5 skills you need to learn as a small business owner
You might have a great idea and solid funding – but to be truly successful as a small business owner there are a lot of skills you need to master. Here are 5 areas to train to help you manage your business…
Not all small businesses are the same, but the core skills you need to run one successfully are.
From being able to handle your finances to knowing the ins and outs of all your legal documents, small business owners need to be a jack of all trades to succeed in this competitive world.
So now is the perfect time to brush up on some of these core skills and take a training course. Why not try one covering these areas?
Even if you’ve got your own company accountant, it’s always good to know the basics of bookkeeping. It can help you spot problems with cash flow before they happen.
Being on top of your finances means you’ll hopefully never get behind on payments and incur fees or charges. You might also be able to spot areas in which you can save money.
Courses can cover your balance sheets, double-entry bookkeeping and how to use accounting software.
Hiring and retaining the right people in a small business can play a huge part in its future. A good person in the right role can help your business to expand.
But it can be hard to find these people in such a competitive market. This is why you need good HR skills. They’ll not only help you to shape your job adverts but also show you how to target them, interview people, and offer packages that are attractive to them.
People management skills are also vital in a small firm – knowing what benefits to offer your staff, how to motivate them and how to handle disputes could make for a much happier and more productive office.
Courses can cover how to handle payrolls, leave entitlement, and mistakes in contract terms and conditions.
The old saying might go that “a man who is his own lawyer has a fool for a client”, but that doesn’t mean you can’t brush up on your legal knowledge.
From contract negotiations to settling in-house disputes, it’s worth knowing your legal rights. It’ll give you confidence when negotiating deals and the ability to find any potential loop holes that could hit your business.
A basic course can teach you about writing your terms and conditions, your position on missing or late payments, and what classes as a contract.
Knowing how to market your business can make the difference between success and failure. Even with the best product, you won’t get anywhere if no one knows about it.
Marketing courses can teach you how to find and target the right audience, which medium would be best for you and how to get to the core of what you offer your clients and customers.
A course can tackle everything from social media campaigns to corporate branding.
5. Presentation skills
Pitching to new clients can be nerve-racking. And you can sometimes come away wondering why, when your product is clearly the best, you missed out of the contract. This could all come down to how your present yourself.
Many people make their minds up about someone the instant they walk into a room. If you don’t convey confidence in yourself, the potential client or customer won’t have any confidence in your product.
Knowing the skills behind being a better presenter can help you overcome this hurdle and allow people to judge you on what you can provide them.