IMPORTANT BUSINESS SKILLS
Important Business Skills
How do you want to change the world?
Many small businesses are experts at their craft or skillset, but they’ve never had specialized business training. Essential skills like accounting, marketing, sales, and operations are necessary to ensure the long-term success of your emerging business. They enable you to navigate challenges, make informed decisions, and create a business that survives and thrives.
While there is an endless amount of information to know about business, here are some basics that will help you get started.
Business Fundamentals
Understanding business fundamentals is essential for a new business owner as it lays the groundwork for success in the dynamic world of entrepreneurship. Business fundamentals cover a range of key concepts, including organizational structure, market analysis, strategic planning, and risk management. These skills help a business owner make informed decisions, set clear objectives, and navigate challenges effectively. By grasping the basics of business operations, finance, and strategy, entrepreneurs can build a solid foundation for their ventures, enhance adaptability, and increase the likelihood of long-term success in a competitive market. Learning these fundamentals is like creating a roadmap that guides the business toward growth and sustainability.
- Entrepreneur Academy opens in a new tab - SBDC Network
The Entrepreneur Academy helps small businesses obtain online counseling, training, podcasts, webinars, and more. - Small Business Development Center Training opens in a new tab - SBDC Network
Small Business Development Centers offer free workshops and training to help small businesses learn skills like digital marketing, website creation, and business development. - Learning Center opens in a new tab - Small Business Administration
Access courses on planning, launching, managing, marketing, and growing your small business.
Accounting
Learning accounting is crucial for a new business owner as it provides the necessary financial insights to make informed decisions and ensure the financial health of the company. Accounting involves tracking and managing financial transactions, recording expenses and revenues, and preparing financial statements. Acquiring accounting skills enables a business owner to monitor cash flow, track expenses, and understand the overall financial performance of their venture. This knowledge is vital for budgeting, tax compliance, and demonstrating financial stability to potential investors or lenders. By mastering accounting basics, a new business owner can maintain financial control, make strategic decisions, and foster long-term sustainability for their business.
- Tax and Accounting opens in a new tab - SBDCNet
Understand federal, state, and local tax and accounting requirements. - Manage Your Finances opens in a new tab - Small Business Administration
Learn about balance sheets, accounting methods, and how to get accounting help.
Sales and Marketing
For a new business owner, mastering marketing and sales is essential for building a strong customer base and driving revenue. Marketing involves promoting your products or services to potential customers, creating brand awareness, and establishing a compelling presence in the market. Sales, on the other hand, focuses on converting interested leads into paying customers through effective communication and persuasion.
Learning these skills allows a business owner to understand their target audience, craft compelling messages, and employ strategies that resonate with customers. Effective marketing and sales skills enable the owner to showcase the unique value of their offerings, create a positive brand image, and ultimately boost sales. By acquiring these essential skills, a new business owner can lay a solid foundation for growth and long-term success in a competitive market.
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Marketing and Sales opens in a new tab - Small Business Administration
Learn marketing and sales basics like how to make a marketing plan, spread the word, and choose how you’ll accept payments. -
10 Local Marketing Strategies that Work opens in a new tab - Small Business Administration
Learn how to attract prospects within your geographic area through local marketing.
Hire and Manage Employees
The success of a business often hinges on the strength of its team. Learning skills in hiring and managing employees is essential. Investing time in developing advanced leadership and HR skills ensures that businesses can attract top talent, foster a positive work environment, and navigate any staffing challenges that may arise.
- Hire and Manage Employees - Small Business Administration
Establish a basic payroll structure to help you hire employees. Then, manage employees properly with a general understanding of state and federal labor laws.
Personal Finance
Learning personal finance is crucial for small business owners as it helps them manage business finances wisely, make informed decisions, and ensures overall financial stability for both their business and personal life.
- How to Conduct a Financial Checkup - Investopedia
Here's a simple system for assessing your fiscal fitness. - Financial Steps to Take Before Starting a Business - Northwestern Mutual
These financial steps can help you set your business up for success. - Prepare Your Personal Finances for Business Ownership - Due.com
An article discussing strategies to improve your personal finance. - Personal Financial Planning for Entrepreneurs | January 2022 - University of Louisianna Lafayette
A workbook to help you take control of your finances today and in the future.
