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Key Project Management Skills That Every Business Owner Needs

Published By Team AdaptiveWork

In many cases, project management and getting a business off the ground go hand-in-hand. Even in instances where your business is already up and running, business owners can learn a skill or two from project managers. From communication skills to negotiation skills, here are a few key project management skills that every business owner can benefit from.

key project management skills

Leadership Skills

This seems obvious, but it is actually one of the most neglected skills among project managers and business owners alike. Leading means getting things done, and as a project manager or owner of a business, that should be your ultimate goal. If you’re looking to improve your leadership skills, there are plenty of resources online. Make sure to do a lot of research if you feel this is an area in which you are sorely lacking—you won’t regret making the effort down the line.

Communication Skills

As a business owner, especially one who is just starting out and in the process of getting loans and attracting investors, most of what you will be doing on a daily basis is communicating with others. This means that you will have to adequately and concisely convey a broad scope of ideas, as well as produce tangible reports that reflect your research and insight. The perfect place to start is with your presentation skills, including your pitch. Again, there are plenty of resources online, so make sure to do your research.

Organizational Skills

As a business owner, you must realize that your personal organization skills will extend to the workplace and beyond. Therefore, it is crucial that you keep your personal life organized. Doing so will make your life as a business owner so much easier. Whether you invest in a physical daily planner or keep your schedule up-to-date using an online calendar, being able to see exactly what your day looks like at a glance is key.

Negotiation Skills

One of the most important aspects of being a successful business owner is the ability to negotiate. In a way, this goes hand-in-hand with communication, but is slightly more nuanced in the sense that it specifically applies to situations where the stakes could be quite high and multiple parties are involved. In these situations, compromise is key, but as a business owner you must understand how to negotiate compromises that are beneficial to everyone involved.

Task Management Skills

One of the most crucial aspects of managing a business is developing proper task management skills. This includes the ability to develop a task list, assign tasks to various employees, and track your employees’ daily progress. After you get a knack for this, you can move on to assist your managers and employees with various aspects of their daily tasks more effectively. Developing this dual approach to project management is key to completing projects on time.

Planning Skills

Again, this is another really obvious one that often goes unnoticed. Consider this: what is the use of having a proper business skillset without a proper business plan? As a business owner, it is essential that you give some serious attention to how you are strategizing. This includes creating timelines, estimates, and various statements. Essentially, it consists of compartmentalizing your day in order to accomplish each task as efficiently as possible.

Budgeting Skills

As most projects and tasks cost money, learning how to manage and delegate funds to accomplish project goals is something all business owners will need experience with at one point or another. This includes being able to estimate certain costs ahead of time and possibly having to figure out how to allocate funds effectively when you are over budget.

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Written by Team AdaptiveWork