The Top Business Skills You Need to Master
- 03 Jul 2019
Planning SkillsBefore you begin any project or task, there will need to be a planning stage beforehand which can help you fully understand what needs to be done and when. Knowing how to plan accordingly in business is essential, especially when working to a brief for a client. Creating a business plan should be your first point of call, helping you establish what your business is, what types of products and services you offer, as well as your long-term objectives and goals. Try and be realistic with what you want to achieve, otherwise you will never feel satisfied as a business owner.
Effective CommunicationBeing able to communicate effectively with whoever you meet is another important skill to possess in the business world. It’s likely that you will engage with people from all walks of life daily, so being professional and informative to your clients, employees, and customers can go a long way. It’s only natural that you will want your business to be taken seriously, so you should always be respectful, polite, and helpful to whoever needs your help. For example, when you hire a new employee, having good communication skills can help you to pick the right person for the job. When you engage with stakeholders, you need to be clear about what you want to achieve, as well as showing how passionate you are about your brand.
Public SpeakingAs a business owner, you may have to attend events where you are expected to speak to clients and customers. Therefore, being confident and having self-belief is essential. If you don’t feel comfortable speaking in public, you’re not alone. Public speaking is one of the world’s top fears, so the best way to overcome it is by practicing as much as you can. You will want people to believe and trust what you say, so being well prepared for your speech can make a massive difference. You should also be equipped with all the knowledge and information you need about your business, helping to secure more interest to your company.
Problem SolvingIn the business world, it’s only natural that problems will occur from time to time. No matter how much planning and preparation you have in place, there are obstacles that you will face, so knowing how to problem solve is incredibly important in business. No matter how big or small the situation is, being able to address and rectify the issue promptly and efficiently can make your employees and clients feel more relaxed and comfortable in their roles. Some people work better under pressure than others, but as the head of a business, you should be able to perform your job in a crisis. If things get too much, there are various things that you can do to reduce stress levels, helping you to stay on track with your business plan.
Assigning Roles and ResponsibilitiesWhether you’re a small business or large organisation, it’s likely that you will need to employ others to help keep your business running effectively. Therefore, assigning roles and responsibilities to the right people can make all the difference when it comes to keeping your company successful. If there are various sectors in your business, you should know how to delegate tasks and projects to the people who are the most suited to the role. There may be a point where you have to take time off work, whether this be because of illness or for a vacation, therefore, hiring the right people in your business can help keep everything running in good order until you’re back.
Empathy and CompassionIf your employees aren’t happy at work, it’s likely that they won’t perform to the best of their ability. If you notice things are sliding, it’s up to you to sort the problem out. Therefore, having a level of empathy and compassion for your team can go a long way, as well as helping to improve employee productivity. You should schedule regular open meetings which allows you to have a sit down with your team and address any issues that you may have.
You should also factor in one-to-one meetings, where you can get to know your team on an individual basis. Having an idea of your employees’ strengths and weaknesses can help you when it comes to assigning who does what. What’s more, if you are open and honest with your workforce, they are more likely to feel comfortable in their roles, as well as avoiding going elsewhere.
Marketing and SalesEven if you have a designated marketing and sales team in your business, that doesn’t mean that you can’t have some knowledge in this field. After all, if you’re out and about engaging with clients, it’s down to you to let them know what your business is all about. Talking about your business in a positive manner and addressing all the key important points can help your clients gain more understanding of what your company is about, as well as helping to get more clients onboard with your message.
Social Media SkillsMore and more businesses are using social media to promote their products and services. Therefore, it’s essential that you have the right computer skills in place which you can use effectively. Whether it be creating a Facebook business page, or setting up your own blog, being able to engage with your customers on a personal level can help to keep your business successful. Although you may have a team who deal with the social media side of things, it can’t hurt to know the basics, especially if you want to address an issue directly.
