Everyone has strengths and weakness when it comes to their business practices, often we overcome or compensate for these shortcomings by hiring employees or partnering with individuals who posses skills that is lacking. But there are certain areas that only you as the business owner will need to handle especially in a Small Business- these are skills that are essential for your business to grow. They are :
1. Sales No matter what your business, sales are what will keep it afloat. While you may not be involved in the nitty gritty of daily sales for your business, it is essential that you learn how to sell you business and your ideas.
This is an important skill to develop especially if you are looking for investors in your company. The key to having people believing in you and your business is not to be overbearing and push your agenda but to be able to convince an investor, subtly, about the worth of your ideas.
2. Communication As an entrepreneur it is essential that you hone, practice and refine your communication skills. Communicating the right message to the right audience as well as communicating your business’s vision to your employees is the base of any business.
Only when you are clear about what your business stands for, can your employees follow through on your vision. In today’s world you and your business will be judged on the ease on which you can communicate both in the written form and orally.
3. Negotiation Whether it is negotiating with a client, the terms of a bank loan or with an employee on working regulations within your organization negotiation is an important skill to pay attention to and work on. As an entrepreneur you need to be able to judge a situation and adapt your skills accordingly. It is a fundamental tool that needs to be present in your skill set.
You need to know when to stand your ground in a negotiation and when give a little leeway when both parties can be satisfied. In business, you need to take a carrot and stick approach- using an incentive to attain favorable conditions for your business or a punishment/withhold a reward when your deadlines and targets are not met by vendors and those you work with.
4. Adaptability While it is important to have a business plan and follow its guidelines in your daily functions, you also need to recognize when a certain facet of your business is not working and change it quickly.
You also need to keep an eye out for parts of your business that are doing better than projected and adapt those to become your central focus to make the most of them. Things might not always go according to plan, it is important for an entrepreneur to think quickly on his/her feet and change their plans according to the prevailing economic and market conditions.
5. Time Management As your business grows, you will realize quickly that there is only one “you”. Therefore it is important to learn how to delegate and manage time better. For growth to occur, you need to be able to trust your employees with the day to day running of your business while you focus on the bigger picture issues that’ll promote the growth of your business.
It is necessary, to keep a certain amount of distance from administrative issues in your business that could get cumbersome and eat up a great deal of your time.