Financial management skills
Managing your finances is one of the most important aspects of running a business. This means monitoring profit and loss as well as the ability of being able to forecast your cash flow and sales as needed. This is not just for you, but for the tax office when you declare your expenditure and income.
If your home finances are sound the likelihood your business finances will be the same and your business overall will be more profitable. I personally avoid conventions or conferences where I can see no profit unless there is great networking opportunity, so keep a strict fiscal policy in your business.
Marketing, sales and customer service skills
Learning how to create an effective marketing strategy via the internet, social media and in person to generate sales is a vital element to keeping ahead of the competition and being successful.
Again, I personally use ever trick in the book, from landing pages, blogs, content marketing, social media marketing and of course a auto mailing service so I have always available, if not in person.
Learning how to communicate with others regardless if in person or via other online methods will help build trust and a good working relationship with anyone in contact with your business. Being an effective writer and speaker will reflect your personal brand and image. Furthermore, written, audio, visual and video content if created to a high standard work for you for many years 24/7.
Learning to be a leader seems to be difficult for many of us. If you have a sales team like many home based business have learn how to motivate them. It is a vital aspect of your business. A good leader will influence, mentor and coach their team to get the best out of them and improve productivity and earnings for both you and your team.
It is shocking how many people do not believe in planning anything in their business by using expression such as, “I want my business to develop organically” meaning “No plan and lets wing it”. Now this is great for a night out on the town, but business needs a plan, such as setting up a website, arranging meetings with prospects and customers, effectively using your time, and finally most effectively using your money you have invested. Without a plan the day will get away from you and nothing will get done, so learning to make a plan and set achievable goals is the key.
Responsibility and time management skills
Learning to allow your team to take responsibility rather than trying to do everything for them should be your mantra. This method will create a better time management system delegating responsibility to someone else in the business. The key is to identify team members that you feel would like to do more and even earn more by offering more responsibility.
Personally, I plan for everything and still problem solving is needed. It may be website issues, customer complaints, product returns and even personality issues with team members. Whatever it may be you need to be able to make good decisions and sometimes under pressure. I have found the best method is to take each problem at a time and resolve it. Looking at everything is just overwhelming, so priorities and work on the biggest problem first without considering the others until the first task is completed.
Networking and building relationships
Business is finally about people and the relationships we have with them. We don’t need to like everyone and not everyone is going to like us, but in business we need to have a relationship. So, creating a good relationships through networking will help your business grow. In addition, relationships will allow you to learn new methods and develop ideas with other in a similar industry that may be integrated into your business.
Please don't believe that you need all of these skills from day one, this is just our step by step business startup guide. This will take you through the process of what will be expected of anyone embarking on this journey.