As small-business owners are looking to grow their businesses, it is important they strengthen their people management skills in order to successfully lead their companies. Often, small-business owners start their businesses based on their technical strengths, but they sometimes lack people management skills that it takes to develop a strong work force, says John Krubski, research advisor to The Guardian Life Small Business Research Institute in New York City.

For instance, the CEO of a computer software company may be one of the top computer developers around, but that same CEO may not be the best at motivating employees and helping them reach their potential. While it is important to know the industry, small-business owners also need to understand how to get the most out of their employees.

In other cases, small-business owners sometimes struggle with delegation, Krubski says. Many are used to being so hands-on that they have trouble having bringing in others to help. Research also finds that not only does delegation help the business run smoother, it also gives owners more satisfaction. In fact, according to a recent survey by The Guardian Life Small Business Research Institute, 75 percent of higher-growth small-business owners say their businesses allowed them to have more satisfying experiences with their families, as opposed to 64 percent of revenue-declining small-business owners.