You're starting your journey in small business. Which skills will lead you to future success?

Starting a journey in small business, skills that will lead to future success include strong financial management to handle budgeting and cash flow, effective marketing to attract and retain customers, and strategic planning for setting and achieving goals. Additionally, excellent communication, problem-solving, and adaptability are crucial for navigating challenges and seizing opportunities in a dynamic environment.

Starting your journey in small business requires a combination of technical, interpersonal, and business skills. Entrepreneurial mindset: Develop an entrepreneurial mindset, focusing on creative problem-solving, adaptability, and resilience to navigate the challenges of small business ownership. Financial literacy: Develop financial literacy, understanding financial statements, cash flow management, and other financial concepts to make informed business decisions.

Underneath the question, the following 6 are listed: Financial Savvy, Marketing Insight, Sales Expertise, Operational Efficiency, Strategic Leadership, and Customer Focus. All of these are important. I'm going to go in a different direction. I believe that investing in yourself is one of the best investments a person can make. By putting investing in yourself first on the list, you can gain all 6. Another benefit of investing in yourself is the connections you will make as you invest in personal and professional development. These connections will further enhance your ability to gain knowledge in the 6 areas listed. You will also discover ways to stay on an even keel, therefore, you won't have as many down moments. Invest in yourself!

You probably don't need to be an expert, but you must be competent at the financials. There are some great resources out there to get you some basics. I'm a big fan of The Yo-Yo Company, a workbook put together by the folks at Great Game of Business. It covers how the financials tie together. This is fantastic for a beginner. Another one that I recommend often is Simple Numbers, Straight Talk, Big Profits by Greg Crabtree. Tons of great practical insight to getting more out of your business with a better understanding of the financials.

Here is what I have noticed: Insight into Marketing: In a competitive scenario, identify how your brand differs from the crowd. Learn about your brand and concentrate on your target audience. Know your audience: Understand what your clients want and create strategies that will resonate with them. This could be done through social media, email, or traditional advertising. Be Creative, Adapt: It's all about creativity in marketing and keeping pace with trends. The more you promote your products or services in better forms, the more you are towards attracting and retaining customers. This skill is key to success in any small business.

For many businesses, including mine, we can get referrals to increase our sales. So I recommend joining a business referral networking organization like BNI, your local Chamber of Commerce, The Executives' Association, BNG (Business Networking Group), etc. Not only will you receive referral business to increase your sales from other business owners in your area, but you will also learn how to network and improve your sales pitch, elevator speeches, and overcome objections. I have found a lot of value in joining such organizations. They have helped me refine my business card, my elevator pitch, and how I communicate my services. Many do cost some money to join, but you can visit for free a couple of times. Check out your local groups.