Wearing Multiple Hats: The Required Core Business Skills
Many business owners start their journey because they had an expertise in a particular area. While you may be an expert on the core of your business, chances are that you will need help in other areas that are essential to your success. While automation may help your business become more efficient, but there are other elements that you will need to consider in order to be successful.
Sales and Marketing: Although it’s possible to break these up in to separate functions, sales and marketing often operate hand-in-hand with each other. As a small business owner, you may also not have the ability to have someone (or groups) dedicated to each task. If you’re running your business solo, you will want to focus much of your energy on these two items because it is what will help you drive new business. Ask yourselves these questions before deciding if you should seek help in these areas: Am I a natural salesperson? How much do I know about effective marketing? If sales and marketing aren’t your core areas of focus, take the time to learn at least the basics, and be sure to seek help from professionals.
Technology Specialist: While everyone can’t be an expert on technology, the right technology can really help make or break your business. This is about more than just having a computer and being able to send emails. Great technology can also be very expensive, so you’ll want to be sure to spend money wisely in this area. Of course, as a small business owner, you may not have the ability to hire a full-time IT person. Even so, it’s important that you get assistance identifying and setting yourself up with the right technology. Research your best options thoroughly before making decisions.
Financial Management: Unless your core business is focused on finances or you have previous training in financial management, this is one area that you really should consider getting assistance from an outside source. For example, having a good accountant can really help you avoid financial pitfalls that can damage your business. The right bookkeeping strategy can also help alleviate some year-end reporting pains and ensure that you are as successful as possible.
There’s no way to avoid wearing multiple hats as a small business owner, so in some regards, you have to become familiar with all major business disciplines to manage more effectively. However, this doesn’t mean that you need to become an expert in all these areas! Be sure to seek advice and assistance in areas that are not part of your core strengths.
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