3 ways to ace your business management skills

But the reality is far less impressive – some feel out of their depth, and they’re leading their business on a road to ruin.

According to Forbes, more than 80 per cent of businesses fail in their first 18 months. And when you’ve got the cash flow for a business idea, getting in over your head is easier than you might imagine.

First time company owners, big spenders and those with poor communication skills could find themselves in hot water before their enterprise is past the 12 month point in its lifespan.

With that in mind, we’ve come up with a few top tips to help you through that initial period. Take a look and bear them in mind.

The skills to pay the bills
A manager without management skills is like a mute singer – they’re not going to get far.

After all, your employees have to give two snots about what you say because you pay them. Would they have the same respect for you as a peer and a professional otherwise?

Whether you’re the boss of your venture or not, you’ve got to earn your stripes. But there are numerous avenues that can help you.

Study for a BSc(Hons) Business Management, for example, and you’ll gain every skill you need to become businesses’ next Alan Sugar.

When you have a management degree under your belt (and you can apply at any time), knowing every possible outcome becomes second nature. In business, you’ve always got to be a few steps ahead of the game – and it’s all a process of learning.

Listen to know
Some companies are started in a fit of egomania. They’re run by full scale mavericks, the type of people more likely to shout at you than listen to a sensible idea.

And while pioneers are needed for the success of every business, they’re more likely to run an enterprise into the ground than watch it thrive.

The boss with some sense knows exactly when to keep shtoom and listen to the advice of their employees. This is a group of people with their own set of expertise – after all, you hired them for a reason.

Make perfect sense
Clarity means everything in business. Just imagine handing over a loan application written in Latin. You’d have more rejections than a cat searching for owners in a dog sanctuary.

Always search for the simplest answer to your problems, and make selling your product as lucid a process as possible for customers.

Breakdowns in communication have been the downfall of many a company. Have a few safety checks for spelling and grammar for any document leaving your office, and ensure multiple people in your office understand and agree with proposals and think they’re crisp and clear.