5 oft-overlooked skills for entrepreneurs

Editor’s Note: Here at Dispatches, we are always looking for ways to help our readers do things. For some of our readers, that means helping navigate the working world, for others, it means assisting in the ever challenging question,“what’s for dinner?” For still others, it means figuring out how to balance family life with everything else. In an effort to aid in all of these endeavors, we have collaborated on this article written specifically for our readers.

Starting a new business is always exciting, especially at a time where opportunities are arguably greater than ever. However, taking those first steps as an entrepreneur can be daunting. If you want the company to be successful, you should consider making a plan for including these five oft-overlooked skills.

1. Team Management
   Ultimately, there’s only so much that can be achieved with one pair of hands in one day. If you grow enough to add to your staff, make sure you have the necessary support for anyone else you bring on board. Appreciating the importance of your team is vital. This is particularly true when dealing with those roles that are regularly forgotten. Keeping team members motivated and working as a cohesive unit will encourage far greater results.
2. Tech Literacy
   The evolution of business is regularly fuelled largely by progressions in technology. As such, staying ahead of the curve can be key to gaining increased productivity and improved customer reactions. If it makes sense to do so, harnessing the mobile retail trends for 2016 will give your company an edge over those not focusing on mobile technology.
   
3. Financial Control
   At its core, the main goal of any business is to make money. However, it’s not all about the revenue side of things. Earning profit is a two-way street, and the company expenses play an equally vital role. Learning to eradicate unnecessary spending is a must. You will need to make investments, such as reducing overhead costs through cheaper energy rates and office essentials. You may also want to consider shifting your marketing strategies towards an online which can lower costs while extending your reach.
   
4. Time Management
   It’s the oldest business story in the book, but time is money. Every minute wasted is another missed opportunity. Therefore, structuring your time should be a priority. If you don’t naturally have great time management skills, you can always use various smartphone Apps. Your time isn’t the only thing that should be considered. Trimming staff meetings to just 20 minutes won’t only save time directly for your staff. The added sense of direction should additionally allow your team to achieve far more from the working day too.
5. Customer Interaction
   Nobody is more important to the future of a company than its customers or clients. They hold the key to success and profit, which is why every entrepreneur should put them first. Whether it’s through virtual receptionists or human interactions, offering great support is vital. Encouraging better relations and increased sales from existing clients is a good starting point. You should also find a way to use customer recommendations and referrals.