Introduction

A successful business is one that after being established reaches a break-even point in the shortest possible time. You maintain a going concern status and continually increase your profits. Increase your customer/knowledge base and broaden your product/service reach; thus creating wealth for its stakeholders.

The requirements

Therefore, a successful business can be achieved by ensuring that 3 key requirements are inherent in business leaders.

1 – Good knowledge

Good knowledge of the business product, its customers, business competitors, retailers and suppliers to ensure that the business is in touch with its environment (demand).

2 – Excellent financial recording/interpretation skills

This will lead to an advantageous business figures evaluation strategy; history, costs, budgets and forecasts, which can be correct or misleading by properly trained or poorly trained people, respectively.

3 – Strategic Thinking (Vision)

To support business goals and objectives, your leader must be a foresight with insight for business success.

Other equally important requirements

All business leaders, owners, workers or staff must meet some or all of these requirements depending on their job functions.

1. Integrity – This should never be compromised.

2. Honesty: Like integrity, truthfulness breeds ‘sincerity of purpose’.

3. Manage Expectations Effectively: Record expected revenue at its lowest while recording expected expenses and expenses at its highest cost.

4. Basic computer skills.

5. Teamwork: working together where each worker or member is an integral part of a group and not an isolated leader.

6. Selection of a good team: make sure that the workers are well trained and capable of performing the tasks that will be assigned to them. In essence, hire based on strengths, not favoritism.

7. Leadership and Mentoring: Every superior worker must be able to pass on good quality skills and experience to their subordinates.

8. Coordination: Focusing and refocusing on business objectives, while still leading the way for staff/workers.

9. Emphatic Communication: A categorical or forceful form of communication definitely conveys messages/instructions and ultimately the job is well done.

10. Use problems as opportunities to grow and improve, not as obstacles.

Conclusion

The above is just a glimpse of what to expect whenever the topic at hand comes to mind. The information here is not absolute, as it is possible to expand the list of requirements based on the experience of a business owner/leader or the planned needs and focus of a business itself.