facebook twitter youtube google plus linkedin

8 Skills That A Mature Business Owner Needs

8 Skills That A Mature Business Owner Needs

By Hunter Leonard

For the last decade I have been running a survey with over ten thousand business owners. From this survey, we have been able to develop a practical method on how you can start and run a more successful business.

Using the experience of these ten thousand business owners, who are in a sense out on the journey ahead of you, I’ve been able to distill 8 key skills you’ll need to avoid their mistakes and be more successful.

For years, business owners have been told they need to work ON the business, as opposed to in it. But no-one has ever been told specifically what working on the business means.

Here are eight areas to help you focus on this:

#1 Strategic Planning

First, you’ll need to have strong skills in setting goals and then ensure you have a strong strategic plan to actually support you in reaching those goals.

#2 Marketing

Before you even begin to market to your potential customers, you will need knowledge of your customers, the market you are going to operate in, the competition and of course your own business. This knowledge can be translated into a marketing program that will produce effective results.

#3 Sales

You will need to be a good salesperson for the products and services of your business. Afterall, if you can’t successfully sell your own product or service who can?

#4 Managing Money

Money management is another critical skill and in particular understanding the flows of money into and out of the business and how to control them. As well keeping consistent records and reports are necessary for tax reporting purposes.

#5 Managing Quality

Quality control is up next, and you will need to be able to set the standard of quality you want to provide with your product or service. It doesn’t matter if it is a well mowed lawn, or a properly groomed pet. Quality is important to the customer and they will pay for quality that meets their expectations.

#6 Client Service

Delivering on promises and servicing the client is extremely important. If they don’t receive the service they expect they will not come back and chances are also potentially tell their family and friends about their disappointing experience with you.

#7 Managing People

You’ll need to be able to manage people – whether they are staff, suppliers, stakeholders or customers.

#8 Be Adaptable

And finally, in a world which seems to be moving faster and faster everyday, with increasingly global competition and technology, you will have to be ready to monitor market trends and adapt your business to guarantee your long term survival.

This may sound like a daunting list, but by knowing the skills you need and working on improving them as you develop and grow your business will help you on the journey to being successful.

Hunter Leonard is a best selling author and business owner based in Australia who has helped over 500 clients achieve more than $2billion in revenue growth. He is passionate about contributing to an end to ageism. His best selling book – Generation Experience – which details these 8 steps in depth, is available now on AMAZON. For more information please visit silverandwise.com.au