From the course: Developing Business Acumen
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Build your offerings
- [Instructor] If you understand how your offerings are built, it's easier to see the risks that your business faces. You also will have a better understanding of how external shocks can impact your product or your service performance. If the price of oil goes up dramatically, it's going to affect a car manufacturer much more so than a credit card company. Unless you understand that the cost of shipping product might go up dramatically and that credit card company could face additional charges in terms of the postage and mailing that they're doing. Get a good understanding of how your organization produces its products. Look at your business' inputs and outputs. Understand where those inputs come from, and the types of relationships you have to source them. Do you manufacture your product yourself? Do you outsource manufacturing to another company? Do you partner with another company to build your product? If you run a services business, are your people employees or are they…
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