Success. It’s something we all strive for as business owners, but what makes a successful business owner? The first thing to consider is this…
What does success mean to you?
According to the Collins English Dictionary, success is to “accomplish an aim”. So keeping this in mind, success is different to every single person. For some, it may mean earning enough to save a particular amount on top of your weekly wage in order to afford a holiday each year. For others it may mean enjoying going to work every day, being content with making financial ends meet.
In this blog, let’s assume success means running a profitable business that allows you to enjoy annual holidays with the family while running a business that you enjoy (most of the time, anyway!)
So, what makes a successful business owner?
1. Interpersonal skills
The ability to communicate and interact well with other people is a skill that most successful people have in their toolkit. Why? Because it is the foundation on which working relationships lie, customer relationships are built and employee relationships are founded. It allows you to be respected as a business owner as well as liked by your team, customers and extended network.
Great interpersonal skills can make hard conversations easier, and help to get results from your team. Your words can motivate, captivate and resonate with people – so how you use them matters. One of the ultimate exit strategies is that the goodwill is seen belonging to the business and not the owner. In order to achieve this, the business will rely on good people.
2. Seeing the business through the customer’s eyes
Stepping out of your business owner’s shoes and viewing your business from your customer’s perspective on a regular basis is important. It’s a skill that allows successful business owners to detach themselves from their business. Removing the connection they’ve made with their business allows them to make informed decisions from the viewpoint of their customers. Doing this regularly helps to continuously improve the business. Taking away any emotional ties to business decisions and allowing you to deliver what the customers want and need. Customers make the business profitable!
3. Keeping their finger on the pulse
Staying on top of what is happening in your industry, your local area and with your competitors will help you to grow and develop as a business. Those who bury their head in the sand once they start to see success only achieve this success for a short period. Success in any definition means continuous work, which includes keeping up to date with everything that forms part of your business and having a vision for the future.
4. Staying ahead of the trends
Similar to keeping up with your industry, competitors and local happenings – it’s important to stay abreast of current trends and forecast (as best you can) any future ones. Successful business owners read industry articles, watch the news and know ‘what’s hot’ in their industry before anyone else does. Visiting similar industries offshore could also help to identify future trends. This allows them to jump on these new trends if suitable, or develop something different which complements the trend (which can sometimes be an even better idea!)
5. Organisational skills
Whether it’s staffing, paperwork, financials or stock – being organised has never been so important. A successful business owner has great time management skills because they are organised. Documents are filed, rosters are clear and products have been ordered before they are at a critically low level. They remain one step ahead at all times, even if it’s a little cautious. Because when it comes to business, it’s better to be over-prepared than underprepared.
Read the above list and think you’re five out of five? Maybe it’s time to step behind the wheel and become a business owner yourself. Contact Core Business Brokers today to see what businesses we have available. From big to small, in every sector – our listings are updated frequently and we’re sure we can find something to suit you and your lifestyle. Have your questions answered by giving us a call on (02) 9413 2977, or email Roy directly at [email protected] or Rad, at [email protected]b.com.au