Top Business Skills for Business Success 

Hold on, before you blame your business struggle and setback on the government, the economy, lack of fund or witchcraft, you need to ask yourself this simple question: do you have the top business skills for business success? Your business or idea isn't the problem; you are probably the problem. Every business idea you can creatively imagine has the tendency to become successful if you possess these top business skills. With such skills, you can turn a desert into a tourist and business hub like it was done in the UAE.

Top Business Skills for Business Success 
By BusinessIQ Africa Team

Published April 6th. 2022

You can literarily sell snow to a snowman or sell ordinary pebbles as precious stones. From Andrew Carnegie to Henry Ford to Bill Gate to Mark Zuckerberg to Aliko Dangote to Strive Masiyiwa, all these business moguls applied the top business skills that turned their ideas into global businesses. The beautiful part is, the top business skills are learnable. Here they are:


Number 1-The Business Management Skills: What truly makes you an entrepreneur are the business management skills, which are the skills of how to start, manage, sustain and grow any enterprise. I always say these skills will teach you how to make money from any enterprise. The business management skills are the creative way or process of managing the resources of a business to optimize returns on investment. Except you want to develop it on the streets like most successful entrepreneurs did, an MBA program in any reputable business schools across the globe will avail you with the skills. However, not to worry if you can't afford to attend a business school, find yourself a mentor who is successful in business, read tons of business books, attend hundreds of seminars, and keep running your business. You will gradually develop the skills. After all, most successful entrepreneurs learnt on the game. 

 

Number 2-Financial Management Skills. These are concerned with the control of the cash, expenses, credit and profitability of an organization. I always say, these are the skills that you require as an entrepreneur to control money. If you can control money, you will build wealth. Except you know how to control money, you will never build a successful business or stable financial life. It is unfortunate that many entrepreneurs don't know this, and that is why they are struggling with their businesses. The starting point of financial management for beginners is to separate your personal income from your business income. You need to have a business corporate account and a personal savings or corporate account with a bank or two different banks. You must see yourself as an employee, a manager, in your business, and then place yourself under a monthly salary. The company's money isn't your money; it should not be spent on personal stuff. You must be able to capture and record every dime spent from the company's corporate account for the purpose of the company. That is the starting point to financial management. Then you should have a detailed accounting system for your business. This will help you to know whether you are running at loss or making profit in your business. If you have to hire an accountant, you should. Taking control of your money should be a major going concern for you because it is the starting point of wealth creation.

 

Number 3-Investment Management Skill: This is the professional skill required to management different securities (investments) for yourself and your business. I always say, this is a systematic way of multiplying your money without working hard. Yes, without sweating. This is the true definition of passive income; money that you make while sleeping. As a business person, you need to start seeking investment knowledge; you need to have detailed information of the different types of investment opportunities that are available to you. Secondly, you need to have a certain percentage of your monthly income set aside for regular investment in your desired and selected investment portfolios. Make this a habit because that is the surest way to build passive income that will eventually lead to financial freedom. 

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