Skills For Running a Business
You and your team need certain skills to run your business successfully. You should be able to communicate effectively, manage people and understand what is best for your business in challenging situations.
It's a good idea to identify the skills you and your staff already have, so you can understand the strengths and weaknesses of your team.
If you discover a skills shortage, you can either upskill your existing staff (including yourself), or seek those skills externally, by recruiting new staff or contractors, or by outsourcing specific tasks.
This guide explains the skills you need to run a successful business, how to identify existing skills within your team, where you may need training or outside help, and how to seek skills externally.
Essential business skills
As an employer, you need to make sure that your team have the skills to maintain and grow your business. If you identify any gaps in your team's skills, you can then take steps to develop yourself and your employees. Improving your skills helps improve your chances of business success.
Consider whether you and your team have the skills you need to be able to perform the tasks required for the day-to-day running of your business. The following skills are essential:
Manage your business
Effectively manage your finances
You need to be able to manage your cash flow, prepare accurate financial documents and keep concise financial records. Learn more about how to manage your finances.
Manage your staff
Improve your employees' productivity and job satisfaction, and make sure they are safe in the workplace.
Lead your team
Learn to delegate with clear directions and make staff accountable for results. Make the most of your organisational, problem-solving and decision-making abilities. Allocate time in your schedule to mentor your staff and coach your team.
Find out more about how you can develop your leadership skills.
Organise and plan
Schedule and prioritise your projects so you can stay on top of important tasks and deliver services to your customers on time. Be transparent. Share your plans with your staff and relevant stakeholders.
Effective written and verbal communication skills will help you to build good working relationships with your employees, suppliers and customers. Every aspect of your communications should be consistent with the image you are trying to project.
Identify potential customers, mentors and other opportunities for your business. Find out which networking strategies work for you.
Sell your products
Provide excellent customer service
Satisfied customers can lead to profits and referrals to other potential customers. Read more about improving customer service.
Market and sell your products
Price your goods and services appropriately, sell effectively to your customers, and target new customers with a dedicated marketing plan.
Comply with legal requirements
As well as the skills described above, you need to be aware of your business rights and responsibilities. Make sure you understand your obligations and legal requirements when running a business in Queensland.
Each of these sets of skills has many different components and it will be impossible to master them all. You may need to outsource some tasks or recruit new staff to fill skills gaps in your business. Maintaining and improving the skills of everyone in your business should be an ongoing process.