The owner of a company manages a company. In larger companies or chain shops, the Owner of a company is in charge of one of the branches. The Manager must be aware of all kinds of issues within the company and have sufficient knowledge of them. Think about purchasing, products, staff and marketing.

The owner of a company has various tasks. Firstly, he manages the company. He ensures that all activities within the company run smoothly. The Manager keeps an overview and knows everything about everything. Off course he must also have sufficient knowledge of the products and/or services that the company offers or produces. The Manager must also manage the financial administration and supervise the personnel in their daily work. The Business Manager also develops plans for the company and draws up the policy. The Executive decides how things will go in the company. If the owner is in charge of the branch of a chain of shops, he must take the chain’s policies into account. Finally, the Manager also maintains contact with the customer and recruits customers through good marketing.

The small business owner has various roles within the company and must be a true jack-of-all-trades in order to be successful. The business manager must (want to) know everything and know what is going on in the company. A good vision for the future is also important for the executive. Have a look at the 5 skills they must master:

1. Have a clear picture of your finances

Do you think carefully about budget and profit and about the resources available, such as money, time, knowledge and help? It is important that you also know how to use these resources well in order to achieve the best results. Write a sound financial plan as part of your business plan and do not make any ill-considered decisions. Balancing your expenses with your income is also called budgeting. You can see a budget as a plan to get an overview of your business’s finances.

2. Have your taxes in order

A well-organised administration is extremely important for your company. Not only does it show how your company is doing financially, it is also the basis for the annual tax return. If your administration turns out to be incomplete or is not converted into a tax return on time, this can lead to hefty fines from the tax authorities. All income, expenses, unpaid invoices, the VAT return, deductions and profit are all neatly listed. This allows you to intervene on time when the financial situation of the company unexpectedly takes a turn for the worse.

3. Invoicing correctly

Drawing up an invoice involves more than just taking account of a cost price. The strict rules on VAT are often a real headache. A number of VAT details must be included, and the rates had better be right too. In this blog post, in addition to an overview of the basic rules, we also offer you a handy example invoice. Now you can learn these skills with Superprof.

4. Knowing how to buy

Buying something abroad is quicker than you think. Think, for example, of software such as Adobe, or advertisements via Facebook. As a businessman, you normally pass on your VAT ID to foreign parties so that they know that you are a businessman. If necessary, they can then reverse the VAT on the invoice, or charge no VAT at all. But: that would not be right for you. 

5. Keep yourself up-to-date

It’s important that you take note of the latest evolutions in finance laws and new technologies that can help you broaden that knowledge. Make sure you have a strong connection with local business offices and even your competitors.