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Very frequently the process of starting a
business is time consuming. The entrepreneur is so busy with
the day to day operations of running the business that they
don’t really have the time to develop the skills needed to
grow their business. The following list identifies some
specific skills successful business owners have found useful
in growing their businesses.
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- Capacity to envision your corporate future: size and
complexity,
product lines, and financial position.
- Ability to determine the methods of growth that will
lead to your
vision of the firm.
- Ability to structure the firms record-keeping system
so that growth can be built on the foundation of past
performance.
- Understanding methods you can use to keep your
knowledge of environmental, legal, and social changes that
could affect business growth.
- Ability to interview and hire employees who are
qualified to play
a role in your vision of the firm.
- Ability to discern those tasks that can be delegated;
willingness
to allow others to take responsibility.
- Understanding of business and product life cycles and
ability to
manage or supervise the management of changing strategies
for life stages.
- Knowledge of and participation in the industry you
serve.
- Knowledge of management information sources and
assistance.
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- Knowledge of how to position your firm in a
competitive market so that your customers view your
company and products as unique.
- Ability to forecast changes in target markets.
- Understanding the ways in which the many elements of
marketing are interrelated for impact on customer
purchase.
- Ability to analyze advertising impact and perform both
a quantitative and qualitative evaluation of media
choices.
- Ability to budget marketing by comparing industry
standards with your own firms competitive and financial
situation.
- Capability of predicting customers response to
advertising strategies and advertisement content.
- Knowledge of marketing information sources and
assistance.
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- Development of a strong banking relationship that
allows personal attention and timely financing when it is
needed.
- Ability to read and interpret financial statements.
- Understanding the causes of low profits such as
inadequate expense control, high interest, and low sales
volume; ability to analyze the outcomes of these problems.
- Establishing prices correctly for industry standards,
customer acceptance, profitability.
- Capability of calculating key financial ratios and
determining trends affecting business growth.
- Ability to accurately assess financial needs for
growth.
- Understanding of the impact of fast growth on each
area of corporate operation.
- Knowledge of debt structuring.
- Understanding of all the methods of cost containment.
- Knowledge of sources of information and assistance
with financial management.
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