Last updated on Mar 18, 2024
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Communication skills
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Digital skills
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Financial skills
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Leadership skills
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Creativity skills
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Learning skills
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Here’s what else to consider
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As a small business professional, you face many challenges and opportunities in a dynamic and competitive market. You need to constantly adapt, innovate, and grow your skills to stay ahead of the curve and achieve your goals. But what skills are the most essential and valuable for your success? Here are some of the key skills that every small business professional should have or develop.
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- John Reinesch I help small business owners get more people to want to buy their services without large advertising budgets. 1
1 Communication skills
Communication is vital for any business, but especially for small businesses that rely on building trust and rapport with their customers, partners, and employees. You need to be able to communicate clearly, effectively, and persuasively in different situations and platforms, such as emails, phone calls, presentations, social media, and meetings. You also need to be able to listen actively, ask relevant questions, and provide constructive feedback. Communication skills can help you create a positive brand image, resolve conflicts, negotiate deals, and motivate your team.
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- John Reinesch I help small business owners get more people to want to buy their services without large advertising budgets.
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Effective communication is critical for any small business. From negotiating with vendors to engaging with customers and leading a team, the ability to convey ideas clearly and listen actively has been pivotal in my journey. I've learned that adapting my communication style to different audiences and platforms, and learning more about storytelling has helped me enhance the impact of my message and build stronger relationships.
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2 Digital skills
Digital skills are no longer optional for small business professionals. They are essential for staying relevant, competitive, and productive in the modern world. You need to be familiar with the basic tools and platforms that enable you to run your business online, such as cloud computing, e-commerce, online marketing, and cybersecurity. You also need to be willing to learn and adopt new technologies and trends that can enhance your business performance, such as artificial intelligence, data analytics, and automation. Digital skills can help you optimize your operations, reach new customers, and improve your customer service.
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- John Reinesch I help small business owners get more people to want to buy their services without large advertising budgets.
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Having a handle on digital tools and platforms is non-negotiable. I've made it a point to continuously upgrade my skills in areas like social media marketing, SEO, and the use of productivity tools. Embracing digital tools not only improves efficiency but also opens up new avenues for marketing and customer engagement. For instance, leveraging analytics has enabled me to make data-driven decisions, significantly boosting my marketing efforts.
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3 Financial skills
Financial skills are crucial for small business professionals who need to manage their cash flow, budget, and profitability. You need to be able to track your income and expenses, analyze your financial statements, and plan for the future. You also need to be able to make informed decisions about your pricing, investments, and funding options. Financial skills can help you avoid financial pitfalls, maximize your profits, and secure your financial stability.
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Financial understanding is, of course, central to managing and growing one's own business but also in having a fundamental working knowledge if one operates within the financial services sphere.A good starting point could be recognised courses like the CFA or perhaps IMC. Alternatively, reading a selection of well-known texts can also be helpful.There is however no substitute for gaining practitioner experience in your chosen area within finance. These experiences can then be taken into adjacent spaces in your future career, to perform related roles or as an advisor to firms looking to operate effectively in the space.
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Understanding the financial aspects of running a business is critical. I've focused on developing skills in budgeting, financial forecasting, and analysis. This knowledge allows me to make informed decisions, manage cash flow effectively, and plan for growth. Learning how to read financial statements and use them as a decision-making tool has been particularly beneficial for me.I had no financial background before starting a business, and learning the fundamentals of finance has helped me have a better understanding of how my business is performing.
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4 Leadership skills
Leadership skills are important for small business professionals who need to inspire, guide, and empower their team members. You need to be able to set clear and realistic goals, delegate tasks, and monitor progress. You also need to be able to foster a positive and collaborative culture, recognize and reward achievements, and address issues and challenges. Leadership skills can help you build a loyal and engaged team, increase your productivity, and achieve your business vision.
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5 Creativity skills
Creativity skills are valuable for small business professionals who need to differentiate themselves from their competitors and offer unique and innovative solutions to their customers. You need to be able to generate new ideas, think outside the box, and experiment with different approaches. You also need to be able to embrace change, overcome obstacles, and learn from failures. Creativity skills can help you discover new opportunities, solve problems, and create value for your business.
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Creativity can of course take many forms within one's career. For example, in a sales context using unique and creative ways of positioning products to prospective customers can propel discussions with busy C-Level executives.For more complex sales processes, clients may have very specific requirements within a commercial construct and so fixed and variable dimensions could be required. Probably the most important aspect of a commercial structure is to properly understand and document the client's requirements during the initial phase.
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6 Learning skills
Learning skills are essential for small business professionals who need to keep up with the changing market demands and customer expectations. You need to be able to identify your strengths and weaknesses, seek feedback, and pursue continuous improvement. You also need to be able to access and evaluate relevant information, acquire new knowledge and skills, and apply them to your business context. Learning skills can help you enhance your performance, adapt to change, and grow your business.
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- John Reinesch I help small business owners get more people to want to buy their services without large advertising budgets.
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The willingness to learn and adapt is perhaps the most critical skill for small business owners. I make it a point to stay informed about industry trends, attend workshops, and seek mentorship. This commitment to continuous learning has equipped me to pivot when necessary and capitalize on new opportunities.I find that I often have to learn new skills and get good enough at them before I can hire effectively and expand my team.
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Working as an advisor demands the ability to rapidly learn and assimilate mission-critical information around your client's key objectives and value proposition. Only once these are clearly understood can one draw upon experience, knowledge and relevant network contacts to help accelerate opportunities, sales, and by logical extension, business growth for the client.
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7 Here’s what else to consider
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