To grow and succeed in your business, you will require a number of skill sets to start and run your business. It is important to identify the skills you need and to develop them so that you can accomplish your day-to-day business operations.
Over the next few columns I will present and unpack a more in-depth discussion on each of the topics introduced here, to help you get a better understanding of what is required to run a business successfully.
All a business owner needs is self-discipline, keeping yourself open new ideas and to learn new skills.
In general, your skills are your abilities that are important for your business’s success. These skills are normally divided into sets – hard and soft skills.
Soft skills are interpersonal or people skills – difficult to quantify and relate to someone’s personality and ability to work with others. These include communication, listening, attention to detail, critical thinking, empathy and conflict resolution abilities, among other skills.
Hard skills are quantifiable and teachable. They include the specific technical knowledge and abilities required to run your business successfully. These include financial management, operations and procedures, accounting, data analysis, among many others. Each business will have its own set of required skills to operate successfully.
• Self discipline: Discipline is an important factor in life and no one else but yourself can learn this important soft skill. Whether working under someone as an employee or being an entrepreneur you need to have a few sets of disciplines in life that you must adhere to.
Discipline helps you improve yourself as an individual and also as a leader. Self-discipline can help you achieve the things you want in life, all you need to do is keep yourself focused and adhere to what you have decided.
• Business planning: A business plan can be compared to a road map. It shows you where you are, where you want to go and what resources you will need to get there.
The purpose of a business plan is twofold. Firstly, it can help you obtain finance and secondly, it explains to you and to the financiers what, why, when, where and how you intend to run your business. It will also clarify why you believe the business venture is viable and is a guide to achieving your goals.
• Financial management: The survival of a business depends largely on how successfully the finances are managed. Do not let the state of your accounts become your worst enemy.
Being able to effectively manage your finances is critical. You will need to be able to forecast your cash flow and sales, as well as monitor your profit and loss.
Having sound financial management skills will help you to run your business profitably and protect your financial investment and help you become a better macro-manager.
• Marketing and sales: The importance of the marketing function cannot be over-emphasised. You need to understand, recognise and identify with your market to be able to sell your product or service successfully. It is important to be able to promote your products or services effectively. Providing good customer service and having a marketing strategy in place will help you to generate sales.
• Customer service strategy: Customer service is the provision of service to customers before, during and after a purchase. Good customer service is the lifeblood of any business.
It’s that extra little service you give, which brings back the customers and sends them away happy. Your entire team must understand the importance of every interaction with customers as an opportunity to succeed.
• Communication and negotiation: Negotiation is a communication procedure in which two or more parties make an effort to reach a common point of view to conclude an agreement or reach a settlement.
You will need to communicate and negotiate with your suppliers, potential investors, customers and employees. Having effective written and verbal communication skills will help you to build good working relationships. Every communication strategy should reflect the image you are trying to project.
• Leadership: If you employ people, leadership will be a key skill. You must be able to motivate your staff in order to get the best out of them and improve productivity. Allocate time to mentor and coach your employees.
• Project management and planning: Starting a business means you will have to manage a range of projects, such as setting up a website, arranging the fit-out of your premises and developing a range of policies and procedures. Knowing how to effectively manage your resources, including time, money and staff, will help you to achieve your goals.
• Delegation and time management: Failure to delegate is a trap many business owners fall into, usually because they are reluctant to let go of control. Managing your time effectively may mean delegating responsibility to someone else in the business or outsourcing. Identifying who you can delegate tasks to allows you to concentrate on those tasks that generate revenue.
• Problem-solving: However much you plan, you will encounter problems in your business. This means you need to be able to make good decisions, sometimes under pressure.
• Business networking/linking: Building good relationships through networking or business linking will help you to grow your business and give you the support you’ll need. Consider joining a chamber of commerce, an industry or business association to grow your network.
• Key business skills: There is no end to learning new business skills if you want to grow as an entrepreneur. Remember to be a part of the game, you need to be part of a team and a team player, working with your employees and helping your business grow and achieve its goals.
Article compiled by Vincent Marino, CEO of the Aerotropolis Chamber of Commerce Industry and Publicity.
