Examples of Business Competency
by Erin Schreiner, Demand Media
Some skills make success in the world of business easier.
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Business competencies are skills that allow for success in the world of business. In the absence of these skills, small-business owners may find the task of establishing and maintaining their businesses more difficult than it otherwise would be. Though some of these competencies are simply innate, many of them can be developed or enhanced with a concerted effort.
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Organizational Comprehension
Understanding the organizational structure of a business unit in general, and your business in particular, is vital to success in the world of small business. Small-business owners must understand the hierarchy present within their businesses as well as how their businesses fit in with the rest of the business world. To enhance their understanding of this, business owners can create flowcharts that depict who is in charge of what within the business as well as how all members of the business community rank.
Financial Understanding
Because business is about making money, financial understanding is vital. Business owners must comprehend how money flows into and out of a business, seeking to control both the funds that enter as well as those to that exit to ensure continued financial solvency.
Management Skills
Managing employees is a necessary task all business owners must be able to tackle. This involves knowing how to properly guide employees, maintaining appropriate relationships and adopting effective leadership techniques, improving overall management performance and likely affecting the success of the business.
Technical Competencies
Even seemingly low-tech businesses often require some technical competency in this high-tech world. Almost all businesses operate with at least the aid of a computer for book keeping or digital selling. Business owners who lack technical competency should work to build this skill, taking courses to enhance their abilities and improve their understanding of tech tools that could make business easier to conduct.
Personal Characteristics
Some competencies are natural, and business people either possess them or they don't. Leadership skills, for example, are often natural. Though an individual can work to improve his ability to lead, he will likely never be as successful a leader as someone who simply is more charismatic. Additionally, self-confidence and self-esteem can help business owners overcome the rejections commonly associated with business.
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