Core skills all businesses require
Core skills your business needs to function successfully in areas including leadership, finance, and personnel.
As a business director or owner, it's essential that you can identify and meet the core skills your business needs to be successful.
These skills will be the same whatever business you run - whether you're a sole-trading graphic designer or you head a manufacturing company employing dozens of people.
There are intangible skills you will need, such as leadership skills, the ability to cope with long hours and hard work, and the inner resources to deal with stress and risk-taking. This also includes strategy-setting and the ability to build and manage a team. Step-by-step guide to starting a business.
Essential business skills
There are also functional skills that all businesses need. The smaller your business, the more of these skills you will need personally:
Financial skills
Including cashflow management, how to attract investment, and handling relationships with your bank and accountant
Marketing skills
Including digital marketing, advertising, social media promotion, and market strategy and planning
Sales skills
Including pricing, negotiating, customer service, market research, and tracking competitors
Procurement and purchasing skills
Including tendering for contracts, managing contracts, stock control, and inventory planning
Administration skills
Including record-keeping, billing, accounts preparation, and payroll handling
Personnel skills
Including recruiting staff, managing conflict, staff motivation, staff performance, and managing training
Core business skills
Including IT, written and oral communication, and organisational skills
Recognise your limits
To run a successful business it's essential you recognise the limits of your abilities.
So, as a business owner or director, you also need the skill to know when it's best to hand over tasks to others by delegating, recruiting, or outsourcing.