6 Essential Skills for Small and Medium Business Managers

A leader's management capability is crucial, directly impacting a business's prosperity.

While many factors contribute to a strong and sustainable enterprise—such as corporate culture, innovation, creativity, modern management systems, and advanced technology adoption—a leader's management skills are equally vital. So, what skills do leaders need to equip themselves with to help their businesses grow robustly? The answer lies in the following essential skills:

1. Strategic Planning Skills

As a manager, strategic planning is indispensable. The future of the business rests in their hands. They must be the ones to set the strategy and direction for the entire company, both in the near and distant future. A business manager, even of a small or medium enterprise, without strategic planning skills, will find it challenging to navigate their ship towards sustainable growth and long-term success.

2. Work Delegation Skills

For a business to achieve comprehensive development, it requires cooperation and support from various departments and individuals. Therefore, effective work delegation becomes more critical than ever. You might be excellent at strategic planning, but you are not the only one executing those plans. There is an entire team behind you that you need to entrust and empower to perform their tasks well. To excel in this, you must understand each individual's personality, job characteristics, and strengths. Only then can you delegate tasks scientifically and appropriately.

3. Communication Skills

Communication is a necessary skill for everyone, but for managers, it is exceptionally important. Business managers not only interact with partners but also with employees and customers. Without strong communication skills, a business will miss many valuable opportunities for growth. A manager's excellent communication ability creates a professional and positive image of the business to customers. Furthermore, good communication fosters an effective working environment for the entire company.

4. Leadership Skills

Regardless, leadership skills are indispensable for a manager. A professional attitude and demeanor, the ability to command respect and create a comfortable atmosphere, serious and efficient problem-solving, scientific and decisive actions—these are crucial skills for a talented manager. They may not be the most specialized experts, but they must be capable of uniting and motivating everyone.

5. Negotiation Skills

A good manager with strong negotiation skills can bring numerous development opportunities to the business. This is true for small and medium enterprises as well; they need leverage, motivational factors, and external conditions and influences to thrive in the future. Before taking on a management role, cultivate negotiation skills to build the strongest foundation for guiding your business forward.

6. Technology Adoption Skills

Leveraging and applying science and technology to operate a business is extremely necessary in today's rapidly advancing Industrial Revolution 4.0. Digitizing traditional processes helps increase labor productivity, reduce cumbersome paperwork, and cut labor costs. As a result, businesses can significantly save on operating expenses and optimize production processes, making work easier and more scientific.

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While there isn't a single criterion for defining a "good leader," ultimately, a good leader helps their business grow strongly and maximize profits for the company. Beyond the skills mentioned above, business leaders need many other valuable skills. With the goal of "Supporting small businesses to grow," VPBank SMEConnect is built as a platform to provide financial and non-financial solutions for small and medium enterprises.

Learn more about SME Connect here