Thursday, September 8, 2016

Establishing & Managing a Small Business

There are certain skills which one require to effectively run his/her small business. Unlike big businesses you can not afford to hire professionals for different jobs. In a small business owners need to wear different hats as per the requirement.

Some of the essential skills needed to run a business successfully are as follows:

Leadership: It is the key skill a businessperson needs to establish & effectively manage his/her business. Leadership includes planning, motivating employees, problem solving, communication, coaching employees, decision making, setting short term & long term objectives etc.

Accounting: It is one of the most important skills one needs to establish & successfully run a business. The small business owner should be able to make budget of his/her business and should be familiar with bookkeeping. Successful business owners  understand their financial responsibilities and timely execute them.

Marketing & Sales:  Small business owners should be able to market and sell their product/services. They should know who their customers are, understand their needs and maintain a good relationship with them. They should work hard to ensure that customers are satisfied with their products / services.

Networking: It helps a business to survive & grow. A business owner needs to give his time & energy on regular basis to make his/her business a success. Networking makes a business stronger as when you meet new people you get new ideas, meet potential customers, meet more vendors and others related to your business. This helps to manage business easily & effectively.

Social networking can be done by actually going somewhere and meeting the people, contacting them by phone or through internet.

Risk Taker: A business owner is always a risk taker. Taking a risk does not mean jumping from an air plane without a parachute but one should take calculated risks. When starting a business the owner should be well prepared to face all the challenges. He / she should have a good understanding of all aspects of the business.

Negotiation: It is also one of the necessary skills a small business owner needs to be successful. This skill is vital to satisfy customers and to strike good deals with the vendors.

I hope you found the above helpful. Please feel free to comment.

1 comment:

  1. This post is very much informative for small business organizations. Establishing and managing a business would be quite tough for a person, therefore, we need some good planning and strategies to develop our small business, apart from these, we should also need the help of leadership, accounting, marketing and sales as mention in this article. Thanks for such a wonderful article with useful information.
    Business Coach