A lot has happened in the last couple of months that shook the very foundations of traditional business practices. The result is the closure of some businesses and the eventual rise of others.
Businesses that could not adapt to the current realities and embrace the role that technology leaves us have been left behind. Sadly, more businesses close down every day across the globe as they fail to break even.
Although it is painful to admit, it is better to face reality and tell ourselves that ‘things will never be the same," some things might go back to normal while others may just remain and become the new normal.
While some businesses have had to close down others have instead thrived and new businesses have entered the business circle.
The question now is what skills set the thriving businesses apart from those that have folded up? What do these thriving businesses do differently to earn them a strong foothold in their chosen market?
These skills ensure that businesses not only survive but thrive and stand out amid the stiff competition.
Here are 14 major skills every business needs to survive and stand out.
Leadership: Good leadership is by far one of the most important skills any business that wants to survive the harsh unpredictable conditions of business now must-have. This requires a good ability to successfully pass across your plans and strategies for growth per phase of the business to encourage effective participation of all staff.
It should also encourage input from fellow staff while adapting feedback to further drive business growth. Leadership is being aware that so much depends on your performance and thus living up to these responsibilities.
Problem-solving: Every business thrives by solving relevant problems. Lately, more problems have kept popping up and distorting the way the traditional business practice is being carried out. Business owners must have to come up with answers to these problems and any other problems that may arise in the course of business operations.
The pandemic brought up the problem associated with receiving payment for goods and services and many businesses that arose to introduce contactless payments thrived while those that could not be left behind.
Tech-savvy: Technology has continued to evolve especially AI and its relevance in different spheres of business from finance to agriculture can no longer be ignored. Every business needs to be up to date on the use of technology to boost business.
A tech-savvy business will always apply technology to solve problems as they arise thus placing them in the lead. From placing your business in such a way that ensures continuous exposure, to leveraging social media to financial solutions with payments. This must be in place for any business to survive.
Critical thinking: Any business that plans to survive this year must have critical thinking skills as one of its strengths. This is particularly important with the amount of fake news and information out there.
Businesses will need to be able to sort out truth from farce by asking relevant critical questions like “Is this information authentic? Who is the source of this information? How do emerging changes impact my business model? What measures do I need to make to maintain current growth or make a comeback?
There are many more to ask but each business will need to think and search out innovative ways to achieve and sustain growth.
Financial planning: This is a core skill that cannot be overlooked if your business plans to grow and survive. It covers forecasts, but also quickly adjusts itself to current market trends while ensuring that you make profits. Amid the unpredictability that the current pandemic or any other factor poses, a solid financial plan is something that should not be done without.
Emotional intelligence: Just like any other skill, emotional intelligence is a must-have. Emotional intelligence deals with being able to understand your feelings and those of the people around you and putting these to work in a positive manner that will ensure that you avoid or reduce stress for both the workers and customers. This calls for empathy as people tend to patronize businesses that show sincere understanding of their plight.
Data literacy: With the recent increase in technology and the need to stand out, businesses that intend to make a good impression will have to invest in data literacy to ensure their technical team is up to date on the latest trends in data analysis and usage.
This is particularly important as there is a lot of trash information out on the web. A business that wants to distinguish itself will need to be able to separate the real deal from the fluff out there.
Remote proficiency: In the face of the current pandemic that influenced the state of things, remote work has thrived and businesses that could not adapt to this model suffered greatly. Whether remote work will phase out is unknown, however, there are indications that remote work will continue to increase.
This means no business can afford to overlook remote proficiency if it intends to grow this year.
Supply chain optimization: One thing that the pandemic showed many business owners was that there is a need to have a solid supply chain or else even a business making a profit can be overtaken by another if it cannot meet the demands of its customers.
Map out strategies to ensure that there is a continuous supply of raw materials to meet the growing or expected demands of your customers. You can effectively handle this by using local suppliers instead of depending completely on foreign suppliers.
Some people argue that foreign suppliers give quality materials as compared to local suppliers. This can be handled by stating clearly the standard requirements for the supplies of raw materials. You’ll be surprised that you can still find local suppliers who have quality material to give.
Creativity and innovation: Every business needs creativity to stand out in 2021. A lot has changed in the business landscape and it takes creativity and innovation to churn out new ideas, better products, and services or upgrade already existing products and services.
Business evolution: All businesses that still make use of old strategies that yield no significant result, would need to evolve and do business with a new mindset that accepts the realities of modern ways of achieving results that are easier and bound to yield better results.
Flexibility and adaptability: These two skills are a must-have for every business in 2021. Flexibility deals with being open to trying out new ideas that are working, while adaptability involves modifying your business, to ensure it continues to grow in whatever business climate it finds itself.
These skills will ensure business survival and promote growth, profitability, and expansion.
Communication skills: Being able to effectively communicate your vision, goals, and intention within your business among staff, and outside the business to potential customers is a skill that cannot be neglected. As a leader, communication skills are very essential to relay business goals and pass across your intended message to those above and below you.
Its use also comes in handy when trying to sell your product or service to a potential customer, responding to customer-related issues to ensure customer.
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