Having the skills to manage your finances effectively is vital, especially if you’re a start-up company where you might not be able to afford hiring additional staff or an external company to manage your accounts. In which case, it will be down to you to keep the books in tip-top shape.
Being knowledgeable in areas such as business cash flow for example, will help your business be able to trade effectively and not find itself in a financial crisis – which is never a fun position to be in!
A couple of social media posts and a mediocre newsletter aren’t going to bring in the big bucks. In order to attract new customers, you will need to have a clear marketing plan that is not only detailed, but also flexible. You will need to adapt to current trends, both within your target audience, and the marketing world through marketing channels such as advertising, promotion and public relations.
The marketing activity might be allocated to one person or this may involve the entire team.
Sales and Client Accounts
As a customer, we will take the word of our friends over an online business review for example. This means that having a great customer service and client handling ethos will not only mean you will retain current customers but have a better chance of attracting new customers. Having a good sense of pricing and negotiation and tracking competitors are also key to winning over customers. Everyone loves a good bargain!
Paperwork is never the fun part of a job – however, it is essential. From book-keeping and accounts to payroll and stored data, is a fundamental part of running a business. This is a task that needs to be kept in line to allow you to maintain a smooth-running operation within your business. It also removes stress later on when you want to locate something!
Personnel and HR
Keeping your crew happy on your ship is vital to stop it from sinking. Being able to resolve disputes, recruiting the right staff that are a great fit for your team, motivating the team and management of training provision, are all essential skills. Having the right person in charge of the team and internal processes are key to the success of the business.
Personal business skills
Sometimes the most obvious skills are ignored, but they are extremely important. Knowing how to navigate a computer or online systems, utilizing basic organisation skills and having good written and communication all contribute towards the success of a business. Communication is particularly important as it will help ensure your staff members are able to competently deal with tasks autonomously and without supervision. Micro Management takes up valuable resources for everyone involved.
Trying to take on a majority of tasks yourself as a business may be difficult and stressful. Where possible, consider the following:
- Establishing a management team or structure with a clear line of authority/delegation
- Delegating certain responsibilities among members of your team
- Recruiting new members of staff to divide the workload
- Outsource work to a specialist contractor
- Offer additional training to existing staff members to bridge any skills gaps