There is a lot of encouragement out there for people to start their own businesses these days – and it’s something we would certainly ascribe to. That said, running a company is a big responsibility, and you will need a broad range of skills to achieve success.
In the early days of your business, it is likely you will be doing everything yourself, meaning a lot of multitasking and working in different fields. And when you start hiring people, management skills are even more necessary.
Of course, it is possible to learn on the job, but, nonetheless, it is vital that you have some essential knowledge in place before you get started. Here are some of the areas you need to cover that can help you in your day-to-day operations and well into the future as your new company grows.
Ultimately, business is about money – how you make it, how you save it, and how you spend it. And if you don’t have a sensible head for figures, the simple truth is that you are going to struggle. Sure, you can hire an accountant or a financial advisor, but you will need to keep accurate books and be able to make estimates, forecasts, and predictions. And, most importantly, you will need to understand the basics of cash flow, and how it can positively – or negatively – affect your business.
It’s worth exploring leadership and project management courses if you lack experience, even if you are starting out in business on your own. Leadership is a critical skill, and you will need to display it to future employees, potential clients, and investors if you want your business to succeed. Project management skills are also essential. They will help you manage your projects with efficiency and within budget, ensuring you reach your goals on time.
Safety and health regulations are there for a good reason; to keep you, your employees, contractors, customers, and suppliers safe. And it’s vital that you understand the basics of safety management to ensure you are complying with the law, particularly if you are in an industry like engineering or manufacturing. Don’t forget, even the slightest mistake in this area of your business could result in a serious incident – and that could see you in court, paying fines, or, perhaps, even in prison.
Your business will live and die by its ability to make sales. And it’s important to start the selling process as fast as possible, which is going to be difficult if you don’t have the skills. The art of making sales is a natural ability in some people, but certainly not everyone. And if you struggle with persuasion and closing a deal, you will struggle.
Finally, ensure you are able to communicate your ideas. You will need excellent communication skills to inspire your employees and investors to get behind you. And, of course, to spread the word about your business and encourage customers to trust you and buy your products or services. If you struggle to communicate, you will struggle to run a business – it’s as simple as that.
Photo Credit: #WOCinTech Chat