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2018-10-02 23:45:12How To Run Your BusinessEnglishCreating a business from scratch requires many skills - and quite a few that may not be expected. While every small business owner needs to...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2018/07/iStock-511979840.jpghttps://quickbooks.intuit.com/au/resources/how-to-run-your-business/6-skills-to-help-you-pivot-your-small-business/6 Skills To Help You Pivot Your Small Business | QuickBooks Australia

6 skills to help you pivot your small business

2 min read

Creating a business from scratch requires many skills – and quite a few that may not be expected. While every small business owner needs to have a good idea, a solid business model and sound financial insight, there are many skills that are often overlooked. If your business is moving into a new season of growth or you’re looking to change direction or pivot, you may need to brush up on a few entrepreneurial skills – like these.

1 People skills

You can’t get far in small business without good people skills, especially when it comes to growing your business. Successful business owners know how important people are when it comes to winning at business, whether it’s your staff, customers or suppliers. Brush up on your communication skills so you can maintain excellent relationships across the board.

2 Negotiating skills

There’s no need to be shy and timid when it comes to negotiating in business. You need to be able to frame your point of view clearly and not settle for the first answer. This is especially important when you’re negotiating contracts with suppliers or landlords. You need to understand what’s most important for your business during this season of growth and try not to settle for anything less.

3 Listening skills

Before you make big decisions in your business, it’s important that you take the time to listen. Listen to what your staff and colleagues are saying, listen to your business mentor, and most of all, listen to what your customers are saying. Your customers could provide the most valuable insight into your business and determine the best path for success. Always ask for customer feedback, good or bad, and be ready to make changes as a result.

Company coworkers working in office and sharing new ideas

4 Planning skills

Pivoting your business, however large or small, doesn’t happen overnight. It takes time and plenty of planning to successfully execute. A smart business owner creates a solid plan, before actioning anything, and has a contingency in place in case anything doesn’t go as expected. Being well prepared will help you make smart and calculated decisions.

5 Leadership skills

Nothing is going to change, unless you lead the way. Taking a business through a season of change is never easy and you may face numerous challenges along the way. In order to keep staff and customers with you along the journey, you need to take charge and showcase your leadership skills. Show your staff your plan and be accountable.

6 Time management skills

Organisation is key to building a solid business. And when you look to pivot your business, the importance of time management only increases. In order to deliver a fantastic product/service to your target market, while growing a sustainable and profitable business, you need to value both your time and the time of others.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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