6
KEY SKILL SETS FOR
SMALL BUSINESS
SUCCESS
ver wonder why some people succeed in
business and others fail? What are the key
skillsets that those successful small business
owners possess? More importantly, how do you
get them?
success: Communication is the lifeblood of business. Successful
business owners are those that can identify and connect
with their clients, stakeholders and staff utilising
multiple communication formats; verbal, written, email,
text, social media, Zoom, Skype … the list is endless.
Successful communication is about knowing when and
how to use the different mediums, developing effective
listening and questioning techniques, understanding
the impact of body language, displaying empathy and
knowing how to negotiate.
01. Time Management 03. Financial Literacy
It might sound simple but sometimes it’s the simple
things that make the difference. As a small business
owner, you are constantly juggling multiple demands
of clients, staff, other external stakeholders, finances,
family and health. But working constant 12-hour days is
not the answer. Rather, it’s a fast track to burnout and an
indication that your internal systems are not as efficient
as they should be. Good time management means you
have planned and prioritised your day, week, month and
acted/delegated accordingly. Don’t forget that you also
need to plan time to deal with those little emergencies
that arise and more importantly, plan your “down time.” It’s surprising how many small business operators start
their business with little or no understanding of financial
literacy. This is akin to starting to drive without first
reading your Learner’s Manual. Knowing how to set
up and monitor a business budget, understanding the
importance of cash flow, how to read a Profit & Loss
and Balance Sheet and more importantly, understand
why profit does not equal cash in your bank account, is
critical to business success. A lot of small businesses fail,
not because they’re not profitable, but simply because
they cannot manage their cash flow. This is particularly
important in the start-up, growth phase of your business
life cycle.
With over 20 years’ experience working in, on and
around the Small to Medium Sized Enterprise Market
across a wide variety of industries, Business Advisor
and Chartered Accountant, Dianne Brown believes the
following six skill sets are the key to small business
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02. Communication
Women’s Network Magazine