Skills Business Owners Possess: Finances, Speaking and Analytics
If you’re thinking of starting a business, there are a number of areas to be considering as you get going. One broad theme is your overall skills within the business world – there are several important skills and traits that business owners will do well to possess as they launch a business, many of which provide the basic foundations for running the elements involved in any standard business.
At Rockridge Financial Services, we’re proud to offer numerous solutions to assist small business owners, including several near the beginning of any business life – from capital raising to corporate finance consulting and much more. What are some of the top skills or qualities we generally advise our clients to be sure they’re proficient in as they get started, and why is each important? This multi-part blog series will go over several areas to be aware of.
First and foremost, it’s pretty tough to run a business if you don’t have a basic understanding of financial fundamentals. To be clear, we’re not saying every business owner needs to have the full training of an accountant; rather, there are several basic financial skills you should possess, many of which you’ll have picked up during your time in the business world.
These skills include simple areas like reading balance sheets, using spreadsheets and calculating profitability. While you will certainly rely on your accounting department for assistance with complex areas, you should not be counting on them to explain basic topics to you, as this will waste time and productivity.
Business owners will often be speaking in public, whether during company or shareholder meetings, client acquisition sessions, investor meetings or many other settings. No one is saying you need to be a seasoned politician up there, but having the skill to speak clearly and concisely while commanding a room is a positive quality in any business owner.
Again, this is an area where you don’t necessarily need complex knowledge – you can hire data analysts for this purpose. But you should know the fundamentals of data analysis and why it’s important, plus you should be able to read basic data analysis outputs like charts, graphs and others to make the right decisions for your business.
Business owners also do a ton of writing. They send lots of emails between employees, clients and prospective clients, for one, and also spend time drafting proposals or strategies. Being concise and clear here is very important, both for those you’re writing to and for yourself in cases where you’re taking notes to be referred to later.
For more on the skills you should possess as a new business owner, or to learn about any of our small business accounting or financial advisor services, speak to the staff at Rockridge Financial Services today.