Written by Reginald Chan on March 2, 2021

Crucial Skills Every Business Owner Must Have

Even if we are not engaged in any sort of entrepreneurship we are very much aware of how difficult it can be to run a business. And sure, we are reminded very often that most small businesses will not even get a chance to celebrate the third birthday. There are many reasons for this, a big part being how the economy works, and how the bigger fish will eat smaller fish, but a great part also is that so many business owners just do not have the proper skills to run a successful company.

The skillset required is very diverse and most people do not possess all of it, some of it needs to be learned and practiced if it doesn’t come naturally. Nevertheless, having and mastering all of this expertise is valuable as life skills too, but for business owners they are necessary. So here are some of the crucial skills that every would-be-successful business owner must have even when starting a new company.

Technical Know-How

As a business owner, you will need to know how to surround yourself with people who are the best in their field and constitute the best team that makes the engine of your business going.

And very often, you will find yourself in a situation to verify the right tools to make your dream team work the best it can.

For example, in order to have smooth communication between the team, with clients, and all around the globe - SIP Trunking is something you should definitely consider. With big savings, thanks to free calling to the UK fixed destinations and connected sites including international locations, secured numbers, and legacy proofed, it is a technological feature that will benefit everybody because with easiness in communication with clients and teams comes the easiness in leading the business.

Professional Communication

A business owner needs to have a firm knowledge of SEO, social media marketing, online advertising, and more to guide the business's growth.

Communication through your website is an excellent example of how you can drive even more traffic to your company and perceive a higher professional, manageable, and responsible vibe around yourself and the trade. Make sure you are always updated and aware of the thoughts, reviews, messages, and mentions about your business and your employers - that way you will invariably be the business owner who knows it all. 

Leadership 

Leadership skills can be expressed in many forms, not all of them suitable for a company meeting. One thing is leading soldiers on the front, and another motivating people to work harder at their desks, but both share some similarities. 

Charisma, as an important trait, is needed by everyone who works above other people and needs to lead by example or boost their morale. Knowing and feeling how to position yourself while delivering a report, giving orders, or negotiating with a client is something most people are not good at naturally but can be practiced to perfection. 

Strategic Planning

On the other hand, it is not just you surrounding yourself with the right people, and not participating in one-to-one communication with the clients or directly affecting the productivity of your own business.

It is you who defines your company’s direction and goals and you should always have that in mind. These ambitions should guide you in making all of your decisions, projections of your company’s future performance, and keep you prepared when things don’t go according to the plan. Ups and downs in the business sure are normal and inevitable, but it is you whose reaction everybody will look at when downs happen.

Sales Skills

Yes, you can have a sales team, but every business owner needs to know how to sell as well. You have to know how to sell your products and services, how to listen to your customers, partners, or investors, and finally, how to sell yourself.

Essentially, and eventually, knowing how to persuade all collaborators is the key to running a successful business. 

Social Intelligence and Control

How many times have you heard that somebody is called a good boss and somebody not? It is possible that you’re not concerned with the opinion of your inferiors, but let us just say that their judgment is more than important.

To keep the respected image, you need to consider getting to know your employees, talk to them, hear their thoughts, complaints, and ways of improvement; if possible meet their needs and try to implement genuine care, concern, and interest. Work on your social and emotional intelligence as the people’s control means business control. 

Being Self-Aware

This is connected to control, as well, but the self one. Being aware of your best sides, virtues and qualities are one, but admitting to your blind spots is something completely different. The true skill is knowledge of self, and the ability to realize when you need improvement, rest, advice, and help.

Most of the time, the biggest problem is time management - it leaves you no space for all the areas you need to be displayed. Learning how to manage your time, your focus will end up shifting to activities more likely to bring out your value. If you thrive, everybody around you will thrive also.

Human and Resource Management

Having very good management and HR service is relevant, yes, but as a business owner, try to learn how to develop and implement systems that manage daily operations and support the growth of your trade.

Imagine a business pyramid with sectors and work levels depending on the ones above them. As the top of this pyramid, all stages depend on you - your motivating, charging, and mobilizing teams in an earnest and relatable way.

All these benefits in more productivity, with teams of employees, investors, and partners combining to push your business operation so much above. 

Nevermind if you’re a business owner for some time already or just starting your own ownership - there are some skills of yours that define, set, and determine what kind of business are you going to lead, and, at the longest point, how successful is the business going to be.

But no one is born a boss, you become that as you mold yourself out of education, people management, experience, and necessity. These crucial skills are absolutely needed to consider, in order to become a leader, respected and looked upon, and to grow as a person, nonetheless.

Article written by Reginald Chan
A meticulous entrepreneur by nature and a serial entrepreneur. Founded a few awesome startups including Marketing Lancers, WP Maven and TheMarketingHuddle.com. Reginald is a sought-after success coach, digital marketing consultant and TEDx speaker from Asia. Currently, he teaches others how to make money online for free.

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