To continue to stay competitive, the smarter small businesses are starting to adopt a portfolio of lesser known yet essential business skills.
These skill sets not only enhance operational efficiency but also foster innovation and resilience. In this latest Covering the Bases entry, we dive into 10 essential skills you never knew your business needed:
1. DATA LITERACY
In an era where ‘big data’ is dubbed the “new oil,” having a data savvy workforce that can interpret, grok, and leverage data is indispensable. Data literacy involves understanding data sources, utilising data analytics tools, and interpreting outcomes to make informed decisions. Incorporating data literacy into your company’s skill set allows for more informed decision-making, improved strategy formulation, and ultimately, a competitive edge.
2. EMOTIONAL INTELLIGENCE
While technical skills are critical, Emotional Intelligence, or EQ, plays an equally significant role in business success. EQ encompasses the ability to manage your own emotions and understand and influence the emotions of others. High EQ in management and staff can translate into better teamwork, enhanced customer service, and a more harmonious workplace, fostering longevity and employee satisfaction. This is why we include this factor in our list of essential business skills.
3. CYBERSECURITY AWARENESS
The ability to identify a scam, spam, or trap is vital within any business. Staff should be vigilant and understand the indicators.
With cyber-attacks becoming more frequent and sophisticated, cybersecurity awareness should no longer be confined to IT departments. Employees at all levels should be educated about basic cybersecurity practices, such as recognising phishing attempts and using strong passwords. Ingraining cybersecurity awareness into your corporate culture can prevent breaches that could otherwise lead to significant financial and reputational damage.
4. PROJECT MANAGEMENT
As projects become more complex and multifaceted, the need for effective project management skills becomes apparent. This involves planning, executing, and closing projects successfully while meeting goals and deadlines. Having skilled project managers ensures that resources are optimised, risks are minimised, and the desired outcomes are consistently achieved, contributing to the overall efficiency and success of the organisation.
The consulting team at Platform Executive can help your business acquire the skills to manage projects effectively. We can help your team develop essential business skills necessary.
5. ADAPTABILITY
In any fast-paced environment, adaptability equates to one of the most important essential business skills. It enables companies to pivot and thrive amid changing circumstances. Adaptability allows businesses to respond effectively to new opportunities and threats, whether from market shifts, technological advancements, or regulatory changes. Encouraging a culture of adaptability can facilitate innovation and continuous improvement, keeping the company ahead of the curve.
6. NEGOTIATION
Strong negotiation skills can significantly impact a business’s bottom line. This skill extends beyond securing favourable deals with suppliers; it includes negotiating salaries, resolving conflicts, and forming strategic partnerships. Enhancing negotiation skills within your organisation can lead to better contracts, improved relationships, and an enhanced ability to navigate complex business landscapes. This is obviously one of the key essential business skills.
7. CROSS-CULTURAL COMPETENCE
In the globalised world, cross-cultural competence has become one of the more important essential business skills. Understanding and respecting different cultural norms and practices can lead to more effective communication, smoother international transactions, and stronger global partnerships. Cultivating cross-cultural competence within your team can open doors to new markets and help navigate the complexities of global business operations.
8. MANAGEMENT CONTENT CREATION
Gone are the days when content creation was solely the domain of the marketing department. Today, engaging and relevant content can be created by anyone within the organisation, providing authentic and diverse perspectives. This includes blogs, social media posts, videos, podcasts, and more. Effective content creation helps in building brand loyalty, engaging customers, and enhancing the company’s digital presence.
The team at Platform Executive can help Managers plan, develop, create and market content as part of its content management consulting service. We are here to help your team develop essential business skills.
9. DESIGN THINKING
Design thinking is a systematic approach to problem-solving that focuses on understanding the user, challenging assumptions, and redefining problems in an attempt to identify alternative strategies and solutions. It’s particularly useful for tackling complex problems that are ill-defined or unknown. By fostering a design-thinking mindset, businesses can drive innovation, improve customer experiences, and find fresh perspectives on problem-solving. That is why we deem this one of our essential business skills.
10. SUSTAINABILITY MANAGEMENT
With growing awareness of environmental issues, sustainability management has become of the more essential business skills. This involves integrating sustainable practices into business operations, from reducing waste to conserving resources and ethical sourcing.
Embracing sustainability not only helps in meeting regulatory compliance but also attracts customers and investors who prioritise eco-friendly and socially responsible companies, ultimately fostering long-term growth and resilience.
INCORPORATING THESE ESSENTIAL BUSINESS SKILLS INTO YOUR BUSINESS
So, we’ve listed and detailed the essential skills. Now, let’s take a quick look as to how to effectively implement these skills within your organisation.
Below are a few potential strategies to get you started:
- Training Programs: Develop and invest in comprehensive training programs tailored to your organisation’s needs. Online courses, webinars, and workshops can be highly effective.
- Mentorship and Coaching: Pairing employees with mentors or coaches who excel in these skills can foster a culture of continual learning and development.
- Cross-functional Teams: Encourage collaboration across different departments to facilitate the transfer of skills and knowledge. This helps in building well-rounded teams with diverse capabilities.
- KPI’s and Performance Metrics: Implement performance metrics that not only measure traditional outputs but also assess the application and development of these essential skills.
- Incentivise Learning: Recognise and reward employees who actively seek to improve and utilise these skills in their daily work.
By embracing these skills, businesses can transform challenges into opportunities, weaknesses into strengths, and dreams into reality. Amongst the growing complexities of managing a modern business, these often-overlooked skills can indeed become the linchpin for sustainable success.