The 9 Essential Entrepreneur Skills You Need To Succeed.

Here are nine strategies every entrepreneur can use right away to become more successful at small business management.

1. Make strategic planning a top priority: Entrepreneurs often make strategic decisions in the intensity of the moment without proper planning. That can be a recipe for mishaps, especially when your business is growing fast. You need a formal strategic plan.

2. Keep a close eye on your competitors: Entrepreneurs need to guide their activities against the competition and attempt to find ways to become different.

3. Work to broaden your client base: One of the most common risks small and medium-sized businesses face is being contingent on one or two major clients. It’s important to be informed that businesses can fail after losing their biggest client.

4. Stay close to your customers: Touch base regularly with both key customers and employees who work directly with them. Listen to their suggestions and follow up.

5. Monitor profit margins: Closely watch the gross profit margin for each of your products and don’t delay to remove poor performers from your mix. Entrepreneurs don’t need to carry products with no or low-profit margins when there’s no return for them.

6. Develop a cash-flow planner: Take an hour and record your month-opening bank account balance and all expected cash inflows and outflows. Then, track your cash as it comes in and goes out each day.

7. Call your bankers: Build trust and credibility by keeping your bankers up to date on developments in the business, including realistic short and long-term cash flow projections.

8. Get started early on HR management: schedule regular meetings with employees to communicate goals, and progress and ask for their ideas on how to meet challenges in your business.

9. Consider your website a member of the sales team: Your website is a member of your sales team and should be held accountable to meet targets.