Every industry has tools that are required for the type of business you are in.
A construction worker needs a hammer. An accountant needs a calculator. A doctor needs a stethoscope. A truck driver needs a truck. An astronomer needs a telescope.
What do you need? What are the tools for your business? When you identify those tools, how well do you need to know them?
If you are dealing with contracts, real estate contracts, coaching contracts or any type of service contract, you will need to know exactly what they mean and be able to explain it to your client. Yes, even the small print.