🥷 Skills every founder needs

The Growth Tactics Newsletter 89th Edition

Although being a specialist in a field is advantageous, it does not guarantee success or profitability in business. Starting and running a business often requires you to be more of a generalist, possessing a wide range of skills that cover various aspects of business management.

Once your business reaches a certain level of stability and growth, you can then consider hiring specialists who can take specific areas to the next level.

In this article, we will introduce the essential skills every entrepreneur should possess.

Are you ready to explore what it takes to build a thriving business?

Financial basics & budget management

Understanding key financial concepts like cash flow, profit margins, and financial statements is essential for any business owner. These are the tools that help you avoid running out of money, price your products correctly, and make informed decisions.

Equally important is budget management, which ensures you have the funds to cover costs and grow. Neglecting these areas can lead to serious financial missteps, but mastering them puts you in control of your business’s future.

• Ever wondered what keeps some businesses financially stable while others struggle? It all boils down to mastering these fundamental financial concepts.

• Are you confident in your ability to manage your business's budget effectively?

Marketing knowledge & Sales skills

Do you know who your ideal customers are and why they should buy from you? Targeting your marketing efforts effectively and crafting messages that meet customer needs are crucial.

Once you attract customers, strong sales skills are essential to close deals through effective negotiation, persuasion, and handling objections. Poor skills here mean lost sales, but excellence in these areas can significantly boost your revenue.

• How well do you understand your target audience and their needs?

• Are you equipped with the skills needed to turn interest into sales?

Leila has a different approach to this newsletter, which might be better and more interesting than ours.

Goal setting & adaptability

Setting realistic goals and planning actionable steps are necessary to turn your business vision into reality.

Adapting to changes and solving problems as they arise are also vital, as sticking too rigidly to plans can lead to missed opportunities. Strategic flexibility helps you navigate through challenges and capitalize on opportunities for growth.

• Have you set clear, achievable goals for your business? And more importantly, do you have a plan to achieve them?

• How adaptable is your business to changes in the market and unforeseen challenges?

Building loyalty & handling feedback

Long-term business success requires more than just great products; it requires building relationships with customers.

Engaging through loyalty programs, consistent communication, and personalized experiences are key. Listening to and acting on customer feedback enhances trust and loyalty, while ignoring it can damage your reputation and customer relationships.

• What strategies do you have in place to build strong, lasting relationships with your customers?

• How effectively are you listening to and acting on customer feedback to improve your products or services?

Leadership Styles & Team development

The right leadership style can motivate your team and fit well with your business culture, enhancing efficiency and morale.

Skills in hiring, training, and motivating employees are critical for your team’s productivity and satisfaction. Neglecting these aspects can lead to a disengaged workforce, while strong leadership fosters a loyal, productive team.

• What leadership style do you embody, and does it align with your business's culture and goals?

• Are you investing enough in developing your team's skills and fostering a positive work environment?

What do you think? Are these skills necessary? If not, what else should we consider?

🔥 New brand shoutout

Founded in 2020 by three college friends from Florida State University—Henry, Sam, and Charles—Daybreak Sun Company was born out of a desire to reconnect with nature and promote healthier living. Disillusioned by the environmental and lifestyle impacts revealed during the Covid pandemic, they set out to create a sunscreen free from harsh chemicals. Inspired by ancient remedies and the resilience of Native Americans, their Original Sunbutter offers a natural alternative for sun protection. Daybreak champions the benefits of outdoor activity and envisions a society that embraces its natural roots, moving away from digital dependency.

🔥 Influencer shoutout

Haylee McPhee is a digital creator from Australia, known for her engaging content across fashion, fitness, lifestyle, and beauty. With 26 posts and nearly 3,000 followers, Haylee shares her journey of self-care and positivity under the mantra "protect your peace." A proud Pisces and enthusiast of minimalist aesthetics, she connects with her audience through personal stories and tips, all while embracing a holistic approach to wellness and style.