re trying to start a business, you need to do so intelligently and practically so as not to end up within the majority of failures that often conclude even the best business ideas. You need to know how to write a business plan. And then you need to know how to put that business plan into action. If you work with someone who has successfully started the business in the past, that can be a great benefit.
What are you done lately to try to improve your employability? Have you developed your job skills? Have you written out a perfect resume for yourself? Have you found what employers are looking for new employees? As you answer these questions, you’ll find out that gaining knowledge is a big part of being employable. But then you have to use strategy to put those skills in front of a potential boss.
Hiring and Firing
If you’re in a management position where you do the hiring and firing for a company, you have to be very aware of what you’re trying to accomplish. You need the knowledge to understand what qualities are good in an employee. And then you need to figure out a strategy for getting those right people in front of you. You also need to make sure that whenever you’re firing anyone, you aren’t breaking any regulations as far as employment practices go.