Assess your business skills checklist
Starting and running a business requires specific skills so it's essential that you identify the skills you already have, and the ones you may need to improve or learn. Read the checklist below and click 'Yes' or 'No' to identify your skillset.
If you answer 'No' to any question, you know which skills you need to improve, which skills you could outsource and which skills to look for when recruiting staff.
Business management skills
|Can you delegate tasks effectively?|
|Do you have problem-solving and decision-making experience?|
|Do you know how to maintain and control stock levels?|
|Do you have experience coordinating and planning important tasks/projects?|
|Do you have good time-management skills?|
|Do you know how to negotiate successfully?|
|Can you lead, train, supervise, motivate and mentor employees?|
|Do you know how to delegate tasks and demand accountability?|
|Do you know how to communicate and negotiate with employees and customers?|
|Are you familiar with requirements for staffing and human resources?|
|Do you have an entrepreneurial spirit?|
|Do setbacks motivate you to try harder or do you become frustrated and give up?|
|Do you have a clear vision of where the business will take you?|
|Can you turn your ideas into a business?|
|Do you know how to evaluate your business idea?|
|Can you find new customers?|
|Are you comfortable with financial reports and financial ratios?|
|Are you familiar with profit planning, financial forecasting, cash flow management and budgeting?|
|Do you know how to manage payroll? Pay superannuation?|
|Can you cost your supplies, overheads and labour to price your products or services effectively?|
|Can you manage purchasing for the business?|
|Do you know how to manage debtors and creditors?|
|Do you have bookkeeping skills?|
|Do you know your requirements for tax, goods and services tax (GST) and business activity statements (BAS)?|
Sales and marketing skills
|Can you analyse your competitors and your customers?|
|Do you know how to research the market, test your product and advertise your product?|
|Are you familiar with different marketing channels?|
|Do you know the best way to promote and sell your product or service?|
|Do you have strong written and presentation skills?|
Your business may benefit from a more structured approach to assessing where skills need to be improved:
- A skills audit not only assesses the skills a business needs to complete its day-to-day work now, but also what skills it may require under various future growth scenarios.
Each of these can be performed in-house or with the help of a specialist training company. Read more about getting outside training help.
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