Business Mastery: Achieving Success with These 10 Must-Have Skills

blog post by Stev Stegner

Business mastery starts with knowing what you need to know to be successful.  Many business owners start as employees and develop skills from a mentor.  These skills are refined until the opportunity arises for someone to start their own business.    The new owner often feels they will just figure it out as they go.  This strategy can work, but the statistics show that 20% of new businesses fail in the first year without mastering the skills they need to work on the business vs in the business.  If you need help, schedule a discovery call with Stev Stegner Consulting, otherwise, here are the 10 must have skills to running a business:

1. Financial management: Understanding financial statements, budgeting, and cash flow management are essential for making informed business decisions and ensuring the long-term success of a business.

2. Marketing: Understanding how to reach and engage with customers through various marketing channels, such as social media, email, and content marketing, is crucial for driving sales and growth.

3. Sales: Being able to effectively sell products or services is essential for any business. This includes understanding the sales process, building relationships with customers, and closing deals.

4. Strategic thinking: Having the ability to think strategically and make long-term plans for the future of the business is crucial for success. 

5. Leadership: Being an effective leader means being able to inspire and motivate employees, set a clear vision, and make difficult decisions. Blog on Leadership

6. Project management: Being able to plan, execute, and close projects on time and within budget is essential for keeping a business running smoothly.

7. Communication: Being able to effectively communicate with customers, employees, and partners is crucial for building strong relationships and running a successful business. 

8. Problem-solving: Being able to identify and solve problems quickly and effectively is a key skill for any business leader. 

9. Time management: Being able to effectively manage your time and prioritize tasks is essential for staying productive and meeting deadlines. 

10. Adaptability: Being able to adapt to changes in the market, customer needs, and industry trends is essential for staying competitive and growing a business.

It's worth noting that these skills are not only necessary for business owners but also for anyone who wants to advance in their career or start their own business. Additionally, it's important to keep learning and developing these skills as the business world is constantly changing, and the skills that were useful yesterday might not be as much today. Want to master these skills, see my blog on the 10 Best Business Books of 2022.

Stev Stegner Consulting has been helping businesses for over a decade.  Feel free to schedule a free Discovery Call.  Stev enjoys the helping owners and managers grow their businesses, solve employee issues, balance family and work responsibilities and create a business that is sellable in the future. He will help you make more money, give you the confidence you need to be content and create more time for you to enjoy life.

Stev Stegner, MBA
Coaching, Mentoring, Training