Back to Basics – What it Takes to Run a Business
Running a business involves a greater level of difficulty than what most budding entrepreneurs anticipate. Whether it’s a traditional business, like a mom & pop shop or a coffee store, or a bleeding-edge tech startup, successful businesses require a lot of hard work, mental fortitude, and technical prowess. While these are three apparent factors that will grow a business, it’s too general to use as a guideline. What exact skill set and tools do entrepreneurs need?
Core Business Skills
To adapt to different challenges, business owners must become a jack-of-all-trades. It’s essential to identify immediately which skills you have and which ones you’ll need to pick up along the way. Core business skills to look into include:
Strategizing – This involves forming a logical business approach and implementing it flawlessly.
Accounting – Know which documents to keep, such as account receivables and payables and receipts, and how to safely store and conveniently access them.
Cash Flow – This envelops your fundraising efforts and how you manage your business’ cash flow once you have the capital. Sound cash flow management is key to continuous operations.
Workforce Management – Businesses are built by people. You’ll need to know how to hire the right people and, once hired, know how to manage them. You need to harness your employees’ strengths to grow your business while at the same time making sure that your employees grow as well.
Marketing – Of course, no business can attract customers without any form of marketing. Whether it’s through business cards, flyers, or PPC campaigns, you’ll need to come up with marketing campaigns that are low-cost but high-impact.
Sales – Closing the deal takes some practice. Even with a viral marketing campaign driving herds into your eCommerce or brick-and-mortar store, it won’t matter if you can’t close the transaction.
Operations – An often overlooked piece of the puzzle is knowing which businesses, such as suppliers, vendors, and contractors, to work with. The right suppliers can get you the raw materials you need on time and at the right cost while a bad one can easily lose you money and customers.
To Sum it All Up
When you are looking into the skills that you do not yet possess, you can either hire people to fill those roles or you can invest your personal resources to learn and master the skills yourself. Finally, you can also consult business advisers and coaches who can give you the guidance you need.