It’s 2020 and we are surviving amid a pandemic. People have been laid off from workplaces, while others have started a business; either from passion or from need. It’s easy to have a passion, it can be easy to turn it into a business, but to succeed in the long term, you need to know as much about everything related to your business and be proficient in the important business skills.
From small to large scale enterprises, the difference between your business operation might just be the number of hands you need to get simple tasks done.
Here are 10 skills you need to excel in your business
Almost everything we do in life requires a form of communication, and it would be in your best interest to know how to effectively communicate with your customers and your audience.
The way you communicate determines whether people will trust you, or keep their distance from your brand. So having good verbal and written communication skills will help you build a good working relationship with your business cycle.
You have to be clear about your expectations, goals, vision when interacting with your stakeholders, and you also have to be sensitive. In this period of the pandemic, for example, you want to make sales, but you also want to appear as a brand that has empathy for its customers.
Communication is a factor for positive relationships between your employees and collaborators.
You cannot lead a business if you have not successfully led yourself. Self-leadership precedes leading others in any venture. You have to be able to motivate people toward a common goal. You have the responsibility to create a lasting connection between employees, prospects, collaborators, investors, and suppliers, and also take charge of assembling teams for the success of your business.
- Problem Solving
There is no business in which problems do not arise, but the difference between those who succeed and those who fail most times is their approach to those problems. You can either see it as a barrier, or an obstacle.
For a successful business, problem-solving skills are necessary. You have to be able to take decisions under pressure and defend every choice you make.
- Marketing skills
People need to know about your product, and before you begin to get referrals from satisfied customers, you have the early duty to make your product visible. Marketing is a skill that you must learn or improve upon to have a successful business. Along with marketing follow sales and customer service.
After you have marketed your products, and there is demand, the next step is to sell, and keep them coming back by the quality of not just your product, but the way the customers have been treated. To find out more about marketing, this link will lead you to get more resources: from beginner to experienced.
Mind the wordplay, but you need Excel to excel.
Excel is a spreadsheet software program that is used to record and analyse data. AS a business owner, you may not have the capacity to always hire an accountant. Basic knowledge of Excel can help you keep records and keep tabs on your spending. It is used by businesses of all sizes to perform financial analysis. And contrary to popular beliefs, there are other user-friendly spreadsheets than you can use for business analysis if excel is not your cup of tea.
- Digital skills
The world has gone digital. Trade is not just limited to the buying and selling of goods and services in our immediate environments. Nations and continents have been brought nearer by the internet, artificial intelligence and technology.
Companies are transferring all their data from physical files to memory spaces, buying storage in the cloud. Some do it for safety measures, and some others for adaptability and to stay relevant in the playing field. Whatever the case, things are going digital faster than before and the people who do not adapt are considered backwards. More often than not, people now check online for the credibility of any brand or service before putting their money or time into it. It would be a disservice if you can’t be found with any online footprints. There are many free digital courses online that you can explore to get started.
In business, everyone is on the lookout for a win. Negotiation enables you to know how to develop a win-win situation for concerned parties of suppliers, investor, customers and employees. It is developed by experience and practice. The goal of negotiation is not always to win financially, but to achieve the most favourable outcome for your business. It includes what to say, when or when not to say it, how to say it, when or when not to make concessions.
Management is a tree under which other branches lay to rest. Passion for your business is not enough. You also need management skills to survive over the long term.
General management, Cash flow, Financial, time, project management, are all fundamentals in running a successful business. You need to gain in-depth knowledge of the key concepts to know
Cash flow is the movement of money in and out of your business. It is claimed to be the major concern for many small and medium-sized businesses. It is an indicator of business health. Mismanagement of funds can dent the growth of a business, and vice versa
You can read more on the fundamentals of business management here
As a business owner, you can not be everywhere at the same time, but the demands of the market might require that attend to more than one thing at once. This is the importance of delegation. When you delegate you to get things done faster, more effectively and without burnout. Effective delegation involves achieving a balance between control and allowing your team to complete their job without constant monitoring.
You can also delegate to technology. Automate repetitive tasks and make use of the available options that take you away from time burner- like responding to emails, or posting on social media. Options like automated responses and scheduled postings do the trick and give you more time to respond to more urgent and pressing needs in your business.
Networking by joining associations or industries can quicken your visibility and also provide support for you and your business. Developing your networking skills helps you to build good relationships that can become helpful in the future, and introduce you to trends that can positively or negatively affect your business so that you will take action. These are ten out of many skills you can develop to make your business a long-lasting one.
There is no hurry to learn it all in one day, what matters is that you are a better entrepreneur, salesperson or marketer than you were yesterday.