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Strategy Power Plays: Winning Business Ideas from the World's Greatest Strategic Minds by Karen Mccreadie, Tim Phillips

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46 DO YOUR DUE DILIGENCE

Master Sun warns against remaining ‘in ignorance of the enemy's condition simply because one grudges the outlay of a hundred ounces of silver in honours and emoluments’. Considering the cost of war, ‘it is the height of inhumanity’ not to pay for knowledge that will assist victory.

In business, knowledge is equally as important. Business success depends on myriad factors but, at the very least, an organisation must know its market, understand its customers, meet their needs and stay abreast of everything the competition is doing. Information is the foundation of sound decisions. If you don't have it you're on a fast track to failure, as Australian insurance giant HIH found out.

DEFINING IDEA…

‘Knowledge is power.’ ...

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