Breathing life into a small business is not something that everyone can do.
Utilizing resources to their optimal capacity and racing in the dense corporate crowd needs a set of specific small business skills.
Most entrepreneurs out there start with a small business set up. Over time, they make efforts to achieve their milestones and rise as corporate tycoons.
To make sure you reach there, you should have specific small business skills and capabilities. These will help you make progress and thrive through the initial years.
According to research by Fundera, 20 percent of small businesses fail in the first year. 30 percent in the second and 50 percent in the third. These numbers make it evident that the chances of failure are pretty high in the first few years.
It is reasonable to feel nervous and scared. But we are here to help you tread through the grind.
Here are some key small business skills you must master to give your business a proper shape
Strategic Thinking Skills
Terry H.Hill, the veteran chief executive, says that
More than half of the companies fail because the entrepreneurs cannot translate their passion into practical business skills.
It is, indeed, quite true. You must learn;
- How you will allocate your funds?
- How long you will spend on each task?
- How many workers you need at each step?
Rather than taking abrupt measures, spend some time on thinking. You can study business models of famous companies in the same niche. And try to expose yourself more to business literature. Staying in the learning loop gives you a strategic insight.
Strategic planning is a skill that always needs some sharpening. Many entrepreneurs are striving in this area. The paper presented in PMI® Global Congress 2013 provides that only 4 – 7 percent of the leaders feel competent in this area.
Marketing and Sales Skills
There is more to marketing than only advertising your products. It involves everything you can do to sell more. An appropriate marketing strategy will improve sales. And as a small business owner, you may fall down the grid if you do not know how to tackle the process.
Digital marketing is the new wave in the current business environment. A sound virtual strategy will turn your visitors into long-term customers.
The Fundera statistics reveal that 81% of the shoppers research online before they make the final purchase decision. You can utilize the content management systems like WordPress and Wix to create an attractive website.
To craft an intact digital marketing strategy, learn how to integrate SEO, market through emails, and design Google Ads. Remember that an effective marketing campaign will bring potential customers to you, and the chances of retaining them are high if you know how to entice them now and then.
The lack of communication can collapse even the best company structures. You will have to communicate with investors, suppliers, prospective customers, and employees.
The more effective your communication, the higher are the chances of a strong working relationship. People won’t ditch you last minute and assist you in the hour of need.
The goodwill you establish will result in repeat business as well as better profits. Here are a few things you should learn regarding communication:
- Be clear and concise
- Use body language
- Be patient and positive
- Be respectful
- Be confident
- Give feedback
Besides the direct communication skills, there are some essentials you must integrate into your digital strategy. It will include sending emails to your prior users like Upwork does it. Or keeping a constant helpline number as Indiana Credit Union keeps it on their website.
Each stakeholder must grasp the image you are trying to project. According to a study performed by Watson Wyatt,businesses with effective communication practices were more than 50 percent more likely to report employee turnover levels below the industry average. Hence, communication with every stakeholder is crucial.
Time Management Skills
Time management is one thing that no formal course can teach you unless you make an effort for it. Also, it is something that comes after a considerable period of waiting.
According to the recent survey by Kabbage, 20% of the business owners work for more than 50 hours each week. Meanwhile, 86% work on the weekends. These figures mainly include small business owners. They work with intensity because they have a passion for driving their business on the road to success.
However, all of this creates a substantial negative impact on their social life and personal well-being. By practicing proper time-management, you can cut the amount you work and get more done in limited time. Not to mention the stress that tags along will tear you apart.
One way to get out of this agony is to begin outsourcing. You can delegate tasks to people and pay them upon completion. Make sure your resources allow you for that. If not, you can start by modifying your current schedule and learn better management.
Every startup or a small business trying to find its wings will have problems popping up frequently. Some of these might be small, some large, and some could be life-threatening. This means you will have to make critical decisions under extreme pressure. To cater efficiently, you should learn how to spot a problem and fix it before it gets too late.
Dealing with business issues is again, something you will learn with time. You can always search online and find how people solved these issues in the past. Or you can consult market experts to get an insight.
Running a business is a demanding task. You can only get past the roadblocks if you have a high level of motivation. We hope this blog helped you to discover new ideas for progress. Bear in mind that not every entrepreneur has all these skills in the beginning. It takes time and effort to hone them up.
You fail, you learn, you do it better next time.
Do you agree? Let us know.
Author bio Andrea Bell is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs. You can find her on Twitter:@IM_AndreaBell