We all know that business knowledge, intellectual or expertise, is an asset. How much a company knows their business has a definite impact on their competitiveness. Whether that knowledge is a threat, strength, weakness or an opportunity depends on how that knowledge is “understood”.
Which box (s) describes your business?
Threats – “I know that I don’t know it”
Knowing that you don’t know is a threat because it is a gap between what the business knows and what they do not know. If the gap is left unanswered it can result in problems for the business.
Strength – “I know that I know it”
Knowing what you know gives you the expertise and confidence to deliver results and succeed. What you know well is what makes your business stronger and more competitive.
Weakness – “I don’t know that I don’t know it”
Not knowing that you don’t know something is a disaster for a business. It is a weakness that may give your business problems. If you don’t know something then find a way to learn it so that you can turn a weakness into a strength when you acquire that knowledge.
Opportunity – “I don’t know that I know it"
Not knowing that you know something is an opportunity. You have understated your potential and expertise. if you have not used that knowledge before then using it can become an opportunity for your business.