Technical schools are excellent when it comes to teaching you the hands-on, specialised skills you need to work within the manufacturing industry. However, these schools may neglect to explain the ways in which business skills such as communication, accounting and analytical abilities are also important. Without the skills needed to create a budget, calculate probabilities or promote your amazing idea, you may fall flat. In this week’s blog, we’ll be going over some of the key skills that can help you succeed.
Accounting
Regardless of how big or small your business is, the primary way to measure its success lies in its financial tracks. In order to create a successful budget from which to measure your success, you need to consider certain things. What are your company’s goals and how can you facilitate them? What are your production goals for the upcoming year? What are your units of strength, and how will you maximise them? Conversely, what are your units of weakness, and how will you develop these areas? Understanding the answers to these questions places you in a much better position to assess your business’ financial capabilities and success.
Statistics and Probability
Data is one of those words that sends some of us into panic mode. But while it may seem like a big concept, without data you’re unable to accurately assess the outcome of your production. Probability and statistical analysis will help you to determine equipment failure, sheet metal variability and margins of error.
Communication
This may seem fairly straightforward, but communication is a necessary business skill that should be cultivated. Your ability to communicate in a way that is understandable and engaging may be a determining factor in your business’ success. This includes both speaking and writing; being able to present facts and informed opinions persuasively is incredibly important in the business sphere.
Luckily, you don’t need an MBA to run a business! With a handle on accounting, statistics and communication skills, you’ll be set up for success. At Acra Machinery, we sell tools such as press brakes, as well as other metal machinery to support you in your business progress. Get in touch by calling 03 9794 6675 for more information today.