Self Development For Small Business Owners

 

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These days, just about anyone can set up their own company, hire premises, and employ some staff. However, just because you can set up a company doesn’t mean that it’s going to be a success, and there are lots of skills you need and things that are worth knowing before taking the plunge with a new venture. Here are some skills that are well worth working on if you want to become a business owner. 

 

Communication

Excellent communication skills are vital for success as a business owner since you’ll be liaising with clients and helping customers; you may be speaking to other professionals, outsourcing work, and communicating with your staff. You’ll need to be connected and likely be in contact with lots of other people, so both your written and verbal communication needs to be good. There are courses you can take to improve these skills if you know you’re lacking here. 

 

Ability to delegate

Leadership isn’t about doing it all yourself, it’s about splitting the work- delegation, As the boss, you need to be able to assign authority to others so they can manage each area of your business without micromanaging or trying to take over yourself. Doing this increases stress levels for your staff and can reduce productivity. Hire the right people for the job, and allow them to get on with their tasks. 

 

Computing

You will need to be able to work your way around a computer as a business owner since so much of what we do is now online. This involves being able to work your way quickly around the internet, research efficiently, utilise social media and more. You don’t need to be an expert at things like web design since you will be hiring a professional to deal with these kinds of jobs, however there’s plenty you will need to be able to do so get those computing skills up to scratch.  

 

Financial Planning

Being able to manage your finances is absolutely crucial. Your product or services should be priced based on things like market values and market research answers, but you need to carefully work out what you need to charge to make a profit according to the time and money you have spent yourself. You should be accurate with figures and know-how and when to make cutbacks or savings without compromising on quality. If you wanted to start a business later in life, you could start off by gaining a qualification and experience in a role like business analysis first (read more about this here). Then from there you have skills that you can bring to your own business later on. 

 

Problem Solving

Being able to think outside the box and come up with creative solutions is a great skill to have as a business owner, and could be the difference between failure and success. in your venture. It’s common to get tunnel vision as a result of poor thinking patterns, so come up with strategies that help you think in new ways. 

 

Empathy

So important, yet so easily overlooked. As a business owner with people working for you, you’re providing their livelihood and making up a massive portion of their lives and so empathy is essential. Research has shown time and time again that being a stern boss doesn’t improve worker productivity. Be kind and understanding if they approach you with problems, and be prepared to look for solutions that suit everyone.