Why do some businesses thrive, while others pop up – and shut down just as quickly?
When you study these businesses closely, you discover that the owners of successful businesses have shared habits that typically set them apart, allowing their businesses to not only survive but go from strength to strength. So what are these traits that business whizzes have in common? We’ve gathered together a few of their key attributes.
Building Strong Foundations
They prepare to manage economic uncertainty from day one.
The key to this preparation is planning. Always line up funding before you require it, so you’re not caught when you’re in need. It might also be beneficial to build relationships with banks and investors well in advance of actually asking them for anything. You’ll be in a much better position to request financial assistance when needed.
They understand that relationships are crucial for long lasting business success.
In the early days, your friends are the ones who you can rely on for support and encouragement. But you need to make new ones too; new friends involved in your industry or area of expertise. So take part in networking events or skill based volunteering, which will enable you to make connections while showing off your skills. Once you have built up a client base, developing rapport with the people who choose to do business with you will help your longevity. Expressing gratitude is highly effective for retaining customers in the long term.
Successful business owners can all think outside of the box.
This involves coming up with unique and creative ways to market a product, add an extra service or reach out to customers. Business visionaries aren’t afraid to rethink how they do things, especially as demand or the market changes – so be bold, be creative, and don’t let yourself or your business get stuck in a rut.
Whether they are curious by nature or recognise it as a necessary trait, successful business owners are quick to question the way things are being done.
This means being eager to get to the bottom of an issue before disaster strikes, and requesting feedback from customers so that you can learn from it. Successful people are not complacent; they always want to know what is going on and why, and are always asking themselves and others how they can improve.
Thirst for Knowledge
Successful business owners know that there is always be something new to learn.
Whether it’s refreshing or upgrading existing skills or acquiring new ones via a college course, you’ll never regret gaining more knowledge. Look out for conferences, courses and forums that can increase your expertise.
People who are successful in business tend to do a great job of looking after themselves.
No matter how busy you might be, always make the time to eat healthily and exercise regularly. For some people, this may seem like a luxury, but it’s actually a necessity. A sharp mind goes hand in hand with a healthy body. Neglecting diet and exercise can result in significant health issues and a lack of energy, which can detract from your ability to run a business.
Successful business people know that spending too much time focused on any one thing can be detrimental and that the most common thief of rest time is work.
Imitate their habits and realise that while you will need to devote a significant amount of time to managing your company, you must also take time to rest. A good work-life balance will offer you time to rest your mind and recharge your batteries, preventing the inevitable drain that will result if all you do is work. Taking time off will also benefit your business, as it will give you time to explore a wider range of influences.
Successful professionals stay on top of their racing thoughts and employ strategies to stay organised, even when they are being pulled in a hundred different directions.
Many business owners have a head full of ideas, and while this may seem a good thing, it can leave them prone to being “scatter-brained”. Develop a system for keeping on top of long term goals and ideas in addition to your daily responsibilities. You will never be caught out by a forgotten commitment, and you won’t waste your time trying to think about that great idea you had in the shower.
Finally, one of the most common habits of successful business owners is persistence.
Always find a way to keep going and refuse to give up. Whether you have to change course or just ride out the storm from time to time, this will be the one trait that makes the most difference in your professional success. After all, sometimes success comes to the people who are willing to wait for it.