It takes less than one minute to find business advice on Google. From guidance towards running a business or managing one as an owner, from structuring departments, integrating HR, making your first hire, equipping your office for the first time, or just how to brand your logo and use social media properly, everyone hopes to weigh in with the best and most vibrant approach so that you can succeed.

It’s nice that this is available, of course. Yet it’s also true that just like in life, no one can ever provide you with a manual for your specific situation, nor the very many complex scenarios you may find yourself in. This can be a problem in the long run for many people, and it may leave you feeling a little disheartened.

So, it’s our hope to discuss five business skills that no one really tells you you’ll need. This way, you won’t feel as though experiencing these issues are a mark of failure, or that there’s no possible way to handle them capably. Without further ado, let’s begin:

Conflict Resolution

In business, we tend to come across at least some forms of conflict. It’s just the price you pay for trying to achieve something, for managing people and bringing them together, and for making decisions that not everyone in the world may agree with.

Conflict resolution is something that we have to deal with in our personal lives, but it can be disorienting to deal with when in a professional capacity. Furthermore, as a manager, it can be hard to know just when to interject, to what degree you should interfere, and what outcomes you should pursue.

This is why the Thomas Kilmann Conflict Mode Instrument is such a useful boon to those trying to learn conflict resolution in a management context. This way, you can approach the matter with resolution-based thinking, limiting escalation, and focusing on the future in a sustainable manner. 

Legal Understanding

As a business owner, it’s essential to understand the law regarding our stipulations for running a business. ‘The law’ is a pretty inclusive term encompassing so many essential, be that employment law, the kind of insurance you need, to the compliance involved with manufacturing certain products or providing certain services.

This is why it’s essential to make sure you do your research and even hire a consultant to ensure you’re structuring your business in the appropriate manner. How many fire exits do you need in a given building, for instance, before you renovate a building into a humble office space? Many people think that curating a business approach is as simple as having the money for it, what matters is ensuring you know the terms you must operate within.

Financial Management Skills

The division of labor and outsourced opportunities have encouraged us to simply ‘let those qualified do the job,’ and that isn’t a bad way to think in any capacity. That said, as an owner or a leader, it’s important to make sure we do have some understanding of the financials of your company. This is the lifeblood of the organization, and it’s hard to make any appropriate decisions without first deferring to your cash flow, revenue, costs, and more.

For this reason, basic financial understanding must be adopted. It’s not something we can run away from. Taking a course on business financial management, including how to structure payroll, is a good first place to start. Otherwise, you’re always at a disadvantage.

Risk-Taking Capabilities

To be involved in a business is to accept risk. It’s as simple as that. No business has ever provided anything of value without taking at least some kind of chance that their approach may not be appreciated or cared about. After all, we’ve seen many high-profile companies take hits over the years because of this.

Look to companies like BlackBerry. They once dominated the smartphone market with their professional devices, but when they refused to get on board with the App Economy that companies like Apple were developing, instead believing that everything a phone could do online should be limited within a web browser, they stagnated and the competition ate their market share. 

Risk is something we become more adept at calculating and remaining comfortable with; but for those who wish for a safe bet, they may find that difficulties grow and worries limit their visionary thinking.

Assertiveness & Firmness

While running a business can be fun for all involved, it’s not a hangout space, or somewhere you have the chance to take a load off and relax. It’s somewhere we have to integrate professional standards and form our capacity for work in the most effective way.

Often, new managers, especially new managers, feel that they have to be liked by everyone on staff to do a job. That’s a great way to think of networking and bonding, of course, but sometimes you need to tell someone to do their job, to manage conflict as discussed above, or to integrate standards that set the stage for success.

Does this mean you have to be a hard-headed, blunt, and mean manager? Far from it. But generally, employees lose respect for managers that try to win their affections too much as opposed to just managing them capably. Ultimately, people want to know that their careers are safe in your hands. They want to know that your vision for the company is something you’ve fully invested in. The irony is that when you don’t try to win your staff’s affections or to network with full intention, people tend to like you more and gain a profound sense of respect for your approach. While the former person may be satirized in television programs like the Office, the latter encourages talent of higher and higher quality to apply for their brands.

With this advice, we believe you’ll flourish in your business role, armed with your natural talents and vision while also knowing a few pitfalls to look out for. We wish you nothing but the greatest of success in your journey.

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