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Skills Needed to Run a Business
12.07.2018

You have a great idea and some exciting marketing ideas. You even have enough money to get started.  But what about the skills needed to actually run your own business?

Strengths -vs- Weaknesses 

Knowing your strengths and limitations will help you determine whether you’re likely to be suited to running your own business.  Here are just a few of many factors to consider:

  • Can you clearly communicate?
  • Are you able and willing to delegate tasks?
  • Are you decisive?
  • How do you react when things go wrong?

Management & leadership skills

These skills should include the ability to: 

  • Organize tasks and set priorities
  • Set goals, and have  methods to reach those goals
  • Plan strategies/visions for growing your business
  • Develop new products and services
  • Deliver consistent and reliable service
  • Communicate and negotiate
  • Make decisions and problem solve
  • Manage your time effectively
  • Delegate tasks and responsibilities
  • Supervise, train and teach

Also included here would be knowledge of occupational health & safety requirements, human resources and risk management responsibilities.

Financial skills 

Basic knowledge of: 

  • Bookkeeping
  • Costing and pricing
  • Budget and cash flow forecasting
  • Credit control and record keeping

Marketing and sales

 Additional skills to have to help promote your business: 

  • Merchandising and selling
  • Customer and competitor analysis
  • Market research
  • Product positioning
  • Promotion and advertising

Technical

Technical skills vary depending on the type of industry.  While it would be an advantage to have prior industry experience, it’s not a pre-requisite.  Many successful business owners ‘learn as they go’ and others work with people who have complementary technical skills.

Not every new business owner will possess all these skills from the start – you can learn a wide range of skills through training courses, seminars, books, literature and networking within your industry.  And as always, in areas where your skills are limited, you can employ staff or hire consultants and contractors who have the expertise.

Contact A&Co. team today for assistance!