Almost everyone desires to be their own boss at some point. Unfortunately, once you start running your business, you may realize that its demands can sometimes be more than you can handle.
The best way to ensure that you are prepared for running a business is to get formal training in critical business areas, such as finance and marketing. But worry not, as this post highlights some of the best certifications to consider if you are thinking of getting certification as a business owner.
According to statistics, about 50% of all businesses fail by their fifth year. One of the primary causes of business failure is owners’ lack of necessary business knowledge.
Therefore, as a business owner, you need to get certifications to help you become better at what you do and earn the skills necessary to ensure that operations run efficiently. But any random certification may not suffice.
The ideal certification should match your industry and offer the specific skills you wish to acquire. In other words, the certification you choose, just like any investment, must have a good ROI; otherwise, it is not worth your money.
So when choosing the right certification, your focus should be on financial certifications with good ROI and from a reputable business school.
CPA is the gold standard if you want to pursue a career in business. But it doesn’t mean it is a preserve of people seeking a job in the finance sector. You can also take the course as a business owner.
Some of the skills achieved through CPA classes include accounting and reporting, auditing, reporting, business concepts and environments, and soft skills such as communication and leadership skills.
CPA certification is administered by the American Institute of CPAs after a 150-hour course and passing the prerequisite exams.
Chartered certified accountant certification (ACAA) is among financial certifications recognized globally.
While global recognition may not be a factor if you are taking the course for application in your business, the course focuses on topics that can be of excellent value to your business.
It focuses on auditing, financial management, taxation, reporting, ethics, leadership, and other related areas. The course takes three years to complete and requires sitting and passing 13 exams.
CMA certification is administered by The IMA (Institute of Management Accountants). Topics covered under this course equip the learner with skills necessary for having a deeper understanding of financial accounting and some elements of strategic business management.
It also equips the learner with an in-depth understanding of the underlying factors behind a business’s financials and how to create strategic business decisions. If you do not have any business-related certification, a CMA certification would be an excellent choice for you.
If you own a startup, the first stages will require you to wear many hats. You will need to be the manager, business owner, marketing agent, and salesperson. So, the more skills you can get in all the fields, the better you will be equipped to play roles better, and there is no role as critical as the sales role.
The CSP course furnishes the learner with consultative selling, business creation, prospecting, and time and territory management skills. CSP certification is offered to persons with more than two years’ worth of business training after high school and must have at least two years of experience in the finance sector.