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Self employment. Describe the skills you will need to run the business successfully and identify the areas need to be developed. P3 M2

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Unit 10 A3 P3 Describe the skills you will need to run the business successfully and identify the areas need to be developed. Introduction Being self employed may be challenging, everyone who wants to run a sole trader business should consider the advantages and disadvantages of being self employed and analyse the skills that are needed to run the business successfully. There are few essential skills to run a business: * Sales and marketing - These skills will help to identify the target market and whether the customers will like the product or service. Good sales and marketing skills will also help to understand the customer's needs and demands for service, as well as how to build a brand and then maintain its consistency. * Finance and planning - planning and setting targets is very important when starting up new business. By budgeting and forecasting we can estimate the income and control the spending, which is the key to a successful business. Ability to manage stock, debt and credit will help to maintain good cash flow and operate the business smoothly. ...read more.


The amount of money left in the bank 3. Comparing the actual performance to the standards set - considering changes if the targets are not met 4. Taking action of required - if the targets are not being met actions need to be taken to ensure the business is going to improve * Personal selling - if the product does not sell well it necessary to encourage potential customers to buy. There are few key skills needed to sell product effectively: 1. Effective meeting and greeting customers 2. Identifying products needs in the customer 3. Persuasive presentation of the product 4. Good product knowledge 5. Good listening skills 6. The ability to effectively close sale * Administration - poor administration can let the business down. It is essential that all details are recorded accurately. Without good administrative backup the owner can run out of stock, forget to dispatch orders or don't collect payments from customers correctly. Providing good administration to a business involves being well - organised, having good attention to detail and have good communication skills. ...read more.


Training may involve self- study, research, attending courses, mentoring or coaching by professionals. The local college will run variety of courses to meet skills need. Relevant subjects may include accounting, management skills, office and administration skills and business planning. Business support agencies such as the Business Link, the Chamber of Commerce will provide information on the various aspects of starting up and running a small business. Some information and advice may be available free but college courses may cost several hundreds of pounds. However small firm training loans are available from banks to pay certain training costs. Training and development plans must be scheduled so that the appropriate skills are acquired by the time they are needed. The key is to make the most of the assets and take action to address any gaps. Skills gaps may be bridged by personal development or by bringing business partners with appropriate skills, by recruiting skilled employees or outsourcing. Succeeding in business is about ideas, motivation and ambition as well as confidence to sell the ideas. Every entrepreneur should know own strength and weaknesses and when to seek advice. . ?? ?? ?? ?? Ewelina Kazanowska ...read more.

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