The skills entrepreneurs should be investing in for 2023
Being an entrepreneur is exciting, challenging, rewarding and sometimes exhausting in equal measure! But although your experience of entrepreneurial life will shift over time, one thing holds true — you must always seek to develop your skills, knowledge and personal competencies to stay successful and stay ahead of the curve.
So what key skills should you be investing in for 2023? Which skills will get you ahead of the curve in 2023 and get you ahead in business? There’s no definitive list, but there are some key areas you can focus on, which we’ll explore below.
90% of small businesses are using digital communication tools, 37% are using AI in some capacity and 85% of SME owners say that technology is helping them to achieve success.
So if you’re not prioritising tech development then you’re likely to be missing out. The good news is, today’s small business tools are extremely powerful and also affordable, particularly with cloud deployment and licensing arrangements that allow you to subscribe to a tool and use it anywhere with a network connection, on any device.
Cloud computing helps with areas such as collaboration, customer service and automation — stripping waste, cost and errors out of your business whilst improving operational outcomes and better customer service.
Crucially, the right cloud technologies allow you to focus on your actual business, rather than worrying about IT infrastructure. These same technologies also help you to develop powerful marketing systems, better channels for e-commerce and a powerful brand in the online world. All of these are crucial areas for entrepreneurs in 2023.
Financial literacy is vital for entrepreneurs, but some are daunted by its apparent complexity.
But you don’t need to be an accountant to be a successful business owner — hopefully, you have one of those to do the number-crunching for you! Modern business accounting systems help to provide the data you need to analyse your business using financial ratios and assessment tools.
Learning a few of these will help you to track business performance — but you can also use automated tools to produce financial health reporting and analysis at the click of a button. Learn about finance, tax, deductibles and the different forms of finance and credit available to a business, in particular.
Extend this growing financial literacy to your own personal finance too, so that you have a solid plan for building your financial future and pension; areas that entrepreneurs often leave on the backburner!
Successful entrepreneurs are invariably strong strategists.
If you can learn to think strategically and plan strategically, you will become far more effective at delivering the right things and focusing on the right areas. Learn about the mechanisms and processes used to create a successful strategy and invest in training that helps you to ask the right questions, consider the right areas and think creatively.
Learn about tools such as PESTEL and SWOT analysis that help to analyse your business within its wider operating context and to identify priorities for development. A strategic mind will help you to focus on the bigger goals and to drive your business in the right direction, rather than being distracted and taken off course by reactive events.
These are just three key areas for entrepreneurs to consider for their 2023 skills — there are plenty of others!
Which will you focus on for the year ahead?
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