Business & Investment

9 essential entrepreneurial skills for small business success

To operate a small business is not an easy task. Fortunately, entrepreneurs have key strategies to improve their entrepreneurial skills.

Here are 9 strategies that every entrepreneur can apply immediately to better manage a small business.

1. Make strategic planning a priority

Entrepreneurs often take policy decisions impulsively, without proper planning. This can be disastrous, especially when the company is growing rapidly. You need official strategic plan that will help you review and define the current status of your business, outlines your objectives, identifies potential obstacles and establish an action plan to follow.

2. Monitor your competitors carefully

Whatever your position on the market, you need to constantly monitor and analyze the actions, strategies, strengths and weaknesses of the competitors. Compare your activities with those of competitors and look for ways to differentiate yourself from them and probable deliver better. “

3. Work to expand your customer base

Depending on one or two large customers is one of the most frequent risks to which SMEs are exposed. Mr. Hunchak states have seen many companies fail after losing their main customer.

4. Stay close to your customers

Communicate regularly with your key customers as well as employees who work directly with them. Be attentive to their suggestions and give it away.

5. Watch for margins

Observe closely the gross margin of each of your products and do not hesitate to dispose of under-performing ones. “Entrepreneurs often insist on continuing to offer products little or no cost. What’s good if you keep products that yield nothing? “

6. Develop a cash planner

Many entrepreneurs entrust financial management to their book, which can make them lose sight of their cash flow.

Take an hour to record your bank opening balance and planned monthly outflows. Then make a track of daily receipts and disbursements. You now have a tool to see how your business is doing and how it can respond quickly when necessary.

Read Also: 10 Avoidable Mistakes Entrepreneurs Make and Solutions to Them

7. Call your bankers

Whether you’re looking to get a business loan or not, it is good to keep in touch with your bankers . Generate confidence and strengthen your credibility by keeping them informed of the latest developments in your company – provide them realistic cash flow forecasts for a short and long term.

8. Start early to manage human resources

Entrepreneurs believe that too often the management of human resources is the case of large companies. Even if you have an employee, you are managing people, which is the essence of HR.

Establish and document clear company policies and detailed job descriptions . Also organize regular meetings with employees to communicate their goals and progress and solicit their ideas on how to address the challenges your company faces.

9. Consider your website as a member of the sales team

“Your website is part of your sales team. It should have goals and be held accountable for the company’s achievement. “

Read More: How to Create Business Website using WordPress

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Ifiokobong Ibanga is the founder of InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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