HOW DEVELOPING NEW SKILLS CAN HELP YOUR BUSINESS | Association for Enterprise Growth

December 14, 2023

The role of a business owner demands a perpetual commitment to developing new skills and putting in place a personal development plan. Because technical innovations, customer expectations and a constantly-changing market are evolving faster and faster, a skill set that is both agile and expansive are needed. Coupled with a strategic roadmap to enhance your abilities, better skills can also fortify your business foundations. In this post, we’ll delve into the benefits and impact the pursuit of new skills and a personal development plan can have on a business owner.

DEVELOPING NEW SKILLS

The need for a business owner to stay relevant and competitive is paramount. To ensure the business’ sustained growth, attention must be paid to emerging trends, and skills must be developed to adapt. Not only the business owner, but everyone in the organization should embrace a culture of continuous learning as an investment in their professional growth.

Identify the skills needed in your current job. Analyze the specific skills currently needed in your role, including the day-to-day responsibilities and tasks. Understand the core competencies necessary for success in the current position.
Consider the skills needed for career advancement within the organization. This involves anticipating future needs of both the company and the industry. What skill sets are required for leadership positions or roles? These may include strategic thinking, project management, decision-making, and effective communication skills.
Identify skills for a changing role in the company, with new responsibilities, by analyzing the industry landscape and assessing how it impacts your business in order to pinpoint emerging skills needed to navigate these changes successfully.
Conduct regular discussions with team members to understand their career aspirations and gauge their perception of the skills necessary for their roles. Get employee input to help identify skill requirements that may not be apparent to management. This can help foster a sense of ownership and commitment to skill enhancement.
Engage with industry experts, attend conferences and participate in professional networks to stay abreast of the latest trends and skill requirements in your field.

COMMON BUSINESS SKILLS EVERYONE SHOULD HAVE

There are two types of skills every person in the organization should foster: social skills and technical skills.

SOCIAL SKILLS

Good social skills in a business setting are paramount to building strong relationships, fostering collaboration, and advancing in one’s career. Clear and articulate communication, both verbal and written enable individuals to convey ideas persuasively and contribute meaningfully.

Active listening. The ability to listen to colleagues, clients and stakeholders demonstrates respect. And by understanding others’ perspectives and concerns, individuals can respond more thoughtfully and contribute to a more collaborative and inclusive workplace.
Negotiation. The art of negotiation involves presenting your perspective and understanding the needs and motivations of the other party.
Project Management. Successful project management requires coordination of diverse tasks and resources. Individuals must communicate effectively with team members, foster a positive work environment, and enable smooth conflict resolution of problems during project execution.
Supervisory. Supervisory skills include leadership, delegation and conflict resolution, and a supervisor must be able to communicate expectations, provide constructive feedback, and inspire the team.
Public Speaking. The ability to express ideas persuasively in front of an audience is a valuable asset in business meetings, client interactions, and internal communications. This skill will both enhance your personal brand and contribute to the company’s credibility.
Writing. Clear and concise written communication aids in conveying complex ideas, creating persuasive proposals, and ensuring all messages are understood by diverse audiences.
Networking. This social skill involves building and nurturing professional relationships that can lead to opportunities, insights, and collaboration. You’ll want to make a positive impression in the interconnected world of business.

TECHNICAL SKILLS

Continuous learning underlies proficiency in technical skills, especially with the rapid pace of technological evolution. Technical skills that are important to have include:

Analytical. Analytical skills enable businesspeople to interpret data, derive insights, and make informed decisions. Your ability to critically analyze information can empower you to identify trends, solve problems, and contribute strategically to the organization.
Adaptability to New Technologies. Understanding and embracing the new tools and platforms enhanced your personal efficiency and positions you to leverage the technological advancements for business growth. Take a proactive approach to understanding the implications of emerging technologies and mastering the latest software.
Knowledge of AI or Generative Predictive Text. AI has permeated business operations, from automating routine tasks to facilitating data-driven decision-making. Having at least a foundational knowledge of AI can help streamline processes, provide more effective content creation and communication, enhance the customer experience, and give you a competitive edge.

