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Vol. 17, Issue 14 - Week of April 2, 2018

Skills you should gain to start your own business Abridged: WallaceBurch

SACRAMENTO, CA -- Here are four core business areas you should aim to develop if you're looking to start your own business: Sales. The ability to sell effectively will probably make the difference between success and failure. Most of selling is about listening and responding appropriately rather than talking.

Marketing. You can spend a lot of money on promoting your business with little result, and sometimes a few dollars with great results. Marketing is about understanding your customers, making sure the product or service you offer meets their needs, working out how best to communicate with your target market, and pricing correctly. Some people trudge along with little marketing activity and regard it as an extravagant expense. Great companies market highly effectively and use social media.

People management and recruitment. If your business doesn't consist of only you, then people management experience is high on the agenda. Few of us are born naturals and this is definitely an area where training, coaching and experience make a big difference. Your goal is to know how to recruit, retain and motivate exceptional people. Finance. You don't have to be up to the level of a qualified accountant, but you do need to have a proper appreciation of all the basics - how to put together a cash flow forecast, a proper understanding of profit and loss, and an ability to get into the detail and to manage your business financially.

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