3 Business Skills You Need and How to Develop Them

It takes more than just time and effort to run a business. It requires a specific skill set. We have previously covered strategies you can use to further your business in our ‘5 Steps Entrepreneurs Can Take to Accelerate Their Business’ article, and Step 2 is critical self-evaluation — a brutally honest look at yourself to find what it is you’re lacking. You can’t afford to skip this step, because knowing what you need to improve on is vital in any good businessperson. Many entrepreneurs find that they’re missing the business skills they need to take their company to the next level. So, in this article, we’ll be tackling three of the most crucial business skills and how you can develop them.

1. Communication and Intrapersonal Skills

Communication is essential in any line of work. And good communication skills help you get your message across clearly. This is crucial when you’re interacting with both clients and employees.

To improve your communication skills, you need to work on your intrapersonal skills, particularly your self-awareness. Conversations are a two-way street, so you need to know when to speak and when to listen. Striking this delicate balance involves knowing yourself as well as understanding the person you’re having a conversation with. If you’re really serious about improving your skills, consider joining professional associations in the field of Communications and Media to supplement your work and make valuable connections. Here’s a list of organizations compiled by the Arizona State University to get you started. Remember: Honing your communication skills can help make you more articulate and eloquent, which is a big plus for potential clients and business partners.

2. Business Administration and Management Skills

Running a business will require you to oversee different people and projects, so management skills are vital, as they ensure that operations go smoothly. There’s so much that goes into managing a business that you need to be mindful of. ZenBusiness’s guide to Arizona LLCs points out that business owners can design the management and ownership structures to cater to their needs. Such flexibility can prove a challenge as it falls to the business owner to structure the company efficiently. Moreover, they’ll have to be mindful of paying their personal taxes based on the company’s earnings. These require a significant amount of administration skills, and that doesn’t yet include handling day-to-day operations.

One way to improve this skill set is to expose yourself to situations that involve decision-making. By doing this, it will exercise your analytical thinking skills, as managers need to analyze problems and propose the best possible plans for moving forward. Another way is to turn to outside support. Seeking counsel from others can give you different perspectives on the same problem, providing you with more options to go about it.

Meanwhile, a business administration degree can also help beef up your resume while letting you build a solid foundation for your management expertise. These courses can be tailored to your specific needs, from management and marketing, to more advanced topics on cybersecurity and finance, which can help you build a well-rounded foundation in management and administration. This has a huge effect on your resume, as Investopedia writes that your educational attainment can show that you have specialized knowledge and technical skills. However, it should never replace work experience. So, should you decide to study, don’t neglect your current work! Both of these make you a more capable worker, and by continually honing your management skills, you become a better entrepreneur and as a result, will hopefully improve your business in the long-term.

3. Networking Skills

Finally, connecting with like-minded professionals and potential investors is a great way to improve your company’s image and bolster its growth. Effective networking comes with plenty of benefits, such as the potential for finding new talent or meeting prospective customers. So, there’s no reason why you shouldn’t be looking to build a solid network. You can check out the Small Business Administration website to learn about upcoming events here in Arizona. It also has tons of resources that you can utilize.

But, going back to networking, such skills hinge a lot on communication, so be sure to constantly improve these soft skills. Just note that it also depends on your ability to maintain a bond with your network. A simple way to improve your networking skills is to create a calendar that shows when you’re going to follow up with your connections. Remember that following up does not have to involve a business-related endeavor. Sometimes, all it takes is an invitation to go out and do something you both enjoy — eating at a nice restaurant or going to a sporting event may do the trick!

We hope you’re working on these three skills! If you’re looking to really improve your skill set, sign up for our Private 1 on 1 Coaching sessions. We’ll take a critical look at what’s holding you back and what you need to propel you forward. Together, we can make your business goals a reality!

About the Author: Alina Palmer is a freelance business consultant with eight years under her belt. During her free time, she enjoys reading mystery novels.