9 Skills Successful Business Owners Excel at

• Delegation Skills — Delegation involves assigning responsibility to other people for the completion of work. Ideally you want your employees to be empowered to carry out the routine activities of your business.  One way to accomplish this is to give employees a percentage of the business as it grows. Or bonuses that make them feel like they are an integral part of the business success. That way they have buy in and will go above and beyond to help ensure the success of the business. The more proficient they are, the more they sell, the better they are at their jobs, t and he bigger bonus they will receive. When they feel invested in the company they will help you grow your business and achieve success. The key is knowing how to make your business work, rather than your business working you!  

• Communication Skills — Everything you do requires improved communications. To be effective in business, you have to communicate well. When you communicate you need to be clear about your expectations. The key is to know how to effectively communicate your vision with passion and conviction. There are many resources available to help you learn effective communication skills.  Engage the services of a qualified coach to help you learn to communicate and then practice daily.

• Negotiation Skills — Everyone negotiates informally on a daily basis without even being aware of it. Formal negotiation is a skill that can be learned through experience and practice. People who negotiate frequently tend to be more skilled at it than people who have not participated in many formal/informal negotiations. Experienced people are more likely to know what to say, when or when not to say it, or when or when not to make concessions. The key is to know how to develop a win-win approach in negotiations with all parties, but at the same time keeping in mind that you also want to obtain the most favorable outcome possible for yourself.  Make sure the negotiation is a win-win for both parties.

Always know the outcome you want from the negotiation before you engage in the conversation. Always let the other party go first. Use your own contracts when you can. Be willing to walk away or leave something on the table.  Have items in your back pocket that you don’t really care about when you negotiate so the other party believes you are compromising as well. 

For example: when you negotiate on a car deal, here are things you don’t care about that the dealer doesn’t know. Therefore, those items become the compromise you are leaving on the table, when in fact, you are actually getting everything you wanted from the beginning.   Come from a position of power. They need you more than you need them. Don’t sell yourself short, be willing to walk away and let them know it. Do your research before-hand, know the competition and the price.

• Strategic Planning Skills – Fail to plan, plan to fail. Strategic planning is a very important business activity. Strategic planning is a process of defining your company’s strategy or direction and making decisions on allocations of resources of capital and people supported by your well-defined business plan. This will take time and research; here is where a good mentor or coach can assist. Your local small business association should have business plan templates they can share with you.

• Leadership Skills — Leadership is a process of getting things done via people.  The ability to motivate and inspire others. To convince, sell and promote yourself, your service your product. To convince people that what you have they can’t get anywhere else. That you are the expert in your field. You must know how your product will eliminate pain in their life and solve a problem. You offer something they can’t get anywhere else or if they can, be able to convince them why you do it better than the competition.

Developing long-term relationships with prospects, customers, suppliers, employees, and investors by under promising and over delivering, consistent high-quality customer service is imperative to success in business. Knowing and understanding the WIIFT –  What’s in it for them. Creating a team environment, two heads are better than one. Building trust through integrity and deliverables.


• Sales and Marketing Skills — Social media skills are essential in the technical environment today. Establishing successful sales and marketing methods including how to price your product or service.  The right advertising to the right market. Knowing your target audience. The ability to analyze your competition, the marketplace, and industry trends are critical to the development of your marketing strategy. Branding is key to your success. Crafting and communicating a compelling message to the right target audience that generates new business, to build profitable revenue streams.

• General Management Skills — Management involves directing and controlling a group of one or more people for the purpose of coordinating activities that will accomplish a goal. Management encompasses the deployment and direction of human resources, financial resources, and technological resources. The key is to know how to develop and implement a workable management system that will manage daily operations, nurture stakeholders, and support business growth.

• Cash Flow is King—It’s quite simple really, you must have more money coming in than is going out.  You must know exactly your profit margins, how many widgets do you need to sell to be profitable? Cash flow is generally acknowledged as the single most pressing concern of the small and medium-sized businesses. The effect of cash flow is real, immediate and, if mismanaged, totally unforgiving. The key is to know how to monitor, protect, control, and put cash to work.   You must employ the services of a skilled business CPA to manage your money, particularly the differences between income and expenditure and the risks of investments. The need for timely budgeting and reporting of financial performance is of the upmost importance. The key is to know how to interpret and analyze your financial statements, in such a way, as to identify the items that are adversely affecting your profitability.  

• Time Management Skills — Time Management and time blocking is essential to avoid burnout. Learning skills that help you use your time in the most effective and productive way. Learning this skill will empower you to achieve more and to use your time wisely. The key is to know how to manage your time efficiently and to focus on the activities most likely to deliver value to your business. An Accountability Coach can assist you in this area.