8 Essential Skills Every Business Owner Needs to Learn
As an entrepreneur, I make sure to educate other ladypreneurs about the importance of investing in themselves. While investing in yourself and business might cost you a lot of money, it gives you long-term benefits such as the advantage of building valuable skills that would benefit your business and improving your strengths over time. Let’s face the truth- the business world has changed from the way it was operated 20 years ago. Running a business on just sheer instinct isn’t enough anymore. You have to stay on top of growing trends if you want your business to survive and succeed. And that’s why I have put together this list of business skills and resources that every business owner needs to boost their business. 1. Relationship Building Building great relationships especially with customers/clients is one of the ways to differentiate your business from competitors. As a business owner, your relationships will take various forms, as you’ll meet different people; and need to wear different hats to maintain a good relationship. I’d advise that the major categories of relationships you need to build are with: Customers/Clients; Business connections/ fellow entrepreneurs who can grow and support your business; and Mentors 2. Storytelling Let’s face it! Everyone loves stories, no matter the age or economic status. Incorporating storytelling into your business infuses a human touch customers can’t resist. It helps customers establish a human connection with your business. Some of the advantages of using storytelling for your business include: It captivates your customers; It makes your business relatable and approachable; and It makes your business credible and trust-worthy. 3. Content Creation Content is king! Yes, that might sound cliché, but it’s true. Please note that content doesn’t have to be restricted to words alone. It could come in other forms such as videos, infographics, pictures, podcasts, whitepapers, case studies, etc. Don’t just display the products or services you’re offering. Go a step ahead by also offering value to your customers. For example, do you sell fashion items? Spice up your brand by posting style inspirations, care of the items you sell, how to rock that item for different occasions, etc. By providing good content, you not only let your customers know that you have their best interests at heart but also assert that buying from your business is the best decision they could ever make. 4. Customer Service How many of you never returned to buy from a brand just because of poor customer experience? Lots of you, right? The same principle applies to your customers too. As business owners, you have to realize that your customers are king, and so, must be treated like royalty. Providing excellent customer experience is one of the easiest ways to make your business stand out from other businesses. It’s also one of the easiest ways to retain customers and get referrals. Therefore, ensure you develop your customer skills and treat your customers with respect. 5. Financial Literacy/Management This means having an understanding of how much you can spend and how you should spend it. Every cent you spend and generate must be accounted for. If you don’t know how to calculate your expenditure and revenue, it’s definitely time to become financially literate. 6. Management When your business begins to grow, it will require expansion. And expansion translates to hiring more people to support you. Once you do this, you need to ensure that the people on your team are doing what they are supposed to do and that they’re are doing it efficiently. Therefore, don’t be just a business owner. 7. Leadership A good business owner needs to have good leadership skills to run a team of other people. When you are a good leader, it becomes easy to motivate and inspire greatness in your employees. With proper leadership, employees, contractors, and even customers will respect you. Please note that to be a leader isn’t to be bossy to inspire fear. Rather, a good leader brings the best out of people, listens to other people, shows them respect and showing them that you’re capable of leading them to achieve victory. 8. Hiring I see a lot of business owners make the mistake of hiring the first person that shows an interest in working with/for them or has the qualifications they are looking for. Unfortunately, that isn’t enough. While hiring a person with an exemplary portfolio and good work history is good, you have to consider other variables such as their personality, beliefs and whether they are a perfect fit for your business’ culture. Running a business is very demanding. Identify your weaknesses and invest in skills that that will provide your business with solid foundations.
How to Create a Slaying Social Media Strategy
Social media has become the next big thing. One can’t deny the relevance of social media marketing in driving website traffic, creating brand awareness and generating leads. Statistics show around 90 percent of adults aged 18-29 are on social media. Most people mention social media as their preferred source of communication with businesses. After reading this, you may consider creating a social media strategy and want to start straight away. However, there are a few things to consider before creating a social media strategy. These pointers ensure you don’t mess up your campaign. Define Goals and Objectives The first thing you want to do before coming up with a social media strategy is to have a clearly defined set of goals. You need to ask yourself, ‘what do you want to achieve out of your efforts?’. Social media marketing isn’t about flipping a switch and calling it a day. So to start, it is important to set SMART goals. These are goals that are specific, measurable, attainable, realistic and time-bound. Your goals will not only determine how much effort you put but also what type of resources you will need to invest in to get certain results. Some social media goals you can consider include: Increase brand awareness Higher quality of sales Improve ROI (return on investment) Create a loyal fan base Target Audience Where are your customers likely to be found? Approximately 70 percent of adults use Facebook but that doesn’t mean your customers are actively engaging with your brand there. When you target your audience, you get to understand things like who buys your products, their age groups, and income level. It’s important you understand demographics such as age, location, job title, and income level. What are their pain points? Their challenges and needs? All these are necessary as they inform the type of content to use. But more so, you also need to determine what social media channel will be most effective towards achieving your goals. You can learn more about this through researching essential demographic data for each social media platform. This will help you determine what tactics to employ. Track, Measure and Improve Remember those goals you set out to achieve? You will need to find a way of measuring your work to ensure that you are meeting your goals. Metrics are important in social media marketing as they help you understand how your business is doing out in the public. To select metrics, you ask yourself, ‘what social media metrics are associated with my overall goals?’ Vanity metrics such as likes and followers will not be enough to tell the full story of how well your brand is doing on social media. There are 4 main ways you can measure metrics – reach, engagement, clicks and hashtag performance. Finally, it is important to often and always check up on how your social media strategy is doing. Change is constant. Platforms such as Facebook change their algorithms all the time. Therefore, there is a need for you to continuously track and measure your online activities to see which areas need improvement. Investigate your competitors This is an important step to an effective social media strategy. It’s important you investigate your competitors to see what they’re doing. In doing this, you learn from their failures and successes. Now, don’t get me wrong, I’m not telling you to copy exactly what they’re doing. No! Researching your competitors lets you know what’s working for them so you can adjust and incorporate it into yours. Before creating content, it’s good you investigate what others are doing. You often find new ways to look at the content by analyzing what’s making your competitors successful. Create engaging content No one maintains interest in content that is not engaging. Therefore, it is very important to always try and create content that is engaging, but that it also aligned with your brand’s identity. So you need to ask questions such as what type of content should be posted? What about time and frequency? In doing all these things, you will be able to have a successful social media strategy.