Home Business Essential Competencies Required In Businesses

Essential Competencies Required In Businesses

by Olufisayo
Published: Last Updated on
Essential Competencies Required In Businesses

Based on the practical realities of life, the following essential competencies are fundamental in business:

Leadership: This is the ability to lead, guide, and motivate a group of people to deliver results, build teams and encourage risk-taking, initiative, and responsibility.

The three styles of leadership commonly used are; The “iron-fisted” or autocratic leader, who makes a decision and gives orders without asking the opinion of employees.

The “let’s vote” or a democratic leader, who gives group members a voice in decisions up to the group members. The “hands-off” or laissez-faire leader, who leaves all decisions up to the group members.

Strategic Thinking: This is the ability to think strategically about longer-term goals, plans, needs, and capabilities that address the needs of the business.

Teamwork: This is the ability to work cooperatively with colleagues, team, committee, and subordinates across organizational boundaries to achieve shared goals.

Always say “We” not “I” We statement is a manifestation of team spirit, while I statement is a manifestation of an individual spirit.

Service Focus: This is a desire to help meet the needs of others especially business partners, suppliers, customers, and clients. The ability to respond to the changing needs of the stakeholders, while maintaining a high standard of quality is also a service focus.

Relationship Building: This is the ability to identify, build and maintain formal and informal networks and productive relationships with both customers and clients. It includes leveraging on contacts of customers/clients in order to generate positive outcomes for the business.

Managing People: This connotes the ability to manage people to achieve maximum efficiency and productivity.

Achievement Drive: This refers to the sustained energy and determination required to set and meet challenging objectives. It is also the ability to organize resources to achieve a standard of excellence in production and performance.

This competence can be developed by planning carefully and sets goals for improving performance.

Business Acumen: This refers to a clear understanding of key business drivers for performance and the use of sound business practices. It also refers to the ability to use sound commercial principles in all areas of responsibility.

Communication: This is the ability to effectively share ideas, thoughts, information, and feelings with a diverse range of audiences to develop a two-way understanding. It includes speaking, listening, and written communication skills.

Flexibility & Adaptability: This is the act of openness and receptiveness to an appropriate change in the business environment. It is also the ability to manage and shift priorities as required, and to incorporate new approaches in support of changing business needs.

Continuous Learning: This refers to maintaining a commitment to personal and professional development, keeping abreast of current professional knowledge.

Authority and Responsibility: This refers to the ability to direct the activities of others in order to achieve organizational goals.

Marketing and Strategy: Marketing is a social and managerial process by which individuals and businesses influence customer choices and obtaining patronage for their products and services.

It includes the distribution channels for the product, pricing, and terms of sale, promotion and advertising plan, visual merchandising, public relations, customer relations. The marketing strategy should entice customers to buy the product or service.

Photo by Miguel Á. Padriñán from Pexels

Related Articles

5 comments

emerpeflY December 9, 2010 - 12:22 PM

Couldnt agree more with that, very attractive article

benedict adeyem March 24, 2012 - 10:40 AM

thanks so much for this article, its timely and effective. God bless you

Olufisayo March 24, 2012 - 6:43 PM

Thanks for the comment Benedict, we are glad we could help

16 Entrepreneurial Traits To Be Developed By Aspiring Entrepreneurs November 20, 2014 - 7:42 AM

[…] Thank you for taking time to read through our post your contributions through comments would be greatly appreciated. Kindly share with others by inviting them to our website and also share using the social networking icons below. In our next post, we would be examining the Essential Competencies Required In Businesses […]

Comments are closed.