P3: Describe the skills needed to run the business successfully and what areas require further personal development In this task I would be describing some of the skill to run a business successfully and what areas require further personal development as this all important to have to be a good sole trader.
This is one of the many important things to have to run a business well .This is because I am the manager of the business as the leader of the pack I would have to put extra time into the work , stay behind after work to complete extra work , give me staff extra training if they need it . These little things can help the business move forward faster and also it helps me as I know what I am doing is right for the business if I want the business to succeed.
Technical can be very useful as it save time and money. I am very skilful a using the computer I can fix problems very easily on the computer, I am also very good using the basic things like Microsoft word, PowerPoint and publisher this program is very useful as it lets me create leaflets which saves me money as I don’t have to ask another business to create leaflets for me as I know how it is done. I also know how to create a data base which is very helpful as it stores all the information.
Product knowledge is information that I know about my products, for example I have the product knowledge of salsa and knowledge of the product is how it’s made, ingredients and factors such as these. That is what product knowledge. This is important to me because I am the owner of the business I will need to know how to make them and how long to keep them heated or cold, furthermore another importance of knowing this skill is that if any customer’s asks about the product I should be able to tell them because they might be allergic to something m so if I know the product I could tell them information about the product.
Management ability is a skill that a business owner should have in order to run a business also management ability requires controlling and organising the business well, without management ability the business won’t go the right direction. This skill is important because without having any management skills, it will be hard to manage the business and organise it well also without this skill it will be hard to manage the other employees, and make sure all the bills and everything has been paid in order to have all these things done correctly you need have the management ability.
Recording and checking business performance
Recording and checking business performance is when the business checks on all the financials records and makes some records from other department too; furthermore this is when a person checks on the business making sure everything is going smooth without any errors. This skill is important because without checking your business performance you won’t know in which areas to improve on. If you don’t check your business performance you wouldn’t know what things are going wrong and right in the business and this will mean that you won’t know what to improve or change it the business.
Personal selling is having direct contact with my customers and also involves direct contact with the customers and assessing their needs and suggesting suitable product or service solutions, which would help the customer out. This skill is necessary for my business because I am a sole trader so having experience in this would help a lot because I will have to be selling desserts to my customers and making sure that they are satisfied with the product and service they are receiving. I don’t have personal experience in this skill and I will need to learn.
Administration is what provides support for businesses operations. This involves keeping records and communicating with external groups such as customers and suppliers by sending letters and invoices and arranging payment. This skill is necessary for my business because I will need it to keep the business organised and to make sure that things don’t go wrong. do not have personal experience in administration and need to gain some experience.
I do have previous experience working for a restaurant however I was able to get some experience in how to talk to customers properly and in a polite way to make sure they are satisfied with the service/product that they are receiving.
Strengths and weaknesses
I have a couple of strengths and these are: I can take risks and good at IT. Taking risks will help me in my business because it is always good to take risks because without taking them you might never know, it could end up good for my business. An example is that I could invest more in better packaging for my customers that like having take-away because this will show them that my business is caring for the customers. However if I did not take that risk of investing a bit more in it, I would have never found out if it would work or not. My strength in IT will help me a lot because I will need this skill for creating cash flow forecasts and even a break even forecast. This will save me money because I would have to hire someone else to do it for me as I have the skills to do it. My weaknesses are that I don’t have any skills in administration yet.