A lack of appropriate management skills have been cited as the key cause of that failure. One way to offset a lack of management skills is to outsource them to experts. For most small businesses this is beyond the reach of their limited budgets. A more viable option is to develop the skills you need to manage your business operation. Let’s examine the key competencies you will need.
Strong sales and marketing skills are vital in the promotion of your small business and its products and services.
As the business owner you must take responsibility for the management of your finances.
It is essential that you develop an awareness of your legal rights and obligations.
You need to build operational management skills in order to develop the systems and processes.
It is important to remember that each of the required skills are not discrete skill sets. To be truly effective as a small business manager, you need be able to integrate each of the core management skills.