There are some skillsets that are critical for business management and other business professionals. Those additional qualities can make you truly stand out from the crowd—no matter your preferred management style.

In this article, we spoke with the business owners and leading professionals in Business Management Programs in 2023 and identified the most important leadership skills for successful managers. They also uncovered a few unexpected qualities that set apart the most effective leaders. 

Financial Management skills 

If you want to improve your financial management skills, you need to have an efficient record-keeping system in place. This serves as the starting point of your financial management plan. It would also be useful to meet tax deadlines on time otherwise you can land in serious trouble. The hefty fines imposed on late payments are avoidable which is why this should be your number one priority. As a business owner, you should have a business plan to work with. This can help you control the overhead costs, which in turn can help your business run in a cost-efficient manner. I would also recommend that business owners seek the services of financial advisors as this can help them direct their financial resources toward the growth of their business. 

Alex Williams, CFO of Findthisbest

Time Management skills

Improving time management skills takes practice and consistency. Here are some tips to improve it. 

Plan and schedule. Create a daily, weekly, or monthly schedule to allocate specific time slots. Do it for different tasks and activities. Use tools like calendars, planners, or digital task management apps to help you stay organized.

When faced with large or complex tasks, break them down into smaller, more manageable steps. This makes them less overwhelming and allows you to make progress.

Procrastination can be a major time waster. Avoid it by setting deadlines for yourself. Use techniques like the Pomodoro Technique (working in focused bursts with short breaks) to maintain productivity.

Simon Brisk, CEO of Click Intelligence

Adaptability and flexibility skills

You should lead by example. Show flexibility and adaptability as a leader. Be open to new ideas, embrace change, and stay strong in tough times. Ask for feedback and work on improving yourself. 

Create an environment where agility is valued. Encourage quick decision-making. Empower employees to make choices, and allow for experimentation and independence. This will foster a flexible culture.

Encourage cross-training and motivate employees to learn different skills. Make them try out different roles within the company. This helps them gain a broader range of abilities and allows them to help out when needed. 

Work with your team to imagine possible challenges and come up with plans to handle them. This prepares everyone to be resilient and adaptable when unexpected situations arise.

Elisa Bender, Cofounder of RevenueGeeks

Marketing & Sales skills

A business can only thrive if it follows popular marketing and sales trends. However, it’s challenging to form a skillset regarding marketing and sales because they keep changing. But an excellent way to polish your marketing and sales skills is to always keep the audience at the center of your focus. Don’t be rigid and only make things according to your business’s vision. Be open and give yourself space to include new ideas.

Target audiences change, and so do their preferences. It is important to research them . And only then create pitches that instantly resonate with them. Marketing and sales skills can only hit the jackpot if businesses keep tweaking their approach from time to time. Newer talent who understands the present day audience’s preferences should also be taken on board. Such changes reflect changes in marketing and sales strategies. The best part is that companies can welcome more business!

Jessica Shee, Tech Manager of iBoysoft

Growth Mindset

One of the best ways to improve your adaptability skills is to foster a growth mindset. To be adaptable, you need to be willing to try new things and expand your knowledge. When you have a growth mindset, you seek out new challenges and explore opportunities. This opens up more avenues for you, and you’re confident enough to explore them. It makes you adaptable and flexible. 

Brian Hardesty, CEO of OnDisplaySigns

Strong Decision making skills

Taking the right decisions requires diligence when it comes to business matters. One of the best ways to improve your decision-making skills is to weigh its pros and cons. Decisions rely on particular goals and objectives to be achieved in the future. If you fail to differentiate between the pros and cons of your decision, you can get into big trouble. So, you must analyze what’s going right and what’s not favorable to your decision. For example, you can analyze pros by seeing the benefits, while cons reflect the risks attached to them. Also, involve more team members, welcome their opinions, and scrutinize all comments to make an informed decision. Make sure that whatever decision you make, it must align with the business’s goals.

Perry Zheng, CEO of Pallas

Leadership skills

For better management, it is essential to have good leadership skills. Some people are blessed with certain qualities that make them natural leaders, but some have to work to become better. I suggest that managers work towards improving their interpersonal skills. This is how they interact with the team and other employees. Your verbal and nonverbal communication with the team should be impactful. It is necessary for building good work relationships, and that is how you will get them to follow you better. These skills make the employees willing and happy to do the work by creating a positive environment. 

Bailey Moran, CEO of Austin TX Realty

To conclude, good traits and excellent management won’t just impact your confidence and decisiveness in the workplace but also enhance your career advancement opportunities. Thus, it is important to learn new skillsets by participating in educational experiences and professional networking events.