If you want to equip yourself with the skills needed to thrive in your present role and future ones here are seven business fundamentals you should know.
1. Analytics
The demand for professionals with a keen understanding of business analytics and data science is on the rise.
In addition, top companies, such as Uber, Microsoft, and Blue Apron, leverage data and analytics in their organizational processes to improve operations and drive performance.
Knowing how to develop and test hypotheses, perform a cost-benefit analysis, and visualize data can not only bolster your resume but also lead to more informed decision-making that benefits your organization.
2. Financial Accounting
The value of accounting knowledge isn’t limited to just numbers-focused roles. No matter your profession, understanding the meaning behind the numbers on financial statements can be a boon to your career.
For instance, learning how to prepare a balance sheet can help you unlock critical insights into your organization’s performance and become an indispensable member of your team.
3. Economics
Beyond an in-depth knowledge of your industry’s market demands, studying economics can equip you with the necessary skills to craft a successful business strategy and help your firm succeed against competitors.
4. Leadership
The ability to lead and mobilize others is vital for all professionals.
Taking the time to develop your personal leadership style can cultivate greater emotional intelligence, enabling you to be a more effective collaborator and improve how you communicate and share feedback with colleagues.
Research shows emotional intelligence can be more important than IQ and previous experience when it comes to workplace success, underscoring why it’s important for you to sharpen your ability to understand and manage your emotions while recognizing and influencing the feelings of those around you.
5. Negotiation
Developing negotiation skills can have a significant payoff in any field. Knowledge of effective bargaining tactics can help you resolve conflicts that are otherwise deadlocked and equip you with the skills needed to maximize value in agreements.
In addition to benefiting your company, being a strong deal-maker can lead to greater success when negotiating a starting salary or asking for a raise.
6. Strategy
According to a survey by Bridges Business Consultancy, only two-thirds of business leaders believe their organization is good at crafting strategy. While half believe their firm is good at strategy implementation, just seven percent of business leaders believe their organization is excellent at it.
An understanding of strategy formulation and execution can help professionals across all industries, making it easier for their organizations to meet business goals and adapt to new challenges and opportunities.
By developing your strategic thinking skills, you can learn how to use available information to solve complex problems and make more informed, strategic decisions.
7. Global Business
Global business impacts every organization, regardless of whether you conduct business internationally. Because of this, it’s important to understand how your organization affects the global market, and vice versa.
Many of today’s largest and most successful organizations, such as Apple and Walmart, are multinational corporations conducting business worldwide. In an age of globalization, it’s highly beneficial for today’s professionals to broaden their knowledge of international business.