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Business and Management Skills

In: Business and Management

Submitted By radicalface2
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Business Management Skills

To run a successful business you need a diverse range of business management skills. When you start your business it’s likely that your responsibilities will include:

sales and marketing; accounts; human resources; and information technology (IT).
How confident do you feel in your ability to manage them?

It’s a good idea to plan ahead of time how you’re going to manage each area which may include delegating various functions to a business partner, undertaking additional training or contracting a specialist advisor such as a bookkeeper, graphic designer or merchandiser.

Remember that although you need to understand, manage and take responsibility for every aspect of your business, you don’t have to do everything yourself. Some of the key areas you’ll need to think about are outlined below.

Marketing, sales and promotion

Marketing is more than just selling and promoting your business. It's about identifying your customers and working out how to get them to purchase your product or service. Go to Marketing for more information.

Human resources

Human resources is about managing and looking after your staff. If you’re buying an existing business or taking on a franchise you may find that you’ve got employees to manage before you even start your business.

Understanding business financials

The primary objective of any business is to make a profit. Good financial management is essential to ensure your goal is achieved. The first step involves understanding your financial statements which is crucial to running a successful business.

Communication and negotiation skills

Business is all about people regardless of your industry or the product or service you’re offering. On a daily basis you will encounter a range of people including customers, suppliers, employees and business associates. Developing your...

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