5 habits of successful small business owners

5 habits of successful small business owners

Small business owners have to work much harder than their larger counterparts to sustain their business. This means that they face far more challenges, have to be more resilient as well as disciplined to ensure the success of their business.

So what is it that makes them tick? In our conversation with multiple small business owners, mostly women, we discovered an undying desire and a never-say-never attitude that is the foundation of their success. Besides this, a disciplined approach helps them stick to their tasks and grow in a steady manner.

Some of the points mentioned by these business owners are mentioned below. In case you are not already doing this, this could help you grow faster in your business too.

1. Dreaming big, continuously

Successful small business owners start small but have the habit of dreaming big. They are driven by ambitious long term goals broken down to smaller, measurable steps. They strategically think ahead of the curve amid all the excitement of initial ideas and growth. And they never lose focus on the big picture while executing everyday tasks.

2. Creating Value

Successful entrepreneurs clearly devote their time and energy in adding value to customers by building solutions for their pain points, providing responsive service, and keeping communication transparent. They recognize each customer interaction as an opportunity to position themselves as trusted advisors rather than mere product sellers.

They insist on providing value to peers and co-workers through many ways including challenging projects, well defined yet flexible internal processes, open communication channels, and regular feedback loops.

3. Smart money management

Managing money smartly is something that most successful entrepreneurs are adept at. They insist on keeping organized and transparent accounts, optimum debt, and proper financial planning. Instead of doing it themselves, they identify the right partners or brokers who can help pump in capital and secure funds at regular intervals. They pick smart options such as small business loans to kickstart projects, hire experts and to fund expansion plans.

4. Working with smart people

Shrewd small business owners make it a practice to surround themselves with smart people, often smarter than themselves. These clever co-workers need lesser handholding, they bring fresh ideas to the table, are deft at executing independently, and can fill in for the owner’s weaknesses. The owner’s task then is to keep them motivated with challenges, without which they could be tempted to move on.

5. Building, nurturing relationships

The value of relationships in the success of a business is undeniable. It helps in staying relevant, getting and sharing new thought perspectives, recruiting the right people, and in finding strategic alliances for growth.

Most small business owners know that - they nurture a close network of healthy personal and professional relationships to help along the way. They head to interesting conferences, or meet customers over a cuppa and mingle with people in the industry and beyond. Having a strong presence on social networks like LinkedIn, and adapting to new ways of digital marketing also multiplies their reach and influence. 

So what are some of the habits that lead to your success? Write in to us at [email protected] and we would be happy to feature your story. Till then, happy selling.