As a business owner you need core skills to execute your ideas to ensure that your new business survives in the long term.
You should start by assessing your own skills and knowledge. This will help you decide whether you need to learn new skills or draw on outside help by delegating, recruiting or outsourcing.
Key business skill areas
Financial management - This includes having a good grasp of cashflow planning, credit-management and maintaining good relationships with your bank and accountant.
Product development - The ability to make long-term plans for product development and identify the people, materials and processes required to achieve them. In order to make such plans you will need to know your competition and your customers' needs.
People management - This includes managing recruitment, resolving disputes, motivating staff and managing training. Good people management will help employees to work together as a well-functioning team.
Business planning - The ability to assess the strengths and weaknesses of your business and plan accordingly.
Marketing skills - A sound marketing approach will help you set up and oversee sales and marketing operations, analyse markets, identify selling points for your product and following these through to market.
Supplier relationship management - The ability to identify suppliers and positively manage your relationship with them.
Sales skills - Without sales your business cannot survive and grow. You need to be able to identify potential customers and their individual needs, explain your goods and services effectively to them and convert these potential customers into clients.
The market research check