If you’re looking to start your own business, there are five essential skills you are going to need. No matter how good your business plan is nor your sales strategy, running a business is a task which requires a multitude of skills and capabilities. If you have all five of the below skills and a great business idea, you are likely to not only succeed but enjoy significant business growth as your company takes off.
1. Organisation
Your organisational skills should be demonstrated in a clear business plan, showing potential investors the effective way you work and providing yourself with a template for the future. A well organised leader can save themselves and their team time and minimise stress. Don’t leave anything to the last minute if it can be avoided and implement strategies to deal with situations when they arise. Every aspect of your business should be organised independently but form a cohesive whole. For example, your marketing strategy must be linked to your sales strategy but you may have two employees or even teams working on these areas. Organising their work to compliment one another is vital to success and requires careful organisation, management and delegation.
2. Communication
Organisation is closely linked to communication. Not only should all of your staff be independently organised but they must also be communicating effectively. A sales strategy which goes off-piste from the company brand is worthless. Make sure everyone is on the same page when it comes to the overarching identity of the company. Conduct regular meetings with all staff members and encourage clear, open communication between employees. Feedback can help you develop a more streamlined way of working so listen to your staff. This will make them feel a valued part of the company as well which will improve their productivity.
3. Finances
Even if you have your own accountant, it is important you understand your business finances. Each business plan should include projected numbers as well as anticipated financial and business growth over many years. You should work alongside your accountant to ensure you have a thorough understanding of your input, output and overall profit margins to determine whether you are on track. This will help you develop a comprehensive sales strategy. It is your responsibility as CEO to keep your business profitable, secure future investors and, hopefully, increase your net worth.
4. Time Management
When you first start your business, you are going to need to carefully manage your time. Especially if you have no other employees working for you, it is your responsibility to make sure every task is done. Individuals will have different methods of time management and there is no one ‘right’ way. Provided the work is completed on time and without causing you and/or your employees undue stress, you are managing your time well. Learn to prioritise tasks to maximise the best use of your time and delegate other responsibilities where possible. As you experience business growth and your responsibilities broaden, time management will become even more important.
5. Problem Solving
Sadly, not everything goes right all the time. When something goes wrong, you need to be able to deal with it rationally and keep a cool head. Additionally, running a business day to day requires you as the CEO to problem solve. There are countless challenges to establishing a business and no matter how detailed your business plan, there are always going to be little kinks which need to be worked out. In the event of business growth, you are likely to come up against a number of problems so make sure you are prepared before you take your business to the next level.