When it comes to running a business, there are critical business owners’ skills that are a must. We will go through them in this article.
It’s not all about having a good eye for things like profits and figures, there’s so much more depth to running a business that needs to be considered.
For example, there are things like staff and environments that can make or break a good business. At the end of the day, the owner is responsible for this.
We all know that running a business requires a lot of thought, time, and effort, however, there are things to running a business that owners should definitely stop to consider from time to time.
For example, are they good listeners? Do they have an eye for people management?
That being said, let’s get into the rest of our guide on what skills business owners should possess and the different ways they can use them.
Ultimately, having as many of these different skills as possible is a great way to measure progression and the different ways you can approach running a business.
Table of Contents
1. Good People Skills
If there’s one thing that any good business owner needs, it’s good people skills.
If you don’t know how to talk to people, then it’s likely that you’re not going to make it very far in the industry.
It’s not just customers either, you’re going to be talking to a lot of your staff and different people within your industry, so make sure you know how to present yourself.
For example, if a staff member comes up to you with a personal topic that you know needs to be treated properly, then you should make sure that you approach it in the right way and ensure that they feel safe and trusted within your business.
After all, running the business itself is only half of the job when you have the right people alongside.
Dale Carnegie has written the famous book The 5 Essential People Skills: How to Assert Yourself, Listen to Others, and Resolve Conflicts.
In his book, he helps create a business environment that brings innovation and results.
2. Creating a Safe Workplace
There are lots of different scenarios and situations that will call for a good business owner to approach things in different ways.
If you’re serious all of the time when you don’t need to be, then it’s likely your staff might see you as intimidating.
Know when to smile and be proud to associate yourself with the people that help to keep your business dreams alive.
After all, without people in the workplace, you’d be nowhere near where you are.
Keeping things happy in the workplace is the best way to ensure that your staff would do anything for you and the company.
If you want to learn how a safe workplace is directly linked to high performance have a look at The Fearless Organization – Creating Psychological Safety in the Workplace for Learning, Innovation, and Growth.
3. Financial Management
A business isn’t a business without the right amount of money coming through the door, so it’s always important to have some sort of financial brain.
If you can’t do finances at all, then you’ll need to learn and make sure you know all of the ins and outs of finance within your workplace and the financial side of things.
It’s simply impossible to run a business without understanding finance in some way, shape, or form.
At the end of the day, businesses wouldn’t survive without the right numbers involved and the right amount of income, so you need to make sure you have control over these things.
It always helps to have a financial specialist on your team if you’re not the most comfortable with finances, so they can help you and your company to succeed.
The book Entrepreneurial Finance goes through case studies that help the reader develop an understanding of important core concepts of business finance.
4. Problem Solving
As an owner of any sort of business will tell you, there are no two days that are the same when running a business, whether it be big or small.
So, for this reason, you need to make sure that you’re able to problem-solve and find solutions to obstacles that are standing in your way.
After all, nobody ever said that running your own business was easy!
When staff members get stressed about a problem, they will always look to their superiors, whether it be their supervisor, their team leader, or their business owner.
If you can show them how to keep a level head, whilst finding a practical solution to their problem, they will learn from the experience and become better at their job.
Do you want to learn the art of problem-solving?
The book Solve It!: The Mindset and Tools of Smart Problem Solvers teaches exactly that!
5. Leadership
This ties in with the last point quite nicely!
Leadership is essential for any business owner that wants to have a hands-on role in their company.
Once again, when people within the job start to get stressed, it’s down to you to be the glue that holds everyone together. They will look to you for guidance.
It’s your company after all! This will help things run smoothly.
It always helps to know your staff and know the best ways to help keep them happy, which is what makes a great leader.
Respect is earned and isn’t always a certainty, so it’s down to you to earn that respect and make sure that the staff on your payroll enjoy their job and keep you happy, whilst you keep them happy in return.
It’s a win-win situation.
Would you like to learn what successful business leaders have in common?
Grab a copy of The Book of Leadership: How to Get Yourself, Your Team and Your Organisation Further Than You Ever Thought Possible.
6. Networking And Communication
One of the most crucial things for any business owner to have is to make sure that you know how to expand your business and make sure people know about your business.
After all, how good is a business if there is nobody there to work with?
You need clients and customers for your business to survive, so make sure you have a good reputation and know how to market yourself and your company.
Communication is huge and you will be using it for all of the people involved with the business, whether that be staff, clients, customers, or potential investors.
At the end of the day, you need to know how to present yourself and the company in a professional manner, so having the right networking and communication skills is essential.
Do you want to create a networking strategy to grow your business?
Get some ideas from the Financial Times Guide to Business Networking: How to use the power of online and offline networking for business success.
7. Customer Service
One of the best ways to build a good reputation for you and your business is to have a good customer service side to your work.
Whether you’re selling cupcakes or you run an online business, the biggest asset you have is the customers.
If a customer has a good experience with the service you provide, they’re 10 times more likely to return in the future.
From here, it snowballs and expands, with many of these customers telling their friends and loved ones about this new business they’ve discovered.
This allows you to reap the benefits and build a positive reputation and outlook toward your business.
This also becomes a lot easier if you have the right staff working for you. A happy workplace is a successful workplace.
Would you like to learn how to exceed the expectations of your customers?
Who better than Disney can teach how to provide outstanding customer service?
This is what Disney reveal in their book Be Our Guest: Perfecting the Art of Customer Service.
Conclusion
That’s the end of our guide. Being a business owner is like second nature for a lot of people and they suit the role down to the ground.
However, this doesn’t mean that they’re perfect. Hopefully, our guide has allowed you to take the steps in the right direction to become the business owner you’ve always wanted to be.
At the end of the day, nobody is perfect and we all have room for improvement.
By following the suggestions above, you’ll be able to expand your business whilst evolving as a person.
I’m a blogger and entrepreneur. I want to help you in your journey to build your business online.
