5 Essential Skills a Business Owner Needs
As a business owner and especially if you are just starting out on your entrepreneurial journey, you will need to wear a multitude of hats as you get your business up and running. There are many skills that seamlessly combine to make a successful business owner, how many of these skills do you have and which are the most important? Let’s take a closer look:
Financial Management
This is arguably the most important skill of all when it comes to owning a business because ultimately, if you don’t have an income you don’t have a business. Good financial management can completely make or break a business so it’s vital that you possess enough skills to get your business off the ground or find the means to appoint someone who is dedicated to looking after your business finances. Also, having the right people in the right places to assist you with bookkeeping and accountancy. I have a very good relationship with my accountant (even though I still ask some silly little questions a few years down the line!!)
Problem Solving
A huge part of owning a business boils down to solving problems and your problem solving skills will really come to the fore, especially in the early days before you have all of your processes in place. Effective skills in this area can help with improving business performance, solving conflict with customers and employees and dealing with the day to day hiccups of business owning. Successfully solving problems as they arise will strengthen your business as it begins to develop and grow and long into the future.
Communication
Communication skills are one of the ultimate core skills of being a business owner. Whether that’s communicating with customers, clients, suppliers, service providers, other business owners, your networks or through your marketing or social media. Possessing excellent communication skills will drive your business forward and is a very important skill to master along the way.
Time Management
Good time management skills will stand you in good stead, as part of owning and running a business is how much time you spend on tasks and projects and this can determine how well your business thrives and grows over time. As your business flourishes, you will learn to manage other people’s time too. Time management, simply getting things done and knowing when to delegate as your business grows is vital for your success. I am constantly reminding myself of this one. Ironically, I often set aside time to look at my time management – sounds strange eh?!?! It’s not when you think about it.
Leadership
All successful business owners share common skills which help their businesses become the go-to business in their niche and leadership is one of them. As the business owner, the buck stops with you and you are the ultimate decision maker. Who needs to be on your team? What support do they need? Where is your business going next and who can help you get there? It’s all about leadership.
How many of the above skills did you already possess as you began your business and how many did you learn on the way? I would love to hear your thoughts. If you are a new business owner and have hit a crossroads in your business, I am more than happy to schedule a call with you to help get you back on the right track.