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10 Proven Skills Business Owners Must Have to Grow a Business
March 23, 2020
John Vuong
Business advice

A lot of people are interested in starting a business, but unfortunately many of them have the wrong idea about it. Articles abound online about how “easy” it is to be an entrepreneur and that you can start many businesses with less than $100.

Well, yes, you can start a business. However, there’s a reason 50% of companies fail before their fifth year. It takes much more to grow a business than to simply start one.

The good news is that with the right business skills for success, you can do very well in both starting and growing your company successfully. What skills do you need? Here are the most important.

Skills in Business Communication

Skills in Business Communication

You might think of business communication as being able to talk to employees, but that’s barely scratching the surface of this important area. Communication encompasses a wide range of skills that include talking, writing, and even listening.

First, you have to be good at communicating with others in a positive, uplifting way. This is true when you’re collaborating on projects and forming teams, but it’s also vital when you’re coaching an employee or delivering constructive feedback.

Second, you need to hone your public speaking skills. Being able to share your vision and ideas clearly in front of a group of people will help you do everything from strengthening your team to raising funds from investors. On the other hand, anxiety or poor public speaking skills will make you seem unprofessional and can damage your credibility.

Effective listening is a third and often overlooked aspect of business communication. Create an environment where everyone feels heard and valuable. You’ll also be better able to identify and remember key information. Listening means noticing non-verbal communication and not crafting your response while someone else is speaking.

Finally, written communication is an important skill as well. You need all of the clarify and finesse of being a great speaker, but even more so because written words can be misinterpreted. Be clear, respectful, encouraging, and accurate.

Skills in Business Management

Every business leader needs to be able to successfully manage their company. This involves skills with managing people and with managing resources.

Managing People

 

Managing People

Leadership is about getting the most out of your employees and business structure. You want to build up your staff and encourage them to do their best. There are a lot of theories on how to do this most effectively, but almost everyone agrees that an authoritarian “my way or else” attitude is not helpful. Instead, lead by example, encourage time off, and help employees reach their career goals.

Motivation is another important people skill, and it goes hand-in-hand with leadership. However, motivation is a more one-on-one skill. Motivating someone is about taking the time to figure out what really matters to that person and determining how to help them get there. Some people are motivated by money and promotions, while others are motivated by purpose or work-life balance. Helping your employees get what they need is key to seeing them do their best.

Problem-solving is a third people management skill. People are not always going to get along, and it’s essential that you know how to mediate disputes and provide a fair resolution. Knowing how to negotiate will also give you a firm foundation in your own disputes and business deals.

Finally, you need to know how to delegate. This might be one of the most difficult for many business owners, because they want to be involved in every aspect of “their baby”, the company. However, you simply aren’t good at everything. If you don’t know how to hire people with different strengths and let them do their best work, your business will be severely hampered and may even fail.

Managing Resources

 

Managing Resources

Knowing how to handle your business resources is another skill that every business owner needs, from a small company to a large business.

The primary key here is budgeting. Knowing how much money you have, how much you’re making, and how much you can invest is vital. If you make mistakes here, you could end up in significant debt or your company could go bankrupt.

Don’t be afraid to make decisions. Learn how to evaluate the costs and benefits of your options so you know what’s best for your company. Being decisive and managing your budget well will position your company for success.

Marketing Skills

 

Marketing Skills

So far all the skills we’ve discussed have been internally focused on your business. Marketing skills are about your ability to get noticed by other people.

There are a lot of skills that are required for marketing. First, you have to have a strong belief in your product and service and the ability to help others see your vision. From there, you need a variety of technical skills to get the message out.

This includes social media marketing, search engine optimization (SEO), the ability to make marketing videos, and much, much more.

Many business owners prefer to focus on building their business, but they aren’t sure who can handle marketing. If you’re large enough to have your own internal marketing department, that’s great! But many small businesses don’t have the resources to do so.

That’s when they choose to turn to a digital marketing agency like Local SEO Search. A company that has a wide breadth of expertise across a variety of marketing tasks, but still understands small business, is ideal.

When you look for digital marketing services, be sure to find a provider that has a lot of experience with small businesses. At Local SEO Search, we’re proud of helping over 10,000 small businesses succeed. We’d love to help yours as well!

Do You Have the Skills to Succeed as a Business Owner?

Do You Have the Skills to Succeed as a Business Owner?

There are a lot of business skills to learn if you want to succeed as a business owner. Don’t let that intimidate you, though! The truth is that many times you can build a team that helps you and work with folks that have skills you lack.

You can also build up these skills over time. No one is a perfect communicator when they start a business – or even after being in business 20 years! You learn as you go. You’ll make mistakes, let folks know you’re sorry, and move forward.

It’s essential to balance your internal company skills with your external marketing outreach. You can have the perfect business and leadership, and if no one knows about it, it will fail. You have to have creative, high-tech outreach to connect with prospects and help them decide to buy.

Fortunately, you aren’t in this alone. Our digital marketing company is here to help. When you work with Local SEO Search you’ll have decades of experience at your service. We’ve helped thousands of businesses build their online presence, master SEO, and engage on social media.

Working with a company like ours allows you to stay on top of new marketing trends as they happen – which is every day. You can’t afford to be left behind while your competitors forge ahead. Instead, choose a professional digital marketing company who can take care of your SEO and more while you focus on building your business.

Ready to see how we can help? Contact us for a consultation today!

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