If you want to successfully manage your business you must wear as many hats as possible to make sure that your company is capable of growing and evolving into the business you hope it will become. This means that when you run a business you need to be a jack of all trades in some degree.
Here is a list of hats that you will at times find yourself needing to wear when running your business.
The Financial Hat – You will need to wear the financial hat so that it becomes easier for you to keep track of your company’s finances. This is important because you will need to make sure your company is making a profit. Other responsibilities include; preparing and adjusting your budgets, analysing your financial statements and forecasting the revenue of your business.
The Marketing Hat – Wearing the marketing hat is essential if you want to properly promote your business and attract new customers. By wearing this hat, you will need to create your marketing campaigns, build your website, manage your social media platforms and communicate with your customers and followers online. The marketing hat will also require you to send emails to customers to inform them about the latest news that happening in relation to your business.
The Sales Hat – The sales hat will be worn to help increase revenue for your business. This means you will need to know how to make a sale and close a deal. The sales hat consists of prospecting, presenting to potential clients and deciding what the price will be for a product or service that your business offers.
The Legal Hat – This hat means that you need to be aware of any legal requirements that are associated with running your business. By wearing this hat it is your duty to make sure that you are compliant. This hat includes tasks such as; obtaining necessary licenses and permits associated with running your business. It also includes drafting contracts with employees and suppliers.
The Human Resources Hat – If you are running a business that has employees, you will be required to make sure that they are managed effectively. It is ultimately your job to motivate them and make sure that they are passionate about working for your business so that your business can achieve it’s goals. The Human Resources (HR) hat includes tasks such as; hiring and training new staff. It also includes undertaking performance evaluations and dealing with any problems your staff endure whilst they are working for your business.
The IT Hat – The IT hat is important if you are using technology to operate your business. You will need to wear your IT hat when you are introducing new software and technology into your business and navigating how it can be used to enhance your business and your employees. The IT Hat also includes taking care of the cyber security elements of your business.
The Customer Service Hat – Wearing this hat means that you need to make sure you are delivering high quality customer service to your customers so that your customers feel determined to become loyal to your brand, talk positively about your business, refer you to their friends and family and also feel motivated to be repeat customers. Some of the duties associated with wearing this hat include handling customer complaints, responding to customer inquiries and handling any returns and exchanges associated with the products and services you sell.
The Operational Hat – The purpose of wearing the operational hat is to make sure that your business continues to run smoothly. This will involve tasks such as; scheduling, managing inventory and tackling the logistics side of your business.
The Strategic Planning Hat –
As a business owner you will be responsible for the long-term success of your company. You will need to wear the strategic planning hat when you are planning for your future and making decisions about the direction you want your company to take. It is important to make sure that you make well-informed decisions when running your business.
The Leadership Hat - The leadership hat must be worn to make sure that you lead and inspire your employees. The leadership hat will require you to set and clearly communicate the expectations you have for your employees. It will also include you offering guidance and support to empower your employees whenever they need a helping hand.