10 Essential Business Management Skills & How To Improve

Business management careers require certain skills such as critical thinking, effective communication, and decision-making. There are lots of business management skills that can help business managers excel in their position.

Core skills needed for business management careers typically support each other. One skill is not highly effective without the other. However, there are opportunities for improving in one or more areas.

The Core Skills Every Business Manager Needs

Any career in business management requires the 10 core competencies below.

Leadership

Leadership skills are important for every management position. Business management careers involve leading one or more employees to successfully reach business goals.

Business owners and managers need to know different management styles to delegate tasks and help team members reach their full potential.

Communication

All business management careers require communication skills for great leadership, decision-making, networking, and more. The business world will not function without communication.

Communication skills include knowing how to use verbal and non-verbal communication. True business leaders know how to effectively communicate through the following:

• talking
• writing and typing
• expressions and gestures
• visuals

Decision-Making

Decision-making is an important skill for business management careers. Professionals in leadership and management need to know how to make informed decisions.

Decision-making skills involve strategic thinking, leadership, communication and more. It is a skill set necessary for creating value through a business strategy.

Problem-Solving

Business leaders must know how to solve problems, and often quickly. Problem-solving or critical thinking skills contribute to a healthy work environment and healthy business encounters.

Problem-solving skills are important for managing team members and projects. It empowers teamwork and focuses on impactful solutions.

Time Management

Time management skills and organizational skills are essential for careers in business management for meeting deadlines and reaching business goals. The two skill sets demonstrate prioritization, attention management, and assertiveness.

A good manager or business owner uses time management for leading, networking, strategic planning, and more to maintain business success.

Strategic Planning

Leaders in business must possess strategic planning skills for future business success. Brainstorming and creating a strategic plan are the first steps to strategic planning.

Strategic planning helps businesses understand their status and determine long-term goals. It also helps businesses understand the impact of their stakeholders.

Networking

Business owners and leaders can build a successful business environment through successful networking. Networking skills require skills in communication, decision-making, time management, and more.

Networking can lead to business deals, business relationships, and opportunities to enhance knowledge and skills. Networking is important for business success.

Market Analysis

Skills in marketing analysis can help business leaders understand how well a product or service will perform in a certain market. Marketing analysis involves research, data analysis, risk management, and more.

Market analysis skills help businesses understand competition, reduce financial risks, and determine strengths and weaknesses. Through market analysis, businesses can improve sales and customer satisfaction.

Sales Proficiency

Professionals with skills in sales proficiency excel in the business world. To be sales proficient, one must be able to effectively communicate and use time management.

Sales proficiency also requires diligence, marketing skills, active-listening skills, and knowledge of the purchasing process.

Innovation

Innovation skills help business leaders create or improve products or services. It is a vital business skill that demands having soft skills such as creative thinking, adaptability, and critical observation.

The power of innovation increases profitability and enhances business opportunities, employee engagement, and client satisfaction.

How To Improve Your Business Management Skills

There are ways to improve your business management skills. Four ways to improve business management skills include:

• educate yourself through free business or management courses
• earn a management degree or business-related degree
• volunteer or work in management, coaching, or mentoring

Open University offers free business courses that cover interpersonal skills, innovation and entrepreneurship, leadership, and much more. Also, most accredited colleges offer online business programs for the flexibility professionals need to complete a degree.

Furthering Your Education

Enhancing knowledge and skills is necessary for continuous improvement in a business management career. Business leaders can further their education by completing a college degree program or taking other management courses.

Furthering your education with a bachelor's degree or master's degree can increase your credentials to qualify for management jobs. Example areas of study for business management careers include:

• business administration
• human resources
• project management

Gain Practical Experience

Aspiring business leaders can gain practical experience in college through an internship or virtual experiences. Other ways to gain practical experience include finding professional or volunteer opportunities such as the following:

• mentoring
• coaching
• managing

Attending small business conferences and networking opportunities can also help prospective business owners and managers gain practical experience.

Develop Your Soft Skills

Anyone interested in a business management career should develop the soft skills or interpersonal skills mentioned in the core skills listed on this page, as well as other non-technical skills such as active listening and emotional intelligence.