It's vital to keep an up-to-date, detailed
record of consumer information if you want to keep and develop your customer
base. However, the true challenge is determining which members'
data points provide the insights you need to make better business
decisions—and to keep clients from leaving.
As customer growth rates rise, eleven
entrepreneurs from the Young Entrepreneur Council (YEC) discuss the forms of
consumer members' data that are most essential to
them. Professionals of all levels and industries can benefit from a basic
understanding of key business concepts and tools.
Having a solid business foundation can lead to
increased confidence in the workplace and a plethora of career options. People
who have broadened their knowledge by completing a Harvard Business School
Online course have reported the following outcomes as a result of their
participation:
1. Increased responsibilities at work 2. A
promotion or a change in title
3. Recruiters are paying more attention to you.
4. The ability to go into a different field.
Here are five business talents you should
master to reach comparable goals in your profession.
Commercial Skills That Every Professional
Requires
1. A Basic Knowledge of Economics
Any industry can benefit from a basic
understanding of economics. Studying economics can give you a toolkit for
making crucial decisions at your firm, in addition to an in-depth grasp of
pricing tactics and market demand. The insights acquired in Economics for
Managers were crucial in enabling Nicholas Grecco, a former CORe member who
works as an educator and healthcare administrator, to invest in solar energy.
"I thought solar was a smart
investment," Grecco adds, "but the concept of willingness to sell
(WTS) helped me grasp and explain why." "The electrical contractors
were willing to sell solar energy systems at a considerably lower price than
typical because of added incentives from the city program and group purchasing
power, so enhancing our consumer surplus." I was able to persuade the
owner to proceed with the project by describing WTS."
2. Member Data Analytics Capabilities
According to research, an increasing number of
businesses are turning to analytics to help them develop. Data is used by
companies like Microsoft, Uber, and Blue Apron to improve their services and
operations. According to LinkedIn, analytical reasoning is one of the most
sought-after hard talents in today's employment market. Knowing how to
synthesize data, spot trends, and test hypotheses will provide you with an
analytical framework for handling difficult business problems and assist you in
making well-informed decisions that will benefit your company.
3. Accounting and Financial Skills
Even if you're not in a numbers-oriented position,
accounting knowledge can help you advance in your career. While it may appear
to be a daunting subject, it is a lot more approachable than you may believe.
Cash flow and profitability are important concepts to comprehend when analyzing
your company's performance and prospects. Knowing how to read and analyze a
balance sheet is essential for effectively presenting financial information. An
engineer who attended CORe, Pankaj Prashant, thinks the fundamentals he
acquired in Financial Accounting helped him enhance his profession and build on
his technical knowledge.
Prashant adds, "I've been keeping track of
my company's annual reports, and the accounting that I learned helps me
comprehend where the business may go in the future." "I've also been
watching a few other companies for investment purposes, and I've learned that
with my enhanced understanding of corporate financials, I can make better
selections."
4. Ability to Negotiate
It pays to be a good negotiator, whether you're
just starting in your career or you're a senior executive. In recent research
by the World Economic Forum, the negotiation was named one of the top ten
abilities needed to thrive in the future workforce. Not only can honing your
deal-making abilities help you secure value for your company at the negotiation
table, but it will also help you advocate for a higher beginning pay or raise
for yourself.
There is no such thing as a one-size-fits-all
approach to developing a winning negotiation strategy. According to HBS
Professor Mike Wheeler, who teaches Negotiation Mastery, the key is to be open
to improvisation and prepare to think quickly. "However you define
yourself as a negotiator," Wheeler adds, "most people you deal with
are likely to have a different approach, at least to some degree."
"You must consequently be agile if you are to succeed." That implies
being able to switch up your skills based on the situation and who you're
dealing with."
5. Leadership and Management Skills
Organizational performance is inextricably
connected to strong managerial abilities. According to a recent Gallup survey,
managers account for 70% of the variation in employee engagement, highlighting
the importance of firms developing leaders who can boost team productivity and
morale. Knowing how to lead meetings and explain organizational change is
important for seasoned and aspiring managers. It's also crucial to be aware of
the usual blunders that team leaders make.
6. Leadership Capabilities
Leadership abilities are essential for
workplace success, whether or not you are in a managerial role. While some
individuals mistake leadership and management for the same thing, there is a
distinction to be made. Whereas management is concerned with putting mechanisms
in place, leadership is concerned with the people and vision that steer change.
Building up your leadership skills, in addition
to honing your management talents, can be advantageous in any field. These
skills will help you understand how to bring your vision to life and put your
team up for success, from learning to stay calm under pressure to building your
unique leadership style.
7. Clear and concise communication
Professionals in any corporate context rely on
communication to coordinate activities and achieve company goals. Ineffective
communication, or a complete lack of communication, can be disastrous. Along
with honing your talents, recognizing and adapting to other people's
communication styles is crucial to success in this field. Active listening,
empathy, and interpreting body language are important communication abilities.
8. Emotional Intelligence
Emotional intelligence is another important
professional talent, and research demonstrates that it is a leading determinant
of workplace effectiveness. According to TalentSmart's recent study, 90% of top
achievers have a high level of emotional intelligence.
Self-awareness, self-management, social
awareness, and relationship management are the four components of emotional
intelligence. Having this awareness of yourself and the people around you will
enable you to have more control over your interactions and help you and your
team achieve goals successfully, regardless of your industry or position.
9. Ability to Make Decisions
To handle the numerous issues, they'll confront
in the job, all professionals need good decision-making skills. The demand for
these talents is considerably greater for individuals working in business or
management.
Determining how to divide resources, which
makes up a team, and how to roll out a new initiative across a company are all
decisions that require considerable thought. Managers can fuel their processes
with important insights to make members data-driven
decisions, which frequently leads to improved outcomes, thanks to the rising
variety of tools and resources that can be utilized to harvest data.
10. Establishing a network
Another important business skill that all
professionals should develop is networking. Your professional network can
operate as an extension of your knowledge and connections, whether you're
looking for ideas or assistance on a specific difficulty or wish to make a
career transition.
If you want to get the most out of your
network, be willing to venture outside of your comfort zone and form new
connections. Once you've established your network, it's critical to keep the
connections you've made and to keep looking for new methods to expand your
network.
Final words
The importance of business skills for
professionals looking to enhance their careers cannot be emphasized. As your
company or business expands, you'll need soft skills like emotional
intelligence and leadership in addition to hard skills like financial
accountancy and economics.
No matter what industry you work in, knowing
basic business concepts may help you better understand your company's Member
Data Analytics performance and provide you with the tools you
need to lead initiatives and make strategic decisions.