Key Skills for Small Business Owners

Discussion in 'Articles & Tutorials' started by bytrade001, Oct 18, 2011.

  1. bytrade001

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    Jan 6, 2011
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    1.Have a well-defined business plan – A business plan will force you to put pen to paper and formalize your goals for the company. It makes a tangible record and action plan for success. A business plan may be formal and detailed or it may simply be a hand-written account of your current status, the desired status, and the actions you intent to take to get there – and deadlines for accomplishing them!

    2.Evaluate your resources – You are a limited resource. Owners simply do not have the time to do every task – it isn't productive or profitable. When it comes to accounting, get a bookkeeper; for safety training, outsource to an e-learning training program or online e-learning solution; and for achieving your COR, seek the help of a COR safety specialist. Paying for these additional resources will save you money in the long run by freeing up your time and improving your overall quality of service.

    3.Hold meetings – Whether you are one person or one hundred, communication remains essential to the success of any endeavour. Decide when and how often you will meet, set an agenda of issues to discuss and hold the meeting. If you are alone for your meeting, or your partner is patiently listening to you talk, then great! This is a way to expand on the business plan with details of action that is being taken and what the current status is. Basically, you will be following up with yourself.

    4.Set due dates and adhere to them – It's important assign responsibility for action along with a date of completion to all tasks. Without this you will end up with loose ends, unfinished business and confusion as to who was doing what, when.

    5.Take time off – Do not work around the clock. While this may seem tempting to be available to your clients 24/7, it is not a precedent you want to set and it's not good for your health either! For home based businesses, be sure to define the time of day which you will end work. Turn off the computer and leave the office for the day. By setting defined times you will create balance in your work and life which will translate to a happier, healthier and more profitable you
  2. BODHost

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    Oct 18, 2011
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    I think we need to discuss challenges as well. IMO, the key challenge for small business entrepreneurs are to gain advantage over social control skills for e-business. They should also focus on the availability of SME friendly e-business solutions and a better use of advanced e-business applications by SMEs. Analytical skill is yet another point which may help them to solve key business issues.
  3. Ronald Williams

    Ronald Williams
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    Oct 10, 2011
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    A list of the fifteen most important skills a business person can have.

    1. Hunger for new knowledge
    2. Problem solving skills
    3. Creativity, imagination and inventiveness
    4. Networking skills (upward networking, leveraging)
    5. Ability to get others to work for you (delegation)
    6. Efficient time management abilities
    7. Efficient resource management
    8. Strategical analysis - where to focus
    9. Ability to make tough decisions
    10. Written and oral communication
    11. Passion, energy and excitement
    12. Ability to listen to other people's ideas
    13. Know your audience and treat them well
    14. Organization of documents, information and resources
    15. Ability to set example with actions.

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