To start, run or expand a successful business, there are core management skills you should have across the areas of your business.

8 Business management skills you need to run and expand your business:

  1. Leadership

This involves being agile, intuitive and able to make sound decisions for the better of the business. You are ultimately in charge of moving the business in the right direction by consulting you’re your management team, or external consultants, in order to drive your profits.

 

  1. A sound understanding of financials and managing budgets

As a business owner, you need to have some form of accounting knowledge or managing of budgets. It’s a game of balancing your debtors, creditors and effectively managing your cashflow to ensure you can keep your doors open. The COVID-19 pandemic has forced many SME’s and larger organisations to reduce and adjust their budgets across the board.

 

  1. People-skills

Remember when running a company you are dealing with people at all levels. Not only from an HR perspective, but from client relations and networking too. Any manager needs to possess great communication skills, both verbally and written and the ability to lead your team.

 

  1. The ability to multi-task

It’s a fine art to keep on-top of all the departments and manage the day-to-day running and marketing of your SME. Especially when you find your teams are expanding and there is a need to expand. As any business owner knows, running your own company is a full time job and then some.

 

  1. Business acumen

Wikipedia defines this as “keenness and quickness in understanding and dealing with a “business situation” (risks and opportunities) in a manner that is likely to lead to a good outcome.”

 

  1. Analytical and problem solving

These metrics are acute in ensuring you are making the best, logical and strategic decisions to guide your management team in the right direction and ensure your business is agile enough to survive in a competitive world.

 

  1. Knowing the basics of product, price and consumer demand

These are the pillars and foundations of your marketing strategy as each “P” can lead your company to succeed or fail. It doesn’t help having the right product at the wrong price. Or a great product where there is no demand for it. Click here for my article on the 4 “P’s” of marketing and contact a Startwise expert to guide you on your strategy.

 

  1. Business Planning

You need a formal business plan to share your vision with your employees, partners and investors. It will help map out your competitors, who your target audience is, positioning in the market place, revenue model, financial needs and various other KPI metrics.

 

How to improve your management skills

 

Read online materials – There are a vast amount of online training courses you can take to brush up on your skills. Remember to keep abreast of the trends in your industry and what the economy is doing in order to spot the opportunities.

Mentorship – A mentor can interact with you and analyse any part of your management skills to help identify the gaps and impart knowledge from their own experience.

Reach out to the mentors at Startwise and let them help advance your management skills.