11 Skills Small Business Owners Need To Have in 2023
Written by
Catherine Collins
Edited by
Amber Barkley
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Whether you’re a solo entrepreneur or the CEO of a small team, small business owners in 2023 need to have a range of skills in order to compete effectively in the marketplace. Here are eleven of the most important.
Communication
The crux of doing business in 2023 is being able to effectively communicate both on and offline. It’s ironic that we have so many different ways to communicate with colleagues and customers, yet so much gets lost in translation and tone. Improving communication skills can go a long way in meeting customer needs, as well as creating a healthy work environment.
Digital Marketing
Most business owners today know they need a web presence so their customers can learn about their services and products. However, it’s important for business owners to take it a step further.
Learning about growing an email list, marketing to customers, copywriting and running social media ads can help entrepreneurs grow their small businesses over time.
Money Management
It can be a challenge, especially for creative business owners, to handle the un-sexy parts of running a small company. Managing money, budgeting, organizing receipts and paying quarterly self-employment taxes are necessary parts of running a business. A business owner who wants to grow and thrive in 2023 would be wise to take the time to understand their day-to-day business finances.
Emotional Intelligence
Emotional intelligence, also known as EQ, means you can understand emotions. Someone with a high EQ can sense other people’s feelings and empathize with them when necessary. It’s a crucial skill for a business owner to have, especially if they are interacting with customers or employees on a daily basis.
Time Management
In a world of constant notifications, social media, family and work demands, it can be a challenge for business owners to effectively manage their time. It’s also easy for a business to completely take over your life.
Unlike a 9-to-5 job, it’s hard for business owners to completely log off for the day. Running a business takes significant mental space, and learning better time management skills can help with work/life balance as well as productivity.
Innovation
Finding solutions to problems is the core of being a small business. With that comes the need for creativity and innovation. It’s important for business owners to think dynamically about their products and services and regularly think about ways they can better serve their customers.
Customer Relationship Management (CRM)
Having customer relationship management skills, or CRM, means a business owner understands customers’ needs and can effectively communicate with them, handle customer service issues and manage orders. There are numerous CRM software systems business owners can purchase to manage their sales processes. Some come with a learning curve but overall can make managing a small business that much easier.
Networking
Although the way in which business owners network has changed over the past few decades, it’s still an incredibly valuable skill.
Attending conferences and industry events is a great way to learn about innovations in the field and also meet fellow business owners. It’s also important to use tools like LinkedIn and local meetups to collaborate and cross-promote.
Remote Team Management
The COVID-19 pandemic created an entire movement of remote work, and today, a third of workers who can do their job from home are working remotely, according to a study from Pew Research Center.
Teams that typically interacted in office buildings suddenly had to navigate the world of remote work. Because so many workers now enjoy the flexibility of working from home, understanding how to manage teams in a remote environment is a useful skill for business owners in 2023.
Cultural Competence
The world is a diverse place, and as such, it’s important for businesses to have a diverse workforce and serve diverse customers. Getting training to ensure your business and business practices consider diversity and inclusion is a respectful way to ensure you can attract top talent and create a successful work environment.
Resilience
Running a small business can be emotionally exhausting, and the path isn’t linear. You could have your best months followed by your worst months and vice versa. What typically contributes to a small business’ success is grit and resilience.
It’s about constantly evolving and finding ways to innovate and create new streams of income. Additionally, it’s helpful to know when it’s time to pivot, work with new partners and make hard decisions. Above any other skill on this list, resilience is the most important for long-term business success.
Final Thoughts
Ultimately, business owners today need to have a wide range of skills and competencies. Only with continuous learning and resilience can businesses continue to find success in a new landscape. The business world has changed dramatically, especially since the pandemic, and business owners need to find new ways to market, network, communicate and lead to thrive in 2023.
More From GOBankingRates
