Though the success of a small business can be qualified in many different ways and across a multitude of fields, there are certain characteristics that tend to exist amongst successful small business owners. These characteristics set them aside as individuals with a strong desire to see their business enjoy longevity and heightened size and revenue. Below are six of those that are considered most important.
Collaborative – These business owners understand the importance of healthy relationships with their stakeholders. This includes being able to delegate and build solid working relations with their employees and those within the business, but also with their customers, suppliers, consultants and outside advisers. These relationships add value to the business, and bolster it for long-term success.
Fulfillment – The high level of personal fulfillment and gratification that these small business owners receive from running their own business and being in control of their personal income acts as a motivator for an increased level of dedication to the business. This autonomy translates to a higher sense of joy and satisfaction than they might not have found in other employment.
A Future Focus – Both short and long-term planning are key traits for a small business owner to possess. This generates a high focus on cash flow and also generally means that they’ll have both a day-to-day plan for the business to keep it afloat and moving, as well as a well-thought-out plan for the future.
Curiosity – An openness and interest in learning new methods and business strategies is a common characteristic. These business owners actively seek new insights regarding management, innovation, human resources and accounting.
Tech-Savvy – A key leverage point is the value that small business owners place on technology to improve their efficiency and effectiveness. This includes aspects such as utilizing a website, online ordering or other new business technologies.
Proactive – Success-oriented small business owners take the initiative and move forward in building their businesses. They are committed to developing the business and respond in a positive manner to adversity and challenge. Their resilience and hard-working attitude strengthen the business and provide a foundation for success.
These qualities look different in every business owner but seem to be displayed by individuals who strive to succeed by always seeking the best practice, by making the most of all their opportunities and by always looking to the future. If you need advice on putting together a business plan or putting in the financial groundwork to build on, such as utilizing cash-flow management or budgeting, please call The Quinn Group on 1300 QUINNS or submit an online enquiry for more information.