NegotiationYou may not realise it, but most people negotiate informally on a day to day basis without even being aware of it. You can only learn to negotiate properly through practice and experience. Those who frequently negotiate tend to be more skilled at doing it, over those who do not participate in many formal or informal negotiations. Knowing what to say (or what not to say), can help you strike a deal that could be hugely promising for your business. When engaging with clients, it’s only natural that you will want everything to go in your favour, so knowing how to keep your cool and knowing the right things to say can make all the difference.
Financial ManagementThe main reason why companies go out of business is because of bad financial planning. As the owner of a business, you will need to oversee the financial area, such as your budget, so you can make any necessary changes to help keep your business afloat. No matter whether you run a small team or a large corporation, there are dozens of costs involved that need to be addressed each day, so if you notice any problems, it’s best to nip them in the bud as quickly as possible.
Leadership SkillsWhen in charge of a business, you will need to know how to lead your team effectively. Keeping your workforce motivated and on track is essential, especially if you want to grow your business. Getting people to follow and trust what you say can make a huge difference, so make sure to be firm and direct with your team in order to get the best quality of work.
Be CreativeBeing able to think out of the box and using your imagination are more key skills that you should possess as a business owner. While many people tend to neglect their creative side, some of the most successful people in business are the ones who use their imaginative side. It’s a dog eat dog world in business, so trying to stay on top and ahead of competitors can be a challenge, therefore, knowing how to brainstorm and come up with new and exciting ideas can help to attract new customers to your business.
Team Building SkillsTeam-building and teamwork skills are incredibly useful to have as a business owner. Working together in order to complete a task can not only give you a sense of accomplishment, but it can help to generate more productivity amongst your employees. If you like to have a hands-on approach, it’s important that you know how to communicate and engage with your workforce. To get the most out of your business, why not set up team building exercises that you can all participate in? Not only can team building exercises help to identify each member’s strengths and weaknesses, they can be a great way to bond with your team on a personal level too. Also, you will be able to work out which employees work best with each other, which can hugely benefit your business in the long run.
Risk TakingIf you aren’t confident with how your business is running, you may need to take some risks in order to see the results you want. While it may seem daunting to go down this route, your business can hugely benefit if you’re willing to take a risk, as well as being prepared to potentially lose money or revenue. Many businesses of today are looking for ways to get ahead and to attract more interest, so you need to have the self-belief in yourself to achieve your goals, no matter the consequence. If things don’t work out the way you had hoped, try and see it as a learning curve, rather than throwing in the towel.
Negative Feedback and Constructive CriticismWe can’t always get everything right in life. While you may put 110% into your work, sometimes it may not be enough to impress some clients or customers. Therefore, being able to accept and take on board negative feedback can help you enormously as a business owner. While many people may be quick to shrug off and discard constructive criticism, try and see it as a positive thing. It’s only normal that you will want every person who engages with your brand to be happy and satisfied with your work output, so there may be minor things that you can tweak to eliminate the risk of any problems happening again.
Gaining New SkillsIf you would like to gain more skills, but aren’t sure how to go about it, why not consider an MBA online degree? Obtaining a Master of Business Administration degree can provide you with a wealth of soft skills and knowledge that can take you far in the business world. Institutions like Aston University Online provide an advanced business degree that is created for working professionals who want to build on their skills in order to become successful leaders. Having the right education behind you can only be a good thing when it comes to starting or maintaining a successful business.
Additionally, as a business owner, there are a wide range of soft skills that you need to learn and utilise in your company. In order to see successful results, you need to fully understand financial management, project management, as well as knowing how to negotiate and engage with clients and customers.
With more and more businesses choosing to operate online, you will need to get to grips with the latest technology and software that can help improve how you sell and market your brand. Being aware of the skills you need to master can also give you a helping hand. Having the right qualifications behind you can make a huge difference and help clients to take you more seriously, therefore, completing an MBA online degree may be the route to go down if you want to equip yourself with the skills you need to go far in the business world.