Hard skills and soft skills are critical to successfully manage a business. This article will focus on 10 critical hard skills required.
Financial Literacy
- Proverbs 21:5: "The plans of the diligent lead to profit as surely as haste leads to poverty."
- Explanation: Financial literacy is crucial for making sound financial decisions that ensure the business's long-term success. Understanding budgeting, accounting, and financial management helps manage budgets and cash flow effectively, preventing financial difficulties. Financial literacy also aids in securing funding and investment, as investors and lenders are more likely to support businesses with strong financial acumen. Additionally, it promotes long-term financial stability and growth, as informed financial decisions can lead to increased profitability and sustainability. By being diligent and knowledgeable about finances, businesses can avoid the pitfalls of poor financial management.
- How to Acquire: Take courses in finance and accounting, read books on financial management, and use financial planning tools. Gain practical experience by managing personal or small business finances.
- How to Improve: Continuously update your knowledge on financial trends and regulations, seek advice from financial experts, and practice financial analysis regularly.
- Free Resources:
- Coursera Financial Literacy Courses
- Khan Academy Finance and Capital Markets
- South African Institute of Chartered Accountants (SAICA) Resources
- National Treasury Financial Literacy Resources
- Time to Develop: Approximately 6-12 months of consistent practice and learning.
Marketing Skills
- Matthew 5:16: "In the same way, let your light shine before others, that they may see your good deeds and glorify your Father in heaven."
- Explanation: Marketing skills are essential for attracting and retaining customers, which drives sales and revenue growth. Effective marketing builds brand awareness and loyalty, helping the business stand out in a competitive market. It also involves understanding market dynamics and customer behavior, allowing businesses to tailor their offerings to meet customer needs. Additionally, good marketing strategies can differentiate the business from competitors, highlighting unique selling points and value propositions. By shining a light on the business's strengths and achievements, marketing skills can significantly impact the business's success.
- How to Acquire: Take marketing courses, read books on marketing strategies, and gain practical experience through internships or projects. Use marketing tools and software to practice.
- How to Improve: Stay updated on marketing trends, attend marketing workshops and conferences, and continuously test and refine your marketing strategies.
- Free Resources:
- HubSpot Academy Marketing Courses
- Google Digital Garage Marketing Courses
- University of Cape Town (UCT) Marketing Courses
- Marketing Association of South Africa (MASA)
- Time to Develop: Approximately 6-12 months of consistent practice and learning.
Business Planning
- Proverbs 16:3: "Commit to the Lord whatever you do, and he will establish your plans."
- Explanation: Business planning provides a clear roadmap for growth and success. A well-thought-out business plan helps set realistic goals and objectives, guiding the business's strategic direction. It also facilitates resource allocation and management, ensuring that the necessary resources are available to achieve the business's goals. Additionally, a comprehensive business plan enhances the ability to secure funding and investment, as it demonstrates the business's potential and viability to investors and lenders. By committing to a detailed and strategic plan, businesses can establish a strong foundation for long-term success.
- How to Acquire: Take courses in business planning, read books on business strategy, and use business planning tools. Develop business plans for hypothetical or real projects.
- How to Improve: Regularly review and update your business plans, seek feedback from mentors and peers, and stay informed about industry trends and best practices.
- Free Resources:
- SBA Business Planning Guide
- Bplans Free Business Plan Template
- SEDA Business Planning Resources
- BizConnect Business Planning
- Time to Develop: Approximately 3-6 months of consistent practice and learning.
Technical Skills
- Exodus 31:3-5: "And I have filled him with the Spirit of God, with wisdom, with understanding, with knowledge and with all kinds of skills."
- Explanation: Technical skills are necessary for using relevant software and tools for business operations. These skills ensure efficient use of technology, enhancing productivity and accuracy in various business processes. Technical proficiency also supports innovation and technological advancement, allowing businesses to stay competitive and meet customer needs effectively. By mastering technical skills, businesses can streamline operations, reduce costs, and improve overall performance.
- How to Acquire: Take courses in relevant software and tools, practice using these tools regularly, and stay updated on technological advancements. Gain practical experience through projects and internships.
- How to Improve: Continuously learn new tools and technologies, attend workshops and webinars, and seek certifications in relevant technical skills.
- Free Resources:
- Coursera Technical Skills Courses
- edX Technical Skills Courses
- Microsoft Learn
- Google Digital Skills for Africa
- Time to Develop: Approximately 6-12 months of consistent practice and learning.
Sales Skills
- Proverbs 11:26: "People curse the one who hoards grain, but they pray God’s blessing on the one who is willing to sell."
- Explanation: Sales skills are essential for effectively selling your products or services. Good sales techniques can increase revenue and build strong customer relationships. Sales skills involve understanding customer needs, presenting products or services persuasively, and closing deals successfully. Additionally, effective sales strategies can help businesses expand their market reach and achieve their growth objectives. By mastering sales skills, businesses can drive revenue growth and build a loyal customer base.
- How to Acquire: Take sales training courses, read books on sales techniques, and gain practical experience through sales roles or projects. Practice sales pitches and presentations regularly.
