Have you ever thought of starting and running a business? At first, you may feel that it is easy to build one. Well, it is not that simple. For your business to be successful, you need to develop and improve your skills, which will be tackled in the next paragraph. These skills are not just ideal skills, but they are fundamental and necessary skills.
First, financial management. Of course, we all know that business requires money. This is an essential skill from the term itself, and you need to learn how to manage your finances properly. You should learn how to monitor your sales, etc. Having this skill will help you run your business smoothly and profitably, and, most of all, it will protect your financial investment. According to Utpal Dholakia Ph.D., “Without knowing one’s financial situation well on an ongoing basis, it is hard to make sound financial decisions, feel financially secure, or prepare for retirement.”
Second, marketing, sales, and customer service. In business, you need to have a marketing strategy for you to generate sales. You need to learn how to promote your products or services effectively. One example of a marketing strategy is an advertisement. Since we are living in a world of technology, you can easily promote your business through social media or maybe on television or radio. You may also advertise through newspapers. Providing excellent customer service plus a marketing strategy would, for sure, help you generate sales.
Third, communication and negotiation. “Sharing your thoughts and understanding another person’s feelings are essential skills for functioning in any society in the world,” Will Meek Ph.D. points out. Business without connection will inevitably lead your business to waste. These two are very important since you need to have a proper conversation if you ever need to supply and invest. You also need to communicate and negotiate with your customers and employees, not just verbal means but also in writing. Having this skill will help you build good relationships with other people.
Fourth is leadership. In business, there are always employees. “Leadership is a form of interpersonal behavior and involves certain individuals influencing and directing the behaviors, attitudes, and thoughts of others,” Michael D. Matthews, Ph.D., explains. Since you are the person who is in charge of your employees, then that means you should be a good leader and role model to them. You need to bring out what’s the best in them to increase your business’ productivity. Also, give or allocate some of your time to coach and mentor your employees. In employing people, leadership is a crucial skill.
Fifth, project management and planning. In starting a business, you need to learn how to manage your projects like setting up a website, developing some rules and procedures, and arranging the fit-out of your premises. It is imperative to manage your resources and, most of all, your time. If you can do this, then this will help you in achieving your goals.
Sixth, delegation and time management. Delegation means the act of giving control to others. In business, you shouldn’t do all the work; you also need other people to do the job for your business to succeed. Some business owners fail to delegate because they are reluctant to let go of the control; this is why this skill needs to be developed and practiced. To manage your time, you have to delegate some of the tasks to your employees.
Seventh, the problem-solving business will never get away with issues. If your business encounters some problems, you need to think of a way to solve it. Don’t let that problem ruin everything.
Lastly, networking. If you build good relationships in networking, not only it will help your business to grow, but it will also have the support that you need. You can join some business associations, too, for your network to grow.
Running a business is not that easy. There’s no harm in seeking help or assistance if you are not sure of your skills and abilities. Developing these essential skills will provide your business with a solid foundation.