Do you know your customers well? ?
A lot of entrepreneurs and organizations stress upon the need for a full-proof KYC(know your customer)
And a lot of them do know their customers quite well.
But, what if ask you!
“Ask me what”?! (piqued curiosity levels??)
I mean to ask you, hey do you know your company well?
Wait, what?
KYC was Know Your Customers and not Know Your Company, duh!
Wasn’t it? ?
You are right to a certain extent, but KYC also means to Know Your Company.
Hmmm, sounds interesting!☺
Tell me more about it.
Knowing Your Company paves the path for you and your company in navigating through a market crisis, market opportunity or whatever it may be!
How does that work❓
If you know your company well, you would know its strengths, weaknesses, the opportunities it may leverage to grow and diversify, and also the threats which make you and your organization bulletproof to deal with and come out of the crisis.
?Wanna hear a story about it??
➡️ An entrepreneur was challenged to face disruption from a competitor
➡️ The entrepreneur made sure to do a complete analysis and profiling of his own venture, the strengths, the weaknesses, the mission, and everything in and out.
➡️ Through this he garnered a lot of insights where they could improve in terms of reworking on the product, in terms of getting better cash flows, optimizing revenue streams, and most importantly identifying opportunities where innovation could be deployed.
The result⁉️?
After a few months, there was a market face-off between the two competitors, but which one succeeded? ?
Yes, you guessed it right, “The entrepreneur who knew his company in and out?
I guess now you know why KYC is important for your organization?
Now coming on to CTA, do you know your company? ?
P.S. Always remember KYC ke saath bhi KYC ke baad bhi!
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