Observe the world around you. Note both the noble and ignoble nature of man. Note the ingeniousness and the absurdity. Chronicle the events of the day, both of the seemingly insignificant and of the powerful. Learn to compare one thing to another, noting the similarities and the differences. Find the lesson in every event.
Increase your vocabulary. Treat words as if they were precious spices, to be used sparingly to season each dish, your song or story, in such as way as is most pleasing to your audience, whether it is only yourself or the greatest man in the land. Learn to use them both to paint a picture of action and to punctuate and emphasize a point. Pronounce them as the people of the region do, while also knowing how those in other regions do as well. Choose the words your character would use himself, were he the one to tell the tale. Give your characters a distinctive voice, their inflections, word choice, speech pattern, rhythm, and tone should be recognizably theirs.
Practice speaking out loud, learning to shape the vowels and enunciate the individual consonants to their best advantage. Practice gesturing as well, using every part of your body: face, hands and limbs to add depth to your tales. Read widely and remember the important details of each story. Listen to songs and poems, and commit them to memory. Set prose to music to help you remember it more clearly.
Perform for an audience, with other bards present as well. Watch what they do. Listen to their vocal patterns and remember their gestures. Note the similarities between various tales and how they are portrayed.
Travel widely, collecting and exchanging tales wherever you go. Write your own tales and songs based on your experiences.