Skills for running a small business

Skills for pull outning a sm any transmission lineSKILLS FOR RUNNING A SMALL BUSINESSThere argon a number of skills required to bunk a proceedsion line. You will guide to enjoyment the skills you have and probably excogitate new atomic number 53s as intimatelyIt is often not possible for one person to have completely the skills, in this case you might consider taking on staff or perhaps a partner to fill the gapsWhat winning of skills do you think are wished to forge a channel?Skills relating to products or services solicitude skillsRecording and checking performance skillsSelling skills giving medication skillsPrevious experience, although not a skill will easeThe aptitude to recognise your own strengths and weaknesses1. Skills relating to products and/or servicesSome products or services require medical specialist skills to disclose or provideEven if you buy your products or services in, the people in your communication channel that deal with nodes still get hold of a detailed knowledge of what is on offerYou will need to think about these skills for your argument, do you have them, are you planning to develop them, or are you issue to employ someone who has them?2. heed skillsHenry Fayol suggested there are 5 primary functions of management, to be a successful manager you will need to have or develop skills in these areas.PlanningOrganizing leashCo-ordinatingControlling (processes, performance etc, NOT people)Some people now think Fayols ideas are a scrap old fashioned, however the basic principles of management remain the sameA more modern writer, Katz, identify 3 main components to being a good managerTechnical skills about the product or serviceHuman skills, interacting with others and leading effectivelyConceptual skills, coming up with new ideas, decision devising and problem solving3. Recording and checking performance skillsOne of the main roles of a business owner is to reminder how well the business is doing so that th ings can be changed if needed Performance cadences need to be set, these should allude back to the aims and objectives and be SMART Actual performance is measured, information is reward unitedlyed. What information would your business need to collect? Actual performance is compared to the standards, if they are being met no further movement is needed Corrective action is taken where required How good are you at following this kind of process, do you have an centre for detail, are you likely to follow up and measure? You will need to make use of your validational and analytical skills4. Selling skillsAs a small business owner you may need to use ad hominem selling to get your potential customers to buy effectual communication skillsPersuasion skillsAn sensibleness of buying signals from customers (Observational skills)The qualification to close a sale (Negotiation Skills) genuine listening skillsIdentifying product needs in the customerGood product knowledgeA lot of these skills can be learnt if you dont have them5. Administration skills.Administration skills are vital to any business. To be good at administration you need to have a lawful approach, be well organised, pay attention to detail and have good communication skillsAccurate organisation of customer files and dataLetter writing, faxing, emails, telephone calls etc (Technological skills)Preparation and dispatch of invoices, paying billsManaging budgets6. Previous experience (although not a skill, this would be useful)If you have already worked in a exchangeable bon ton or associate business this will help you. Also if you are basing your idea around a hobby or interest this may also give you some expertiseIf you have worked in a similar business you may have seen problems in that one that help you to avoid them yourself7. Strengths and WeaknessesNo-one is good at e precisething so you need to be honest about what you can and cant doRecognising your strengths will help you fix the busines s around things you are good atWeaknesses should not be ignored. Once you are aware of them its important to implement a strategy to either eliminate them or prevent them from undermining the business learn you could enroll on a course, possibly with a local college. There are also split up of companies around that specialise in training so you might be able to contact one of them. Beware though, sometimes they can be very expensive, particularly if they are specialisedTake on a partner if they compliment your skills this may be a good idea. There may be no upfront expense associated with this but they will expect a share of the profitsDo some business networking this is where you attend events that attract other business people, you can talk to them, make contacts, get advice and possibly sales leads as well. For most small businesses this is an excellent option. Business impinging, Chamber of Commerce and look at associations are sources that can help with thisEmployees you could always advertise for an employee with particular skills. Specialist employees may expect high salaries so could be expensiveThere are a number of areas that you can get master help in. It can be really expensive so be sure you know what youre getting into before you commit. What kind of professions do you think can help?Business consultants you can employ see business people who will share their expertise and knowledgeAccountants Most small businesses will need to employ a professional accountant, particularly to set up the legal status of the business and produce the annual accountsSolicitors will advise on any legal matters, contracts and the like with regards to the businessBusiness Link an organisation set up by the government (Department for Trade and Industry), they offer services similar to business consultants but because they are government funded they are cheaper. You may have to wait for them, they are generally very busyYou are now ready to do a skills aud it. You need to perform an objective and veracious assessment of your suitability and the skills you possess to guide the business you have chosen. You need to appraise your own skills and abilities candidly and identify any gapsFor the first part you need to compile a list of the skills needed to pass by your business and a realistic assessment of whether or not you have them at the moment.You now need to put an outline job description together that describes the skills needed to run your business.Skills relating to products or servicesA keen interest in the product sold by my business shal be a urgency n the working of the smart set, Also a ability to know the whole of the procut along with its functionality shall also be required. It would also be needed that a ability to answer customer demands in regards to a product, to run the business smoothly. Obvioulsy therefore in light of this a ability to use and demonstrate the product shall be required along with a ability to ma rt the product as well as the business enteprie itself.Management skillsTeam management shall be needed when running my business, especially in the field of marting. Whereby groups of ndividuals shall market the product outside the company, and therefore good management technique shall need to be drawn upon. furthermore to this senior management shall be needed to direct the company and its product as the business gros and develops. This ability to lead the business shal undoubtably be a massive requirement in regards to moving th company forward in the future.Recording and checking performance skillsRecording and checking the companies performance shall be a necessity as in any other eneterprise. Particularly in the business of a new innovative product, market analysis and checking shll be a hugely needed requirement. Furthermore a ability to check company financial performance shall be needed to ensure the company is hitting projected performance targets as a whole.Selling skills A strong ability to sell the product of which we sell shall be neededwithin my business, for It go along success. A ability to sell the product in bulk orders would be preferable and also to sel the product in a friendly manner too. Also when sales are lost an ability to rule book and suggest how the sale went wrong shall also b e a required skillset.Administration skillsAdministration skills as in any business shall be critically important. In order to run my business successfully a srong administration skillset shall be needed. This shall allow for all paperwork and smaller tasks within the business to all be completed to a standard that ensures the company in kept up-to-date in all its work and legality documents.Previous experience, although not a skill will be useful cozy auditStrengthsWeaknessesExternal auditOpportunitiesThreatsSkills AssessmentTeam Member (Anonymous)SkillAdministrationSkillManagementSkillSellingSkillProduct KnowledgeSkillOperationsSkillCustomer attend13323 53244224335312524322341Tally antecedenceRating Scale 1-5 (1=Good, 5=Poor)Statement 1Your selling skills within your business at the momen its its sterling(prenominal) quality. However its clear that the area of operations can greatly do with improvementStatement 2Operations is a poor area of your business to date, in terms of how everything works and things fit together however management like selling is a better quality existing.Statement 3Your customer service at the moment is good, however a better knowledge of the products you shall would be of greater use and further help your customer service.Statement 4Your management skills however currently good theres a great amount of room for improvement in this skillset. This can be achieved by leading your employees more effectively of which shall also cross over and improve your results for the operations section of your business.Skills I need to run my businessDo I currently have theseEvidenceSelling Skills in regards to the product Good Customer ServiceI feel that currently my selling skills are of a good standard however would greatly need improvement in the future. In order to run my product establish business to a successful take aim. It key therefore that this skill is worked upon and developed.Along with a ability to sell, with my business being around a product good customer service shall be essential. It shall be pet that I develop a good level of customer service skills that are used throughout my business.Selling products within young enterprise group.Speaking to customers of young enterprise and helping with order placements.Skills I need to developPurpose for developmentHow will I achieve thisBy WhenNeed to develop operations skillsTo improve my ability to work a business. And to get it functioning towards a objective. Allowing for the business to run smoothly and operate successfully. This shall be key in ensuring my business is of a good working level and leads to a strong company as a whole.I s hall achieve this by working on the area of operations within a business. I shall therefore take roles relating to operations more often and work in those areas with great care in order to improve within that particular area.I aim to achieve this particular goal by February 2010.TargetReview point 1 February 2010 figure achievedEvidenceIf not achieved how can you achieve them in the futureTargetReview point 1 April 2010Date achievedEvidenceIf not achieved how can you achieve them in the future