Skills every business owner needs

When you own a small business, you have to take on many of the tasks and responsibilities yourself, particularly at the beginning. Having basic knowledge across all aspects of business operations can go a long way in making you flourish, and turn you into a more well-rounded manager when you do build a team.

So which skills are the most important to develop from the start?

Before we begin, don’t worry about ticking off each one right away.

This list exists as a target to aim for and work towards over the span of your entrepreneurial career.

1. Basic communication skills

This might sound obvious, but it’s vital to have adequate communication skills, otherwise, you can be a huge vulnerability. As a leader, you should implement a culture that thrives on proactive, open and honest communication. This should flow in every direction and include gaining feedback from clients, partners and staff. By not having this skill, negative sentiments can start to grow and spread within the organization.

A common misconception is that good communication is a natural skill. While it can be, it can also be learned.

2. Financial literacy

A good business owner understands finances. You must know the numbers within your business and have good planning in place for the future. Numbers give you a strong understanding of the health of your business. So understand them!

3. Sales

Whether it’s generating new customers, hiring employees or retaining your existing team, all business owners need to know how to sell. You have to be able to sell yourself, your products or services, and listen to your customers.

4. Leadership

Companies are full of different personalities, and the primary thing that keeps all types of people focused and connected is purpose. What goals is everyone in the company moving towards? What are they striving for? Everyone needs to be frequently reminded of their purpose, and that’s where an effective leader comes in. The strength of a leader can be determined by how many people believe in the purpose that the leader puts forth. They might need to be inspired.

5. Emotional intelligence

Whether it’s with clients, suppliers or partners, you’re going to constantly be interacting with people. Being able to perceive their emotions will help you build stronger relationships. You also need to manage your own emotions and be comfortable with yourself. This will make decision-making easier, especially under stress.

6. Digital marketing

Digital marketing is essential for any business today. More people rely on search engines, social media and other digital tools to find information and buy products. A business owner needs to have a firm understanding of SEO, online advertising, social media marketing, and more to guide the business’ growth.

You can hire people to manage these aspects of your business, but you still need to have enough knowledge to make key decisions in creating the best digital marketing strategy for your business. You should also have the ability to measure the results of different campaigns.

7. Delegation

New business owners often experience anxiety when it comes to delegating tasks as the business grows, but there comes a time when growth is important and must be prioritized. Leadership means focusing on the bigger picture instead of spending time doing the small tasks that someone else could do. Spend some time going through everything you do and consider – “could someone else do this instead?” Then you can start to consider taking on employees or outsourcing to a company such as ours.