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You will need to upgrade or access from a different device in order to get the best experience. Essential business skills You will require a number of skills to start and run a business.
It is important to identify the skills you need to develop or improve so that you can succeed in your day-to-day business operations.
You will need to be able to forecast your cash flow and sales, as well as, monitor your profit and loss. You will also need to declare your income to the Australian Tax Office.
Having sound financial management skills will help you to run your business profitably and protect your financial investment. Find out more about managing your financials.
Marketing, sales and customer service It is important to be able to promote your products or services effectively. Providing good customer service and having a marketing strategy in place will help you to generate sales.
Find out more about marketing.
Communication and negotiation You will need to communicate and negotiate with your suppliers, potential investors, customers and employees. Having effective written and verbal communication skills will help you to build good working relationships.
Every communication should reflect the image you are trying to project. Leadership If you employ people leadership will be a key skill.
You must be able to motivate your staff in order to get the best out of them and improve productivity. Allocate time to mentor and coach your employees. Find out more about employing staff.
Project management and planning Starting a business means you will have to manage a range of projects, such as setting up a website, arranging the fit-out of your premises and developing a range of policies and procedures.
Knowing how to effectively manage your resources, including time, money and staff will help you to achieve your goals. Delegation and time management Failure to delegate is a trap many business owners fall into usually because they are reluctant to let go of control. Managing your time effectively may mean delegating responsibility to someone else in the business or outsourcing.
Identifying who you can delegate tasks to allows you to concentrate on those tasks that generate revenue.
Problem solving However much you plan, you will encounter problems in your business. This means you need to be able to make good decisions, sometimes under pressure.
Consider joining an industry or business association to grow your network.The cheap chic business model works for Trader Joe’s in the grocery business and IKEA in the home furnishing business.
Sometimes, one little tweak to an existing business model can yield powerful results in a new industry. The good thing about a business plan is that it can be changed if it needs.
For example the business goals and marketing strategies, the two will change frequently. The business plan is flexible and can be adjust anytime for the wellbeing of the business.
A business plan is a blueprint of how a company will be run. A company often needs a business plan before it can borrow money from a bank. Good plans are usually highly detailed and include.
The Business Plan has been completed with the assistance of a Business Coach from the local Enterprise Development Agency, and is designed to support my idea and allow me a realistic overview of the viability of the proposal.
A business plan is a blueprint for how your business will run and reveals what future direction your business will take. Understandably you will want to be careful who you show your plan to and avoid your competition seeing it.
And Devon Maher's plan for an environmentally friendly business that "specializes in the collation and distribution of worm waste through the process of "vermi-composting," which uses the critters.