HOW TO LEARN WHICH SKILLS YOU NEED

There are several ways business owners and professionals can acquire new skills:

Use LinkedIn. Leverage platforms like LinkedIn to identify individuals in your industry or related sectors who possess the skills you aim to develop. Connect with them and express interest in their experience and insights. Engage in conversations to open avenues for learning and mentorship.
Read Job Descriptions. Examine job description outlines for the specific skills and qualifications required for a given role, and identify areas where you may need to enhance your expertise.
Talk to Others. Reach out to individuals in your network who have the roles aligning with your skill development goals. Request a conversation to learn more about their first-hand experiences, challenges and key assets.
Work With a Coach. Make an investment in your professional growth by working with a coach specializing in business and leadership development. They can provide personalized guidance tailored to your specific needs and help you identify areas for improvement, set realistic goals, and create a personal development plan.

HOW TO DEVELOP THE PROFESSIONAL AND PERSONAL SKILLS YOU NEED

Business owners and professionals looking to develop their professional and personal skills have a range of effective strategies at hand. Try these methods to build your professional skills:

Take a Class. Look for learning opportunities through a local institution or an online platform. Courses are offered in a broad range of topics, from specific technical skills to leadership and management strategies.
Self-Study. Self-study is a flexible and accessible option for skill development, and works well for those with a busy schedule as you can learn at your own pace. Utilize online resources, articles, tutorials and documentation relevant to your desired skill set.
Read Books. Explore literature relevant to your industry, leadership, entrepreneurship, or your desired skills authored by experts.
Take Online Courses. Online courses and webinars offer dynamic and contemporary ways to learn new skills. You’ll gain real-time insights and engage with professionals in their field, and be able to update your knowledge on industry trends and emerging practices.
Find a Mentor. Look for someone in your industry or a related field who can offer personalized guidance and insights in a supportive environment for continuous learning and growth. Learn from their experiences, successes and challenges, and take away practical skills.
Get an Accountability Buddy. Choose someone with similar goals who can provide encouragement, share progress, and hold you accountable for your commitments with regular check-ins. You’ll create a dynamic support system that reinforces your goals of skills development.

To develop your personal skills, employ these techniques:

Learn Effective Communication Skills. Focus on refining your ability to articulate ideas clearly, express yourself persuasively and engage in active listening. Achieve these skills through public speaking courses, writing workshops, or networking.
Utilize Time Management. Adopt proven techniques such as prioritization, delegation and the Pomodoro Technique. Use project management apps and calendars.
Practice Leadership and Emotional Intelligence Skills. Learn by attending workshops on team dynamics and motivation, and engage in self-reflection to understand and manage your emotions effectively. These skills can boost empathy and foster a positive work environment.
Boost Networking Skills. Attend industry events, join professional associations and actively engage on platforms like LinkedIn to build and maintain meaningful professional relationships.
Develop Decision-Making Skills. Learn to hone critical thinking abilities, analyze data, and weigh the pros and cons in any situation. Participate in case studies and learn from mentors or advisors.
Understand Financial Literacy. Understanding financial statements, budgeting and financial planning through courses, workshops or work with financial professionals.
Be Resilient. Cultivate a positive mindset, learn from failures, maintain a long-term perspective, and surround yourself with a supportive network. This will help you navigate challenges and setbacks effectively.

THE ASSOCIATION FOR ENTERPRISE GROWTH CAN HELP YOU DEVELOP NEW SKILLS AND A PERSONAL DEVELOPMENT PLAN

The Association for Enterprise Growth (AEG) is an invaluable resource for business owners seeking to fortify their skill set and construct a robust personal development plan. We connect you with seasoned entrepreneurs and industry experts who can contribute their insights and experiences to guide you on your professional journey, and invite you to attend our webinars designed to address contemporary challenges.

Network with other business owners to exchange knowledge, and take advantage of our library of educational materials, articles and case studies on a range of business topics. We’re here to provide you with all the tools necessary to enhance your business success and help you exit on your terms.

Contact AEG and Join Today!

To learn more about AEG and our Elite Advisors, Inner Circle peer groups, Sponsorship and Growth Advisors, contact us