Running a business is no easy feat, and you need to have a specialized skill set to do it successfully. In fact, the reason most startups fail can be attributed to the person behind them. Bill Schantz explains that any business has some core processes that need to be carried out for the business to work, and if you don’t have the skills to do this, your business could suffer.
Core Business Processes That Require Specialized Skills by Bill Schantz
There are some basic functions you need to carry out as a business owner. In fact, even if you don’t run a business, you’d probably know some of them already.
For example, marketing is something every business needs if it wants to make money. To get any sort of revenue, businesses need to be able to sell their products and services properly. Once the money is made, keeping track of revenues, expenses and profits or losses is also important. On top of that, if you have any number of employees, you also have to manage them.
Administrative work is also basic to a business, Bill Schantz explains. There are always tasks that don’t fall into any other category, but are crucial.
Essential Business Skills by Bill Schantz
So, based on these core processes, what are the skills required?
A critical skill that requires a lot of specialization, according to Bill Schantz, is financial management. You don’t just need to keep a detailed and comprehensive record of your finances, you also need to forecast cash flows, predict sales and make decisions accordingly. You need to keep track of your profit and loss so you know how to proceed with your business activities in the future.
Marketing & Sales
It’s also important to be able to promote your offering effectively. To get any revenues at all, you need to make your target market see the value in your product or service and decide that they also want the benefits that are to be gained.
In fact, if you have a lot of business competitors, you may also need to be even better at this so that your audience chooses you over any alternatives.
Running a business means that there would be a number of projects to carry out. From marketing campaigns to setting up a website and developing policies, you need to know how to use your time and resources to achieve your goals in the most efficient and cost-effective way possible.
Time is one of our greatest assets, but we have to use it wisely. In fact, according to Bill Schantz, poor time management is easily one of the ways businesses can fall behind in the market because they were unable to grab their opportunity when it presented itself. Managing time could mean anything from delegating work to others to outsourcing. Knowing what to do at the right time is essential.
Communication is necessary if you want any stage of your business to be successful. From communicating to suppliers and investors to customers and employees, you need to be able to build good relationships with those who can help you make your business a success.