In this age and time where businesses have become a source of livelihood for most of us, the success of this businesses means a great majority get to live a comfortable life. This shows how critical business success is and the degree of effort and sacrifice that goes along with it. However, besides the sacrifice mainly in terms of time and financial input, there are a number of skills that would help set you a long way in the journey to success as outlined here.
Finances are a critical aspect in business and they partly influence most business decisions from the onset. For instance, what kind of business to venture into depending on the available capital, what goals the business hopes to achieve in terms of profits and how to get there, daily operation costs and how to minimize on the same and so on. Thus the ability to manage the business finances becomes overly critical.
You will need to be able to forecast your cash flow and sales, as well as, monitor your profit and loss. You will also need to declare your income to the tax authorities and therefore book keeping skills will come in handy.
Having sound financial management skills will help you to run your business profitably and protect your financial investment.
Marketing, Sales and Customer service
Customers are the life of business. Therefore, it is very important to know how to increase them, fulfill their needs to the best possible degree, form a long lasting relationship with them so that they can in turn help fulfill your long-term vision. Through effective marketing you create awareness of your available products and why your products are superior if there are others in the market. This will help win potential and remind existing customers why they should choose you and your products. Through sales assistants and customer service personnel you get to form a bonding experience and relationship with your clients which helps maintain repeat sales and prompt referrals. This in turn keeps the profit wheel turning.
Communication and Negotiation
Relationships are an integral part of every business and therefore excellent communication skills are just as important for business success. You will need to communicate and negotiate with your suppliers, potential investors, customers and employees. Having effective written and verbal communication skills will help you to build good working relationships. Every communication should reflect the image you are trying to project and add to an efficiently thriving environment for all stakeholders.
I do not need to emphasize how important leadership is, not just in business but in every aspect of our lives. Effective leadership will help thrive any institution. In our business scenario, a good leader should be a visionary. He would bring the business vision into a reality, through motivated and purpose driven employees, ensure all stakeholders of the business are efficiently working together and well accommodated, maintain and help achieve the goals of the business, maintain the business vision in the long-term, shape up a healthy business culture, uphold, build and protect the business brand, and bring growth to the business in all aspects, for instance human resource training and taking the overall business to greater heights.
Delegation and Time Management
Failure to delegate is a trap many business owners fall into usually because they are reluctant to let go of control. Managing your time effectively may mean delegating responsibility to someone else in the business or outsourcing. Identifying who you can delegate tasks to, allows you to concentrate on those tasks that generate revenue.
During the daily running of the business both foreseen and unforeseen problems will come up. A hidden trap within problem solving is the danger of over-analysis, when often what is really required is nothing more than a pen, paper and a period of quiet thought and discussion. Some problems may need ingenious solutions that would require the adoption of techniques such as ratio analysis and brainstorming. Therefore, it’s important to differentiate between two types of problem: programmed (occur as a routine part of a manager’s job e.g. salary and staff dilemmas) and non-programmed (have no single system or procedure for determining the right course of action e.g. new product development).
Problem solving skills and processes, designed to overcome or prevent difficulties, should be improved during stable periods. If solutions have to be developed in the middle of a problem, the process will become complex, distracted and overly experimental, making it harder to succeed. It is important that solutions are practical and attainable within the organizations resources, otherwise they are unlikely to work and may lead to additional problems.
Building good relationships through networking will help you to grow your business and give you the support you’ll need. It will also give you the exposure you need to potential clients, investors and other players in the industry and help put you in arms with other successful business leaders and entrepreneurs which will boost your potential for success.Consider joining an industry or business association to grow your network.
Success can very much be attained by anyone who works to achieve it. Hope this article inspires you and sets you up for success in your business.