Basic Rules of Business
Think about your daily routine, you might stop at a coffee shop in the morning, perhaps you workout at the gym in the afternoon or go for dinner with friends in the evening.
Every place that you visit, and every business you connect with during that day, exists because of an idea and an entrepreneur.
Whether that entrepreneur comes from a family of business owners, or is starting out on their own with no previous experience, running their business requires a set of key skills.
But what are the skills you need and how do you acquire them?
Your Key Business Skills
Running a small business often requires that you become a jack-of-all-trades. It is therefore important to know early on the skills that you have and those that you will either have to learn or delegate to others. The key business skills to consider include:
- Strategic Management. Creating a business and strategic plan for your business and making sure you keep to it.
- Basic Accounting. Which records to keep, how to keep them and how to file them.
- Financial Management. Where to find financing and how to manage it once you’ve sourced it.
- People Management. Hiring your first employee and how to manage them.
- Marketing. How to market your business through traditional channels, web and social media.
- Sales. How to complete a sale and look after your customers.
- Operations Management. Choosing and managing your suppliers.
When considering the skills that you lack there are three avenues you can take: you can hire employees who are strong in those specific areas, you can engage professional business advisors, or you can take the time to learn these key skills yourself.
Business Planning For Small Business
Whether or not you’re seeking financing from lenders, business planning is essential for your business success.
Writing a business plan will help you think objectively about your business idea and evolve strategies for the future. It will create the road map for your business and help you determine what resources you will need to make a profit.
Whether it’s a 30 page report or a scribble on a napkin, the key to any plan is good projections and solid analysis.
Some Essential Skills Required
- Branding- More than a Logo
- Powerful Marketing for Small Business
- Getting Your Business Online-A Website
- Tax Tips from an Accountant
- My First Year in Business: A Financial Overview
- Operations for Small Business
- Sales Strategies for Small Business
- Attracting and Hiring Top Talent
- Business Viability 1- The Break Even Analysis
- Business Viability 2- The Cash Flow Forecast
- Social Media and Online Marketing Tactics
“Entrepreneurs who take the time to seek education and gain deep domain expertise before launching a business, will only increase their chances of success.”