The combination of a great idea and good money injection is not all it takes to be successful in the business world. Whether it’s a brick-and-mortar retailer or e-commerce, you can make some income initially but then start struggling.
While there are many factors at play, such as the local economy and current consumer demand, it also boils down to your approach to the business. Having the right hard and soft skills is important to succeed in any profession, especially when you intend to run a business. As a quick recap: hard skills are developed through learning and general education while soft skills are usually developed through personal growth and how your personality is.
We get down to the details on the skills you need to develop, which can contribute to the success in your business.
1. Business plan development
When starting a business, most entrepreneurs require a money injection to realise their dream. And this starts by raising capital, through a business proposal that is sent to potential investors. In it, you will detail your business idea and predict its profitability through realistic financial projections. Even without needing investors, having a solid business plan provides you with a good foundation for taking specific steps to set up and grow the business, even years later down the road.
2. Financial literacy
Budgeting for your business is crucial. You need to know how much money flows and out on a daily basis. In addition, you need to learn how to maintain the balance between income and expense, so you can keep your business profitable. Without prudence and discipline, you can easily lose control of your budget and make your business unsustainable.
If you need a cheap small office space for rent
at the start of your business, our property at 34 Boon Leat Terrace offers a number of units in sizes ranging from 368 to 4,752 sqft – fitted with air-con, lights, carpet, and windows for selected units. Located within Pasir Panjang, this light industrial building comprises of 3-storey warehouse and 3-storey fitted office. Located at the fringe of CBD, it is accessible via West Coast Highway and a short 10-min walk to Pasir Panjang MRT with proximity to other business areas such as Mapletree Business City and Alexandra Techno Park. As such, this space is ideal for logistics and shipping firms looking for small offices for lease to connect with their business partners and clients within the area, as well as for e-commerce businesses
that wish to store their inventory, fulfil orders and improve goods procurement. Other facilities include 4 loading bays, 24-hour access, and season parking for heavy vehicles & cars.
While you may not necessarily do the marketing yourself, especially with the help of outsourced marketing experts and services, you will still need to be involved in the marketing processes as an owner. You can work on your personal branding as the leader of the company, and present yourself as someone whose business they would like to support. Share your opinions on trends related to your industry, or start blogging to establish your expertise as well.
The first thing to know about communication is learning how to listen – it is the foundational aspect of any successful communication. Then, pick up skills on how to speak and write to present your message in front of an audience. Establishing good communication in the workplace also means your team members get to receive and provide feedback to ensure a good working relationship.
5. Stress management
Starting and running a business will subject you to a lot of stress, as expected. But when stress gets out of control, it can turn into frustration and aggression, which may lead the company astray. Your employees can feel stressed out too, which in turn, lowers productivity levels. Learn how to see the bigger picture. Any obstacle you’re facing now is another step to take on the way to success. Remind yourself that you can always find a solution and move forward.
6. Inspire others
Leaders should not just give out orders – they empower their employees to give their best. Once you have put together your team, you want them to be driven to show up every day and be motivated to realise the vision of your business. As an inspiring leader, you can push them towards professional and personal growth, so they can do their best. Show up and lead by example by doing your part of the work – it will motivate your team members to be productive as well.
If you prefer a more central office location, our property at 10 Raeburn Park has offices of varying sizes, from small micro offers to large standard commercial offices with meeting rooms, toilets and pantry areas. Located near New Kampong Bahru Bus Terminal and Outram Park MRT station, this lifestyle and office hub is suited to start-ups and SMEs that offer in-house services such as gym and shower facilities, childcare services, F&B options and shuttle bus services. There is also an e-scooter/e-bike station for working professionals to visit nearby spots at Keong Saik Road, Tanjong Pagar and more, conveniently. Currently, there is one unit available at 1,500 sqft with 3 attached rooms, lights, glass door and full-height window. Other amenities include 24-hour CCTV surveillance and season parking.
Our special offer is back again for a limited time only! Enjoy 50% off rental for selected properties including offices, industrial spaces and tuition centres for rent
when you sign up before 31 Dec 2020. Terms & conditions apply.