Do You Have What It Takes To Tackle A Business?
Being successful in the business environment takes special skills. These skills may be developed before entering the global workplace or honed in the global environment, but most often nurtured during academic study. Employers are looking for employees with these skills to develop future business. The following traits are simple yet crucial for a successful career in business.
Communication Skills
Communication is a critical aspect and is often taken for granted as virtually everything in business requires this skill. Communication skills pervades all aspects of the organisation, ranging from hiring a new employee, assigning the right staff to the job, dealing with various stakeholders' matters and especially when dealing with problems. Nothing can move forward without good communication.
Sales and Marketing Skills
Establishing successful sales and marketing methods and policies, from pricing and advertising to sales techniques are essential for the growth of any business organisation. Sales and marketing involves the ability to analyse competition, marketplace and industry trends to assist in the development of the organisation's marketing strategy to generate new business and in turn build profitable revenue streams.
Leadership Skills
Leadership is a process of getting things done through people. It is a critical management skill as it involves the ability to motivate a single person or a group of people toward a common goal. Leadership requires the ability to take charge, assemble, mobilise, and motivate teams. It also involves the need to forge long-term relationships with prospects, customers, suppliers, employees and investors.
Team Building Skills
Team-building and teamwork skills are essential in today’s business environment. Employees working at their full potential and skill ability in teams generate better solutions and more productivity than individual members working independently. The key is to know how to build teams of employees, partners, advisors and investors that will ensure the positive growth of the organisation.
Financial Management Skills
Finance is the application of a set of techniques that individuals and businesses use to manage money, particularly between income and expenditure and the risks of investments. Financial performance in any organisation is of the upmost importance as it involves timely budgeting and reporting which includes the interpretation and analysis of financial statements in such a way as to identify variables that are adversely affecting profitability.
Analytical Skills
Today’s modern business environment has become more technologically advanced. As such, with this rapid increase of technology, there is an increase need for analytical thinking. Analytical thinking is the ability to objectively assess the present state of the business, to determine positioning in the present and future and also how to reduce the gap between the present and the future for the growth of the business.
General Management Skills
Management involves directing and controlling a group of people for the purpose of coordinating activities in the accomplishment of an intended task. Management encompasses the deployment of human resources, financial resources and technological resources. It is vital to know how to develop and implement a dependable management system that will manage daily operations, nurture stakeholders and support business growth.
Delegation Skills
Delegation involves assigning tasks and responsibility to others for the completion of work. This most often involves routine activities of the business. Delegation involves the correct balance between effective controls and giving freedom to the staff to complete their job effectively.
Cash Flow Management Skills
Cash flow is the movement of money in and out of any business organisation. It is generally acknowledged as the single most pressing concern of any organisation. Cash flow is the life blood of all business activities and most often is the primary indicator of the organisation’s business health. The effect of cash flow is immediate, and if mismanaged, totally unforgiving. The key is to know how to monitor, protect, control, and put cash to work.
Negotiation Skills
Formal negotiation is a skill that can be learned through experience and practice. Negotiation skills involve what
to say, when to say or when not to say it, or when to make or when not to make concessions. The purpose is to develop a win-win approach in negotiations with all parties, but at the same time, to be mindful that you want to obtain the most favorable outcome for yourself.
Time Management Skills
Time Management is a set of related common sense skills that assists in managing time in the most effective and productive way. Time management is a very important skill to master as it will empower greater achievement and productivity. The key is to know how to manage time efficiently and to focus on the activities most likely to deliver value to the organization.
Strategic Planning
Strategic planning is a very important business activity. It is a process of defining the organisation's strategy or direction, and making decisions on allocations of resources of capital and people. This involves elements to project the organisation's future performance within a three to five year timespan or more, all this supported by a well-defined business plan.
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