Business skills can enhance your career

'Developing a small business into a successful enterprise demands more than just passion’. Over half of new businesses fail mainly because the entrepreneur is unable to translate their passion into practical business skills. Success demands more than hard work, resilience, and expertise in a field. In order to succeed, one needs to understand and become proficient in a set of fundamental business skills.

Business requires an amalgamation of "diverse, transferable skills that  gives of a versatile, well-rounded candidate who has a good understanding of the industry and is able to adapt in 5the environment as needed. Running a small business requires becoming a jack-of-all-trades. It is important to know early on which skills one has and those that will have to be learnt or delegated to others.

It is all about making sure that the customer has an exceptional experience every time, so this skill should be at the top of your list. Similarly, further mentioned are the skills that can help one grow immensely in the marketing sector.

Communication
To communicate effectively, one must be as good a listener as are a talker. Being in business person means working with other people, both as a leader as well as a subordinate. Both of these roles demand humility, respect, a civil attitude even under duress, and respect. To communicate well, one needs to ace written, verbal, and non-verbal communication. Also one should be able to articulate their thoughts clearly, both in writing, in meeting and speaking one on one, and it will help if one is also comfortable with public speaking, in smaller groups like business meetings, as well as in larger groups. To be effective in business, one has to communicate well.

Finance Management
Managing all financial decisions is a key part of the role of most business employees. This means that candidates should understand a company’s financial needs, as well as the intricacies of what the market is currently demanding. Employers seek candidates who can analyze a financial situation, draw logical conclusions, and then implement action. A good entrepreneur will be able to articulate the financial reasons behind their decisions. One should also be able to produce detailed and accurate finance reports.

One should be able to manage cash flow, preparing accurate financial documents and in keeping concise financial records. 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 financial statements, in such a way, as to identify the items that are adversely affecting the business profitability.         

Negotiating Skills
‘You need to know how and when to be persuasive and get what you want'. Almost everyone negotiates informally on a daily basis without even being aware of it. But formal negotiation is a skill that can be learned through experience and practice. People who negotiate things often tend to be more skilled at it as compared to 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. Negotiating skills can also help barter for other job perks and benefits, such as a signing bonus, flexible work schedule, or assistance in relocation.

Strategic Planning
Strategic planning is a very important business activity. It is a process of defining an organisation’s strategy or direction and making decisions on allocations of resources of capital and people. The key is to know how to project one’s company's future performance, within a three-to-five year framework or more, supported by well-defined business plan. From setting up a website, arranging the fit-out of your premises and developing a range of policies and procedures. Knowing how to effectively manage resources, including time, money and staff is key in strategic planning.           

Delegation Skills
Delegation involves assigning responsibility to other people for the completion of work. The ideal position that one wants to obtain is one where a company’s staff carries out all the routine activities of business. Effective delegation involves achieving the correct balance between effective control and allowing people complete their job most effectively. The key element is knowing how to make business work, rather than the business working you. Assigning all the work to one particular individual makes key areas suffer. To excel in business the head must be able to manage their own workload by appropriately delegating tasks and projects to colleagues and subordinates.  

Team Building Skills
Team-building and teamwork skills are one of the most essential skills for an entrepreneur in today's workplace. People working at their potential in teams generate better solutions and more productivity than individual members working independently. The key is to know how to build teams of employees, partners, advisors, and investors that will help take the business to the next level. Everyone loves a team player who’s ready to pitch in at a moment’s notice. Similarly, one needs to get along well with co-workers so that you can collaborate on projects. 83% of employers surveyed by the Society for Human Resource Management said teamwork is a top priority when assessing entry-level job candidates.            

Networking
Building good relationships through networking will help in growing the business and give the head the support one will need. Networking events gives the chance to socialize in order to help the business flourish. And better still, it counts as work. Marketing one’s business, themselves, and best of all the business company is creating connections. These events are all about mutual benefits.

Leadership Skills
Leadership is a process of getting things done through people. Leadership is a critical management skill, and is the ability to motivate a group of people toward a common goal. A successful leader is the one who is ability to take charge, assemble, mobilize, and motivate teams. The key is to know how not to forget long-term relationships with prospects, customers, suppliers, employees, and investors.
Problem Solving
Everybody encounters problems on a daily basis. Some of these problems are obviously more severe or complex than others. It is always and additive advantage to have the ability to solve all problems efficiently and in a timely fashion without difficulty, unfortunately there is no one way in which all problems can be solved. However much one may plan, still will encounter problems in business. This means one needs to be able to make good decisions, sometimes under pressure or should be good at problem solving.

Soft Skills
It is undoubtedly tempting to focus on technical and analytical skills when discussing business qualities, but soft skills are every bit as important as the things one learns about in business school. The most important soft skill which is  essential to be successful in business is being a team player, which refers to 'being unselfish’ and cooperative, and giving priority to what’s best for the group, not just for one'. Having a flexible attitude, which means going along with a plan even if it’s not a plan one favors or agrees with.

Problem solving is a major soft skill to be kept in mind. When an unexpected wrench is thrown into the gear, a good problem solver will stay calm and think critically to get things moving the same. Problems solvers are high-value to employers. Confidence is one another soft skill that’s of high value, but must be backed up with real knowledge, skill, and ability. The earning potential in business takes more than technical and learned skills to be successful in any field which in turn is attracts most candidates.

The author is executive director, IMS, Noida