Soft Skills and Hard Skills That Business Practitioners Should Have

Success does not solely depend on the technical knowledge or specific skillset that an individual possesses in today’s competitive and constantly changing business world, rather, to achieve success in a business, there needs to be a balance between soft and hard skills. 

In this article, Youtap will discuss both types of skills and the importance of developing them for business practitioners.

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Understanding Soft Skills and Hard Skills

Insight Global comments that soft skills are social skills used in everyday life, skills that often relate to adaptability, attitude, and personality, whereas conversely, hard skills are technical skills or specific knowledge acquired through education, training, or work experience, that are generally measurable and are often directly related to a specific job.

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‍Soft Skills That Business Practitioners Should Have

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1. Effective Communication

The ability to convey ideas, information, and persuasive messages to various audiences is essential for business practitioners, as such, today’s business practitioner must possess skills in writing, speaking, and listening effectively.

2. Leadership

To ensure effective leadership, a business practitioner must have the ability to lead a team, inspire others, and make sound decisions. 

3. Negotiation

Business practitioners should possess the ability to negotiate with business partners, customers, and suppliers because by having strong negotiation skills they can easily reach beneficial agreements while maintaining good relationships with their contacts.

4. Problem Solving

In business, challenges and problems are unavoidable, therefore, having skills in analyzing situations, critical thinking, and finding innovative solutions are invaluable.

5. Time Management

Effective time management is essential when you are a business owner because it helps clarify task priorities and maintains a balance between personal life and work, which in turn, impacts mental and physical health, and work productivity.

6. Creativity

To ensure business growth, business practitioners should possess creativity because having bright ideas can help drive product innovation, marketing strategies, and problem-solving.  

7. Adaptability

In the business world, changes often occur rapidly, therefore, adaptability and flexibility are very important. 

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Important Hard Skills for Business Practitioners

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1. Financial Management

Skills in managing budgets, reading financial reports, and planning financial strategies are essential for a company's financial health.

2. Digital Marketing

In this digital era, understanding content marketing, search engine optimization (SEO), and social media, is crucial for increasing business visibility and reaching a wider audience. 

3. Data Analysis

Data analysis- the ability to collect, collate, analyze, and interpret data - is vital for determining business strategies and decision-making. 

4. Project Management

The ability to effectively plan, execute, and oversee projects is important to ensure that business projects are completed on time and within budget.

5. Information Technology

Information Technology (IT) is a fundamental tenet necessary for efficiently running day-to-day business operations, with IT bringing with it the knowledge of business software, collaboration tools, and management systems.  

6. Business Law Skills

Understanding the laws and regulations relevant to your industry is essential for protecting your business, including contracts, intellectual property rights, and other legal obligations. 

7. Sales Skills

Foundational for increasing business revenue in today’s competitive environment is the ability to sell products or services, understand customer needs, close deals, and building a combination of  soft and hard skills is key to success in the business world. 

Soft skills such as creativity, effective communication, and leadership help build good relationships and lead teams, while hard skills like data analysis, digital marketing, and financial management provide the technical foundation for running a business efficiently.

Business practitioners who can combine and develop these two types of skills are better prepared to face challenges, seize opportunities, and achieve success in their careers. 

Investing time and effort in developing these skills provides a competitive advantage and helps ensure long-term success in today’s dynamic business environment.

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These are some of the soft skills and hard skills that business practitioners should possess. 

To further support business growth, it is advisable to start using digital systems like Youtap POS, an application that helps business practitioners record all transactions, generate financial reports, and analyze sales, towards running an efficient and successful business.