The skills for success as a small business owner

As a business owner, you’re responsible for keeping many plates spinning. While in larger corporations, company owners have lots of employees and departments to keep everything running- when you’re working on a smaller scale, chances are you’ll be doing a lot of tasks yourself. For this reason, before launching your venture it might be worth learning (or brushing up on) a number of skills. Here are a few examples.

Communication

Even if you’re working alone or with a small team, a successful business owner needs good communication skills. You will be liaising with clients or helping customers, you may be speaking to other professionals or outsourcing work. You will need to be connected and will likely be in contact with lots of other businesses and individuals so your written and verbal communication needs to be good.

Computing

This day in age when just about everything is done online, being a technophobe will jeopardise your entire venture. Even if you’re a local business who doesn’t sell online, you will still need a website, social media accounts and the ability to contact wholesalers, clients and more. You don’t need to be an expert at things like web design since you will be hiring a professional to deal with these kinds of jobs, however you will need to be able to work your way around a computer. You can get everything from SQL courses to Microsoft Office courses, typing courses, an introduction to social media and much more online. If you know you’re weak here then it’s important to do something about it.

Financial Planning

Being able to manage your finances is absolutely crucial. Overspend in certain areas and you risk going bankrupt and your entire venture failing. Your product or services should be priced based on things like market values and market research answers, but you need to carefully work out what you need to charge to make a profit according to the time and money you have spent yourself. You should be accurate with figures and know how and when to make cutbacks or savings without compromising on quality.

Problem Solving

If running a business and making lots of money were easy, everyone would do it. The fact of the matter is it’s not, and of course you will come up against problems and challenges along the way. Being able to think outside the box and come up with creative solutions could be the difference between failure and success. It’s common to get bogged down when you have a problem and get tunnel vision as a result of it, so come up with strategies that help you think in new ways. It could be chatting things through with a friend or associate, creating spider diagrams detailing your ideas or even attend a critical thinking or problem solving course.

Having some foundation skills and knowledge in these areas can help in a big way when it comes to setting up a business. Of course there are going to be instances when you’ll need to call in the professionals, but being able to tackle as many issues on your own as you can will save you time and money.

*This is a contributed post

Leave a Reply