9 crucial business skills to fuel business success

If you’re starting out in business for the first time, you may feel you lack the required business skills and feel relatively underqualified. After all, launching a new business is no small task!

There are numerous aspects that influence whether or not your company will be successful. While not every issue has to do with your skills as a business owner, the following are some of the most important business skills for starting a small business in 2022 and beyond.

1. Finance skills

It’ll help if you have experience in finance at some time in order to start and maintain a small business. To establish a business, you don’t need the expertise of a financial planner, but you do need a good working knowledge of finances and financial management.

You may hire someone who has these skills and can manage that area of the business while your company grows. However, you must have a thorough understanding of all aspects of money. You should be able to efficiently budget and report your financial results. You should also be able to determine which aspects of your business are affecting your revenue.

2. Marketing skills

You’ll need to conduct marketing activities no matter what kind of small business you wish to establish. To get clients or consumers and keep your firm expanding, you must have great marketing and promotional skills. It takes specific expertise to persuade someone that they require your products or services.

You’ll need marketing skills to attract new employees and expand your team, in addition to developing your customer base. You must market your company, which can be particularly difficult if you’re just getting started. You can sell yourself, your business, and your products or services to anyone if you have an understanding of marketing strategy.

3. Tech-savviness

A computer and a smartphone are unquestionably the most important tools for business today. It might be difficult to keep up with the latest technology trends when striving for business success. If you want to create a profitable small business though, it’s worth investing the extra time to learn about new technology as it becomes available.

Many elements of your business will become easier and more efficient when you harness the power of technology. Payroll and revenue tracking, for example, become much more straightforward when you know how to use the best financial software packages. Knowing how to use social media can help you market your company and even recruit new personnel. You’ll probably spend a lot of time working with Microsoft Excel and Microsoft Word. Technology is constantly changing, so always be ready to adapt to new and improved technology!

4. Strong communication skills

Communication is one of the most valuable skills that anyone can possess, particularly in business. Strong communication skills are critical for entrepreneurs. You’ll be talking with staff, clients, customers, and vendors constantly. No matter what media you’re using to communicate – email, phone, video chat, and so on – you must be able to communicate clearly and simply. When face-to-face communication is limited, having this talent is even more important.

Good communication will also aid in the development of good relationships with all the individuals mentioned above. You don’t necessarily have to be an extrovert to succeed as a business owner, but you’ll need to be a skilled communicator when it matters. In the corporate sector, miscommunication frequently results in losses.

5. Positivity

There will be times when it feels like nothing is going your way. There will be moments when you won’t be winning as much new business as you think you should, or as much as you have in the past. There will be moments when you must make painful choices, such as laying off employees or raising your prices. Successfully running your own business requires an unwavering ability to withstand the pressure and weather setbacks.

6. Ability to delegate

You can’t run a company on your own. You might be able to handle everything yourself at first, but as your business grows, you’ll need some help. And at that point you’ll have to start looking for employees.

For the sake of your business, sooner or later you’ll have to let go of micromanagement. You should also be able to recognise your employees’ abilities and give them opportunities to grow and succeed with your business.

7. Successful leadership skills

If you aren’t a strong leader, delegation won’t be enough. To be an effective leader, you must always push your staff to achieve their best. Where appropriate, aim to strike the right mix between motivation and constructive criticism.

Fortunately, leadership is a talent that can be learnt. There are numerous tools and online education channels available to help you become a better leader.

8. Excellent time management skills

Starting a new small business comes with a seemingly infinite to-do list. It may feel like you need to be a superhero to get everything done, but that’s not true. All you need is sound time management skills.

You must design and stick to a timetable, which includes meeting deadlines. You’ll have more opportunities to expand your business if you manage your time wisely. Your time is valuable, and when you use it well, your business will reap the benefits.

9. Negotiation skills

When you start your small business, money will be tight. You want to save money wherever you can, and negotiating can help you do just that. Haggle with vendors to get a better deal on the things you require. It’s not just about the money when it comes to great negotiation skills. It’s also about the passage of time. Unhappy with a client’s deadline? Strong negotiation abilities will help you obtain a more favourable deadline.

Communication and negotiation go hand in hand. You should always be prepared to negotiate when speaking with customers and suppliers. It will also assist you if you are involved in a negotiation with someone else. Negotiations offer you the opportunity to respectfully remain firm if a customer or client is unhappy with a timeline or a price.

Fight for your business

If you want to create your own successful business, you’ll need a well-honed combination of skills. You’ll need a thorough understanding of finances to manage the business. You should have the ability to market your company and, where appropriate, adopt cutting-edge technologies.

Even in high-pressure situations, make sure you communicate strategically and maintain a positive attitude. It’s crucial that you delegate to your employees and lead them successfully if you want your company to grow. Careful time management is also important. And lastly, always be prepared to fight for the good of your business whenever negotiations arise.

Succeeding as a business owner long-term requires having the necessary systems, processes, and policies in place from the start. And that includes business insurance*. While you work on growing your business, let BizCover take care of your business insurance. We’ll do the shopping around for you, saving you the time and hassle typically involved in purchasing business insurance. Go online or give us a call on 1300 920 864 to find out how we can help protect your business.