5 Business & Management Skills for Establishing a Startup

Throughout the years, entrepreneurship has become a favored career option for many people. In fact, many other have left their 9 to 5 office jobs to get their business concepts up and running. Who doesn’t want to free themselves from the shackles of a very limiting Bundy clock? 

When you choose to run a business, you can do this as a full-time endeavor or maybe even just as a side hustle to augment your income. One of the many benefits of this career path, as opposed to the stereotypical corporate job, is you are at the helm. Thus, you have the ability to take control, manage your own time, and make your own decisions. 

While being able to dictate your hours is a great advantage, it does come with its trade-offs. For one, businessmen and women have many shoes to fill. From management to human resources, customer care, conceptualization and project handling, advertising, and accounting, you will have to do it all. This is most especially the case if you are just starting out.

Business is not as easy as it looks. Here are the hard facts: It is tough! For some, it is more demanding and difficult than a regular office job as you are required to be a chameleon. Therefore, you must have high adaptability to perform the varying tasks and challenges your company will face. 

Suppose you are up for this challenge and are prepared to toil and moil both physically and mentally, at least for the first few years of your business; great! This path is right up your alley. The high rewards like the potential profit you make are also very enticing. In order to fully equip you as you enter your enterprising journey, here are all the skills you need to learn for a smooth sailing ride. 

1. Understand the Basics of Financial Management

The most basic business skill you need to learn is financial management, basic accounting principles, bookkeeping, and auditing. At its core, every business ever established aims to generate profit. Thus, you need to understand how to register your business and learn how to handle your company’s financial health.

This can be hard to do if you can barely track where your money is going. It would also be hard to compute for profits if you don’t know how to tabulate your expenses correctly. Remember that you can only manage effectively what can be accounted for from your income to expenses. 

2. Hone Proper Formal Writing Skills

Running a business requires impeccable writing skills. Now, you don’t have to resemble the likes of Shakespeare, but it is a good idea to at least learn how to compose a formal letter, business proposal, or client email. In fact, every business begins with a well-composed business plan.

And as you go on with operations, you will be writing a lot to suppliers, staff, investors, and even potential customers. Master grammar, syntax, and spelling to ensure your written work sounds professional. Learning proper business writing skills is the only way you can show your authority and inspire confidence in stakeholders.

3. Be Comfortable Speaking in Public

A successful business is built on good oral communication. Not only do you need to learn how to properly address and speak to your staff in a way that is encouraging, but you must also learn how to speak to clients, suppliers, and investors. You must show command and credibility when you talk and present your ideas.

Knowing how to properly, concisely, and accurately convey your thoughts will allow you to get your audience on your side and moving in the direction you want them to. How can you convince investors or clients to buy your products or services if you cannot confidently speak with them?

4. Learn Proper Data Analysis and Software

While you may just hire a data and software specialist, it is vital for you to understand at least the basics of data analysis. Having even the slightest background will help you read and understand graphs and statistics, allowing for better and more informed decision-making.

For example, knowing what accounting software may be relevant in your business operations will enable you to keep better systems at work, such as better financial tracking systems and the like. If you cannot properly handle data and information, you cannot make forecasts for the future. As a result, you will leave your company stuck and stagnant. 

5. Handle Proper Time and Stress Management

Operating a business takes a lot of time and a lot of effort. Knowing how to keep a balanced schedule will allow you to work effectively and productively while also lessening undue stress. It can spell the difference between business success and dissolution.

Moreover, it is important to learn how to manage stressful situations with a calm and clear mind. You must be ready to face any kind of challenge and realize its growth potential. When you know how to channel stress correctly, you can run your business operations soundly while keeping your health in check. Remember, you are only human. You cannot possibly take care of a business if you fail to take care of yourself.

If you need help starting your new venture or managing your existing operations, give our team a call. We can help you with business registration, payroll services, accounting and bookkeeping. Moreover, we can audit your records and help with BIR transactions so you can maximize your deductibles and reduce your tax dues. In addition, we offer free 30-minute consultations.