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Enterprise Job Skills – For example, it is critical for business owners to ensure that all members of their organizations are equipped with skills such as critical thinking, time management, and effective communication to ensure that day-to-day operations run smoothly and achieve business goals. .
Here’s an overview of why it’s important to improve your business skills and ten you should prioritize to advance your career.
Enterprise Job Skills
A foundation in business can not only lead to increased confidence in the workplace, but also open the door to a myriad of career opportunities. For those who have expanded their knowledge by taking a Harvard Business School course, the experience has led to such results as:
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If you want to achieve similar goals in your career, here are ten business skills you should develop.
A basic knowledge of finance can be valuable in any industry. In addition to an in-depth understanding of pricing strategies and market demand, studying economics can provide a toolkit for making important decisions in your business.
For Nicholas Greco, a former CORE participant who works as an educator and health care administrator, the lessons learned from Economics for Managers were instrumental in helping his organization invest in solar energy.
“I knew investing in solar was a good opportunity, but the concept of readiness to sell (WTS) helped me understand and explain why,” says Greco. “Because of additional incentives from the city program and group purchasing power, electrical contractors were willing to sell solar systems at a much lower price than usual, increasing our consumer surplus.” By explaining WTS, I was able to convince the owner to go ahead with this project.”
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Research shows that a growing number of companies – including Microsoft, Uber and Blue Apron – are using analytics to drive growth and improve their services and operations.
According to LinkedIn, analytical reasoning is one of the most in-demand hard skills in today’s job market. Knowing how to summarize data sets, identify trends, and test hypotheses can provide an analytical framework for approaching complex business problems and help you make informed decisions that benefit your business.
“Using data analytics is a very effective way to make an impact in an organization,” says HBS Professor Jan Hammond, who teaches the Business Analytics course. “If you can walk into a meeting and other people have opinions, but you have data to support your arguments and recommendations, you’re going to be influential.”
Accounting skills can be useful in your career, even if you’re not in a numbers-focused role. While it may seem like a scary topic, it’s a lot more accessible than you think.
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Concepts such as cash flow and profitability are useful for understanding your organization’s performance and potential, while knowing how to read and interpret the balance sheet is essential for communicating financial results.
Pankaj Prashant, an engineer who took CORe, says the principles he learned in financial accounting helped him build on his engineering background and advance his career.
“I’ve been following my company’s annual accounts, and the accounting I’ve learned helps me understand where the business can go in the future,” says Prashant. “I also followed several other companies for investment purposes and realized that I could make more informed decisions with my improved knowledge of business finances.
Whether you’re just starting your professional journey or working at a senior level, it pays to be an effective negotiator. A report by the World Economic Forum identified negotiation as one of the top 10 skills needed to thrive in the workforce of the future.
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Honing your negotiation skills can help not only provide value to your organization at the bargaining table, but also to yourself when pushing for a higher starting salary or raise.
There is no one-size-fits-all approach to creating a successful negotiation strategy. The key, according to HBS professor Mike Wheeler, who teaches negotiation mastery, is to be open to improvisation and plan to think on your feet.
“However you happen to see yourself as a negotiator, most people you work with have a different style, at least to some degree,” says Wheeler. “In order to succeed, you must therefore be flexible.” It means flexing yourself to use different skills depending on the situation and who you’re dealing with.”
Strong leadership skills are naturally associated with organizational performance. A Gallup study found that managers are responsible for 70 percent of the variation in employee engagement, underscoring the need for companies to develop leaders who drive productivity and team morale.
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For both experienced and future managers, it is valuable to know how to lead meetings and communicate organizational change. Equally important is being aware of the common missteps team leaders make.
For Monica Higgins, Public Relations Account Manager, the “Managing Essentials” course was a way to expand her managerial knowledge and develop a new perspective on her role.
“I’m more aware of looking at things through a bigger lens, from different perspectives,” Higgins says. “I’ve always been a fan of asking thoughtful questions to learn—as opposed to explanations—and now I’m a big fan of playing devil’s advocate.
Whether you are in a managerial position or not, leadership skills are critical to success in the workplace. While some people think of leadership and management as one and the same, there are differences between the two. While management is focused on implementing processes, leadership is more focused on people and the vision that drives change.
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In addition to honing your leadership skills, building your leadership skills can be beneficial in any profession. From learning to stay calm under pressure to developing your own leadership style, these skills can help you understand how to realize your vision and set your team up for success.
In all business environments, professionals rely on communication to coordinate efforts and achieve organizational goals. Ineffective communication—or the lack of communication altogether—can prove disastrous.
Along with developing your skills, a major contributor to success is understanding and adapting to the communication styles of others. Other important communication skills include active listening, empathy and reading body language.
Emotional intelligence is another important business skill, and research shows that it is a leading indicator of workplace performance. According to a study by TalentSmart, 90 percent of the best players have a high level of emotional intelligence.
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Emotional intelligence is usually divided into four concepts: self-awareness, self-management, social awareness, and relationship management. In short, this skill refers to your ability to understand your emotions and to recognize and influence those of others.
Regardless of your industry or position, by being aware of yourself and your environment, you can gain more control over your interactions and achieve your goals effectively.
All professionals need strong decision-making skills to deal with the complex challenges of the workplace. For those specifically working in business or management, the need for such skills is even greater.
Deciding how to allocate resources, which employees make up the team, and how to implement a new organizational initiative are all decisions that require careful consideration. With the increasing number of tools and resources that can be used to capture data, managers can power their processes with valuable insights to make data-driven decisions and generate better results.
Developing Employability Skills
Whether you want ideas or advice on a particular challenge or are preparing for a career change, the people who make up your professional network can be valuable resources.
To get the most out of your network, be open to opportunities to step out of your comfort zone and build new relationships. Once you’ve established your network, it’s important to maintain the relationships you’ve established and find new ways to expand your network.
If you are striving to advance your career, the value of business knowledge cannot be overstated. In addition to hard skills (such as financial accounting and understanding the economy), you will need soft skills (such as emotional intelligence and leadership) as your organization grows.
Regardless of your industry, knowing basic business concepts can help you better understand your organization’s performance and provide the tools you need to lead initiatives and drive strategic decision-making.
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Matt Gavin is a member of the marketing team at Harvard Business School. Before returning to his home state of Massachusetts and joining HBS, he lived in North Carolina, where he held roles in news and content marketing. He has a background in video production and previously worked on several documentaries for Boston’s PBS station WGBH. In his free time, he enjoys running, exploring New England, and spending time with his family. We use cookies to customize the resume and cover letter creation experience. For these reasons, we may share your usage data with third parties. You can find more information about how we use cookies in our Cookie Policy. If you want to set your cookie settings, click the Settings button below. To accept all cookies, click Accept.
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