27th January 2017
Traits of Successful Business Owners
Being accountants, we have the pleasure of dealing with business owners every single day. With this, we get to see some of the best of the best do their thing, grow their businesses and reap the rewards.
So, what are the top traits we tend to see that successful business owners have (and not so successful don’t have):
1. They keep momentum going
All businesses have lulls, even in times of growth it’s possible to have a lull in business. Successful business owners continue pushing for new business even when times are good so that their growth rate can sustain a slowing business due to factors out of their control such as economic conditions, regulatory changes, etc. The key to this however is making sure the business has the resources to sustain a period of growth without letting down your customers.
2. They are street smart
Successful business owners don’t need to know about Pythagoras theorem. Knowing how to manage and lead people, anticipating what your competitors will do, negotiation skills and being able to sell your own product/advice will generally see business owners with enough of a skill set to run a well-oiled machine.
3. They take advice
Whether it be their accountant, lawyer or other business owners, successful business owners will surround themselves with good, skilled professionals, ask the right questions and implement the advice. You can’t know everything, you just don’t have that kind of time – so best to ask the professionals because it could save you money and time.
4. Not afraid to roll their sleeves up
We always hear the saying that the goal for the business owner is not to ‘work IN the business but work ON the business’. And yes, that should certainly be the goal because if a business owner is spending too much time working in the business then it makes it difficult to grow the business. However, successful owners will recognise times when the business needs a push from themselves to improve cash flow and/or the bottom line.
5. They keep their finger on the financial pulse
There are so many aspects to running a business, but one of the most important is obviously the financial aspect. Not being involved in the numbers of the business is a sure way to lead to failure. Successful business owners regularly review their workflow, cashflow, financial statements, budgets, etc. Like the old adage goes, failing to plan is planning to fail. Plan for success and success shall follow.
6. They are mentally tough
As mentioned earlier, all businesses have ups and downs. It’s not possible to always be winning. The key is to learn from the tough times and if anything allow them to motivate you to bounce back bigger and stronger. Successful business owners don’t play victim when things work against them or when the pressure starts to build – they just get motivated. To use a sporting analogy, Michael Jordan didn’t score every single shot in his career, Roger Federer has missed shots in his, but overall they came back bigger and better each time they didn’t.