anyspacedirect news

Top four core business skills

16th November 2010
Succeeding in business requires a diverse set of skills and the common sense and intelligence to use them in the right way. From start-up to IPO, managers and owners must do the right things at the right time if they want to remain profitable at all times.

Yet there are core business skills that all entrepreneurs must have; without these, companies are incredibly likely to fail. Consider them essential to setting up and running a business.

Financial acumen


Finance drives businesses and without an understanding of the nuances of business capital, cashflow and other numbers it can be impossible to run a business successfully. You also need to know what drives a business model and understand how pricing and margins can make or break your company. Accountants can help with compliance issues and the legal aspects of the finance side, but you need to be confident dealing with figures at all times.

Communication and social skills

Communication is the driving force behind business success; whether you’re negotiating with suppliers, giving customers the hard sell or pitching to the board for project finance, it’s essential you can communicate your vision and ideas successfully and confidently. Keeping control of your emotions, and appearing professional, successful and smart at all times, is another important aspect of communication and ensures your reputation will always precede you.

Leadership

Without an effective leader companies can stall and die a slow death. Employees need guidance, and the business itself requires a strong owner with the drive and passion to continue its agenda – even in difficult times. When it comes to employees, leaders must understand the complex employee-employer relationship and take notice of the needs of staff members. Regular appraisals must be scheduled, and it’s essential leaders can identify and respond to key talent in order to make the most out of promotion opportunities.

Confidence and negotiation

Business is very competitive and some owners struggle to keep their heads above the water. They may get bullied in deals or forced to drive down the cost of supply. Confidence and the skills to negotiate without being forceful are essential if the company is to gain valuable market share and emerge with beneficial profit margins and a strong industry position. Confidence is also essential because companies will inevitably suffer setbacks – if the leader treats these as failures and loses commitment then the business will likely not last long.
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