Are you a small business owner determined to make sure your company succeeds?
Are you motivated, knowledgeable, and want to double-down on growth for your business? One of the best ways you can ensure success for your company is to make a consistent effort to improve your skills as a business owner. Work on the following five skills and chances greatly increase that you will build a profitable small business.
The success of your small business can often depend on your relationship-building skills.
How you network and how you get along with others can go a long way in determining the growth of your business. Look at every connection as an opportunity to build your business; you never know when those connections will come in handy. Whether you are attending a chamber of commerce meeting, chatting in line at a grocery store, or interviewing an employment candidate, focus on making a connection that might be helpful in the future. Business owners with strong networks tend to build thriving companies.
Team building is another critical skill you should hone as a small business owner.
From your interviewing skills to your training skills, each aspect of your human resources game needs to be sound. The better you get at hiring top performers, the stronger your business will become. Learn to promote team members, reward them for exemplary performance, and build a culture of camaraderie amongst your team. The expression “you’re only as good as your weakest link” applies to small business; when you become a better team builder, your business will reap the rewards.
Improving your negotiating skills can also help your business grow.
When you learn how to negotiate with everyone from suppliers to employees, you become a stronger leader. Suppliers come to know you as a tough (but fair) negotiator and employees learn the fine art of negotiation from their boss. Learning to become a better negotiator helps employees understand the power of cost/benefit analysis, a skill that will take them far regardless of their career path.
One of the savviest moves you can make as a small business owner is to build a substantial nest egg before starting your business.
When you have enough financial backing, you are able to make business decisions without a constant fear of catastrophic loss. You’re more willing to take chances and bet on your own street smarts to see you through. Hone your savings skills before you start your business and continue to practice those same frugal ways once you have launched your company.
Small business owners who work on their public speaking skills open themselves up to multiple opportunities.
Not only do you become more confident in dealing with employees, but you tend to become more confident networking outside your business too. Speak at entrepreneurial gatherings in your town, offer your expertise to a local TV show, or launch your own YouTube channel to highlight your business knowledge. You’ll be amazed at how your business confidence grows when you’re not afraid to speak in front of an audience.
Work on these five skills if you want to help your company grow. Owning a small business is a work in progress; continue to polish your skills and your company will benefit from your efforts. What do you think? Are there skills you’ve worked on to become a better small business owner?