Describe the skills needed to run the business successfully and what areas
require further personal development
In order to run a business successfully, a business owner must possess certain skills. These
skills will ensure that the business runs smoothly, tasks are completed on time, staff members
are motivated and increased profits are made from high levels of sales. One of the skills
needed to run a business successfully is Delegation and Time management. This is a skill in
where the business owner is able to manage time effectively and will delegate responsibility
to someone else in the business. Delegating certain tasks will allow a business owner to
concentrate on those important tasks that will generate a lot of revenue. Not delegating is a
trap that a majority of business owners can get caught in due to being unwilling to let go of
control. Another skill needed in order to run a business successfully is communication.
Good communication from the business owner is needed so that a business can be run
effectively. For example, if a business owner has good communication between stakeholders
such as staff, suppliers and customers, they can get things done on time and satisfy these
people however, if they have poor communication, they might not negotiate prices properly
with suppliers or keep tabs on where their supplies are and how long they are going to take to
reach the business and thus fail to secure a deal therefore struggling to cope with meeting
customer demands. Communication can also be important in helping to boost the morale of
staff. For instance, a business owner can tell a member of staff that they are performing
exceptionally if they are. This can also help staff become more motivated to carry out tasks
for the business thus resulting in the successful running of the business. Also, if a business
owner is polite and kind, people will listen to him/her more and thus be more willing to carry
out the things he/she asks them to do (tasks in order to progress the business). Another skill
required to run a business successfully is marketing. Marketing is required because a
business owner needs to be able to promote the products or services that they are offering
people effectively. If a business owner is able to create a good marketing strategy, they will
be able to appeal well to their target market and thus generate a lot of sales. If a business
owner does not hold marketing skills, he will cease to get a lot of sales due to people not
knowing about his product. Another skill required to run a business properly is goal setting.
Goal setting is a required skill of a business owner as they need to be able to set specific
goals to staff in order to plan the businesses future. Defining goals also set a framework
within which to work that can also assist in time management and ensuring that things within
the business get done on time and efficiently. If things get done on time, the business can
concentrate on its future and can also retrieve a good amount of profits from completing tasks
when they are due and not delaying them so you lose valuable time in which you can do other
more important things such as focusing on expansion for example. If goals aren’t defined
properly, employees won’t know what they have to do in order to reach the goals of the
business which will lead to delays and problems in completing tasks set. Another skill needed
in order to run a business successfully is sales. Sales skills are required of a business owner
because they need to be able to retail their product or service. Without having skills in sales, a
business owner would struggle to make people aware of his/her product or service and thus
be unable to sell their product/service. Furthermore, if a business owner lacks basic selling
skill, they won’t be able to identify which prices would be suitable for their products as well
as how they should appeal to specific customers. Having sales skills allows a business owner
to identify their target market and understand how they should go and place their product into
the market instead of placing it blindly in. Another skill required by a business owner in order
to run a business properly is finance skills. A business owner needs to be able to manage
cash flow. If a business owner doesn’t manage cash flow, he/she could cause their business to
fail and go bust if they run out of cash. Business owners would also need to keep track of all
Page 1 of 8
require further personal development
In order to run a business successfully, a business owner must possess certain skills. These
skills will ensure that the business runs smoothly, tasks are completed on time, staff members
are motivated and increased profits are made from high levels of sales. One of the skills
needed to run a business successfully is Delegation and Time management. This is a skill in
where the business owner is able to manage time effectively and will delegate responsibility
to someone else in the business. Delegating certain tasks will allow a business owner to
concentrate on those important tasks that will generate a lot of revenue. Not delegating is a
trap that a majority of business owners can get caught in due to being unwilling to let go of
control. Another skill needed in order to run a business successfully is communication.
Good communication from the business owner is needed so that a business can be run
effectively. For example, if a business owner has good communication between stakeholders
such as staff, suppliers and customers, they can get things done on time and satisfy these
people however, if they have poor communication, they might not negotiate prices properly
with suppliers or keep tabs on where their supplies are and how long they are going to take to
reach the business and thus fail to secure a deal therefore struggling to cope with meeting
customer demands. Communication can also be important in helping to boost the morale of
staff. For instance, a business owner can tell a member of staff that they are performing
exceptionally if they are. This can also help staff become more motivated to carry out tasks
for the business thus resulting in the successful running of the business. Also, if a business
owner is polite and kind, people will listen to him/her more and thus be more willing to carry
out the things he/she asks them to do (tasks in order to progress the business). Another skill
required to run a business successfully is marketing. Marketing is required because a
business owner needs to be able to promote the products or services that they are offering
people effectively. If a business owner is able to create a good marketing strategy, they will
be able to appeal well to their target market and thus generate a lot of sales. If a business
owner does not hold marketing skills, he will cease to get a lot of sales due to people not
knowing about his product. Another skill required to run a business properly is goal setting.
Goal setting is a required skill of a business owner as they need to be able to set specific
goals to staff in order to plan the businesses future. Defining goals also set a framework
within which to work that can also assist in time management and ensuring that things within
the business get done on time and efficiently. If things get done on time, the business can
concentrate on its future and can also retrieve a good amount of profits from completing tasks
when they are due and not delaying them so you lose valuable time in which you can do other
more important things such as focusing on expansion for example. If goals aren’t defined
properly, employees won’t know what they have to do in order to reach the goals of the
business which will lead to delays and problems in completing tasks set. Another skill needed
in order to run a business successfully is sales. Sales skills are required of a business owner
because they need to be able to retail their product or service. Without having skills in sales, a
business owner would struggle to make people aware of his/her product or service and thus
be unable to sell their product/service. Furthermore, if a business owner lacks basic selling
skill, they won’t be able to identify which prices would be suitable for their products as well
as how they should appeal to specific customers. Having sales skills allows a business owner
to identify their target market and understand how they should go and place their product into
the market instead of placing it blindly in. Another skill required by a business owner in order
to run a business properly is finance skills. A business owner needs to be able to manage
cash flow. If a business owner doesn’t manage cash flow, he/she could cause their business to
fail and go bust if they run out of cash. Business owners would also need to keep track of all
Page 1 of 8
