Ten Important Skill Sets for Business Professionals

Ten Important Skill Sets for Business Professionals

By Joe Walenciak

December 11, 2024

First, I think that a business professional should be a person who possesses integrity and values.  We have always taught that the character of the leader matters, and for so many reasons, I believe that now more than ever.  We live in a society that tells us that only results matter, regardless of what you do to get results.  I disagree.  I believe that “right is right,” period.  Also, in the long term, integrity helps to build the strongest relationships and businesses.

Second, there is certainly a broad skill set that good business people must possess to some extent.  Business people don’t have to be experts in everything, but they need foundations in areas related to skills like accounting, HR, finance, law, people, statistics, technology, and so forth.  These are all part of daily business, and a business person must understand (to some extent) how all of these things work in their business.  Then, each business person must have a deeper skill set in some area of specialization, such as marketing, accounting, operations, finance, IT, analytics, etc.  Business people must have a set of deeper skills that bring value to the organization.  Finally, with regard to skills, business professionals must be continuous learners and must be able to change, grow, and adapt.  The world of business is changing daily, and business leaders must keep learning.  Three years ago, nobody knew what AI was, and now it is considered essential for business strategy.

Third, business people must create an honest and healthy balance between people and the business.  As human beings, we need to show honor and respect for others.  We should listen.  We should disagree with civility.  We should act in a way that will not hurt others.  As leaders, one of our jobs is to develop our people.  At the same time, we are part of a business for a purpose.  The business has a mission, goals, objectives, and so forth.  The job of a business leader is to find a healthy and honest way for the business to pursue and achieve its goals while honoring and growing people in the process.  If we only care about people and the expense of the business, then the business will fail.  If we only care about the business at the expense of people, then we fail the test of humanity.  We have to understand all aspects of our role and work to achieve them.

Fourth, regardless of the job, a business person really needs to be a good communicator.  Accurate flow of information is important for any job.  Period.  But also, to the extent our role allows us to do this, we should create an environment around us where people feel free to express thoughts, ideas, and opinions…always with civility.  We should not be afraid to express what we think, and we should learn from each other and build relationships.

Fifth, there is something that goes along with character and integrity.  That is a willingness to follow process and rules.  It is sometimes very tempting to show favoritism or to take short cuts around rules.  A good business person should be willing to follow the rules and processes of the business.  If a rule, process, or policy needs to be changed, then we can deal with that directly, not by breaking or ignoring rules.  When favoritism and rule-breaking become part of culture, the workplace becomes toxic.  The good people leave, and the people who stay are the once only seeking to advance their own interests.  Trust vanishes.

Sixth, business people need to be able to understand strategic perspectives and think strategically.  We often have a specific job in front of us, but we need to understand how that specific job contributes to the larger work of the organization and how organizational mission and perspectives shape the work that we do.  Ultimately, each job exists to promote a larger mission; the organization does not exist to support a specific job.

Seventh, successful business people must be able to solve problems…“to think their way out of a box.”  When confronted with challenges and obstacles, people often become paralyzed.  In those moments, a good business person must be able to maintain their composure and begin working toward solutions.  If we don’t know what to do, we should try to do something.  Good business people find answers to problems.

Eighth, business professional should have financial literacy.  Every business has certain numbers, measures, indexes, ratios, etc., that relate to the finances and operations of that business.  It is like a person who needs to track their blood pressure and heart rate.  They know what to measure, and they know what those measurements mean.  This is part of the language of that business.  Just like a diabetic needs to track and understand their blood sugar, businesses need to track and understand the things that matter for that business.  If we are to contribute to a healthy business, we have to be able to do this.  If we don’t know or care about contributing to a healthy business, then we won’t be there very long.

Ninth, whether personal or professional, every life is faced with challenges.  Business people need to care for their physical and emotional health, but we also need to learn to develop resilience and perseverance.  We cannot simply collapse every time we are faced with a difficult challenge.  We have to learn how to address challenges, and we need to grow the strength to do so more and more, because the challenges will always be there, and they get bigger.  There is certainly a time to rest and recover, but there is also a time to take a deep breath and stand strong in the face of challenge.

Tenth, love your people.  Period.