- How to Improve: Continuously seek feedback from customers and peers, stay updated on sales trends and techniques, and attend sales workshops and conferences.
- Free Resources:
- HubSpot Academy Sales Training
- Coursera Sales Courses
- Sales Training South Africa
- Skills for Africa Sales Training
- Time to Develop: Approximately 3-6 months of consistent practice and learning.
Project Management
- Proverbs 24:27: "Put your outdoor work in order and get your fields ready; after that, build your house."
- Explanation: Project management involves planning, executing, and closing projects successfully. It ensures that projects are completed on time, within budget, and to the desired quality. Effective project management enhances resource allocation and management, improves the quality and efficiency of deliverables, and reduces risks and uncertainties in project execution. By mastering project management skills, businesses can achieve their project goals and deliver value to their stakeholders.
- How to Acquire: Take project management courses, read books on project management methodologies, and gain practical experience through managing projects. Use project management tools and software to practice.
- How to Improve: Continuously seek feedback on your project management practices, stay updated on project management trends and best practices, and seek certifications in project management.
- Free Resources:
- Coursera Project Management Courses
- edX Project Management Courses
- Project Management South Africa (PMSA)
- SEFDA Project Management Resources
- Time to Develop: Approximately 6-12 months of consistent practice and learning.
Legal Knowledge
- Romans 13:1: "Let everyone be subject to the governing authorities, for there is no authority except that which God has established."
- Explanation: Legal knowledge helps you understand business laws and regulations. Compliance with legal requirements protects your business from legal issues and penalties. Legal knowledge also enhances credibility and trust with stakeholders, as it demonstrates your commitment to ethical and lawful business practices. Additionally, understanding legal aspects of business operations can help you navigate contracts, intellectual property, and other legal matters effectively. By mastering legal knowledge, businesses can operate smoothly and avoid legal pitfalls.
- How to Acquire: Take courses in business law, read books on legal aspects of business, and stay updated on legal regulations. Consult with legal experts and professionals.
- How to Improve: Continuously update your knowledge on legal trends and regulations, seek advice from legal experts, and practice legal analysis regularly.
- Free Resources:
- Coursera Business Law Courses
- edX Law Courses
- LegalWise South Africa
- Law Society of South Africa
- Time to Develop: Approximately 6-12 months of consistent practice and learning.
Data Analysis
- Proverbs 18:15: "The heart of the discerning acquires knowledge, for the ears of the wise seek it out."
- Explanation: Data analysis involves interpreting data to make informed business decisions. It helps you understand trends, measure performance, and identify opportunities for improvement. Effective data analysis can drive strategic decision-making, optimize operations, and enhance customer insights. By mastering data analysis, businesses can leverage data to gain a competitive edge and achieve their goals.
- How to Acquire: Take courses in data analysis, learn relevant software and tools (e.g., Excel, SQL, Python), and gain practical experience through projects and internships.
- How to Improve: Continuously practice data analysis, stay updated on data trends and tools, and seek certifications in data analysis.
- Free Resources:
- Coursera Data Analysis Courses
- Khan Academy Data Analysis
- Google Data Analytics Professional Certificate
- University of Cape Town (UCT) Data Science Courses
- Time to Develop: Approximately 6-12 months of consistent practice and learning.
Product Development
- Proverbs 22:29: "Do you see someone skilled in their work? They will serve before kings; they will not serve before officials of low rank."
- Explanation: Product development involves creating and improving products or services. Innovation in product development can differentiate your business and meet customer needs effectively. It includes understanding market demands, designing prototypes, and testing products. Effective product development can lead to higher customer satisfaction, increased market share, and business growth. By mastering product development, businesses can stay competitive and continuously offer valuable products to their customers.
- How to Acquire: Take courses in product development, read books on innovation and design thinking, and gain practical experience through projects and internships.
- How to Improve: Continuously seek feedback on your products, stay updated on market trends, and engage in continuous learning and experimentation.
- Free Resources:
- Coursera Product Development Courses
- edX Product Management Courses
- Google Design Sprint Kit
- UCT Product Development Courses
- Time to Develop: Approximately 6-12 months of consistent practice and learning.
Supply Chain Management
- Proverbs 31:16: "She considers a field and buys it; out of her earnings she plants a vineyard."
- Explanation: Supply chain management involves managing the flow of goods and services. Efficient supply chain management ensures timely delivery, reduces operational costs, and improves customer satisfaction. It includes procurement, logistics, inventory management, and distribution. By mastering supply chain management, businesses can optimize their operations, enhance efficiency, and achieve a competitive advantage.
- How to Acquire: Take courses in supply chain management, read books on logistics and operations, and gain practical experience through internships or projects.
- How to Improve: Continuously seek feedback on your supply chain processes, stay updated on industry trends, and engage in continuous learning and improvement.
- Free Resources:
- Time to Develop: Approximately 6-12 months of consistent practice and learning.
The above indicates the domains we need to excel at, but to avoid burnout it is good to get people in that specialize in these KFA’s (Key focus areas). Don’t take everything upon yourself, get interns in or make use of contractors. You are building a business that benefits the economy, makes and save people money and glorifies God. Be Emboldened, Be Empowered, Be Enabled.