What they didn't teach you in business school...But you wish they had. (Marketing...

One of the challenges coming out of school is acknowledging there are some things you don't know that you don't know. You might be able to calculate the weighted, average cost of capital in your sleep or theoretically increase an operations throughput 30 percent, but there are some things, besides

Objectives

If you don't know where you are going, you are sure to get there -- nowhere. Set clear, measurable objectives with time frames and accountability. Share these objectives with the company and explain how each department can help reach these goals.

Training

Labor is not a cost. It's an investment. Always match three things: the person, job expectations and company objectives. Hire the right person for the job, then invest in the position by explaining expectations and how those expectations move the company forward. Regular training with the employee provides consistent communication and an under standing of what is needed," says Glenn Jensen, management consultant and president of Core Management Group in Salt Lake City.

Banks

"Never make your company so reliant on a bank that a business decision, a new opportunity or closing a deal hinges on the bank's approval," says Zion's Credit Corporation officer Chris Bauco. "It's paramount to have approvals in place well before consummating business transactions." Also ask your lender how long your loan request will take from approval through documentation. Use their estimate as a best-case scenario to avoid a time crunch.

Financing

There's more than one way to skin a cat or finance your business. When financing from banks is unavailable or protracted, longer terms with interest can often be negotiated from suppliers. Although it's not the best of solutions, being proactive with suppliers can work in your favor.

Reducing Costs

There is no substitute for working with the accounting team to analyze all operating costs and asking the question: How does this purchase help the company or move it toward the company mission and financial objectives? If it doesn't, cut it. There should be no sacred cows. Addressing this question consistently will keep operation expenses under control.

Dana Telford, a Salt Lake City. based global consultant for family-owned businesses, says, "Excelling and winning in a competitive industry takes persistent, disciplined thought. Continuing to think, act, evaluate, think again, act again and re-evaluate will get you further than most frameworks." Here are some marketing ideas you may not hear about in business school:

Goals

As with management, goals are crucial to success. Know where you are, where you are trying to get to and how quickly you plan to be there. Plan your work and work your plan each day.

Productivity

Understand the productivity of your sales people and your marketing investments. Measure everything. Measure sales per labor hour, profit per labor hour, yield on advertising budgets. Without a measurement, you don't know if you are creating or sustaining a competitive advantage.

Customers

Stop and think about your customer base. Know which customers are unprofitable and inform them of their status. Take short-term steps to make them profitable. If they remain in the red, let them go. Southwest Airlines fires its customers when necessary, and look at their historic return to shareholders relative to their competitors.

Employees

Employee satisfaction = loyal employees = customer satisfaction = loyal customers = higher net margins. This equation is statistically proven. Focusing on client needs at the expense of employee morale will prove costly in turnover and open positions.

Face to Face

Customers will tell the truth. A dozen face-to-face interviews with important representatives from each customer segment will give you all of the feedback you need to craft a more powerful value proposition. Ross Perot spent his weekends on the sales floor, It was, he says, the most reliable way to know what the customer wanted.

Two lessons that we should always remember:

Listen

Simply listen to business veterans. Take advantage of their experience -- it's faster than going through it yourself.

Integrity

High ethical standards are a competitive advantage. One common denominator for successful people is that they adhere to their values, particularly integrity.

Christopher Robbins has an MBA from BYU's Marriott School of Management. He is currently the general manager for Gibbs Smith, Publisher, a national book publisher in Layton.