It takes courage to start a business. It takes knowledge to make a business successful. Starting out no one can know everything there is to know about running a successful business. One way to ensure your own success is to adopt the habits of already successful business owners.
1. Focus on Customer
Getting customers is one thing. Keeping them is another. By customer retention techniques, an additional 5% of its customers a business’ profit margin can grow by as much as 95%. Ways to keep clients include making sure your marketing reaches the right customer base, communicating with customers, and a commitment to the customer’s success.
2. Be Committed, Determined, and Prescient
For business owners, success has to be an all-consuming passion. Without a driven and determined owner, a business will likely fail. A business owner needs to be able to rise to the challenges of running a business.
On the subject of business challenges, it is not enough to meet them you must prepare for them. No one can anticipate every contingency, but smart business owners anticipate as many as they can. When a crisis occurs having a strategy in place to deal with it can minimize any damage to your business.
3. Live Healthily
It seems everything comes down to eating right and staying fit. Business owners need to be on top of their game mentally. A healthy body equals a healthy mind. Maintaining a healthy diet and making time for physical activity should be part of every owner’s business plan.
Following a healthy routine means taking time away from the business and that is a good thing. To avoid fatigue and burnout every business owner needs to have a personal life. Downtime stimulates the brain and can lead to a business owner’s next big idea.
4. Be Organized
A business person cannot be completely disorganized. Being organized is vital in bringing ideas to fruition. A business person wants to be organized when it comes to keeping track of appointments, schedules, and deadlines.
Conversely, a second source insists that a cluttered work surface isn’t necessarily a bad thing. Some business owners are so focused on the demands that go with running a business they don’t worry about something as mundane as keeping their work surface uncluttered. The bottom line is your workspace should be set-up to foster creativity and productivity. What will foster creativity and productivity is up to the individual.
5. Build and Cultivate Business Relationships
The responsibilities and demands that come with running a business are considerable. A business owner can get so caught up in the nuts and bolts of running a business they neglect the human aspect of running a business. To maintain moral business owners should make time for personal interaction with their employees. One group of people a business owner never wants to neglect is their customers.
6. Listen To Others
Some business owners develop what one source calls a “Masters of the Universe Syndrome”. A symptom of MUS is an unwillingness to listen to other people’s ideas. That can lead to a million dollar idea being dismissed out-of-hand. Smart business people encourage the input of their subordinates.
The Dodge brothers, then employed by Ford proposed ways to improve the Model T. Henry Ford refused to listen to the Dodges. This prompted the Dodges to strike out on their own. Their first year in business Dodge outsold Ford.
7. Always Tweak and Improve Practices
Just because the way you run your business is working doesn’t mean that it couldn’t work better. A smart business owner is always developing and experimenting with new products and practices or looking for ways to tweak existing ones. For a business person resting on their company’s laurels is not a smart thing.
8. Always Look to Streamline
Business owners should always be looking at possible new vendors. Knowing what other vendors are offering can help you find better suppliers for your company. Focus on how your business’ time, labor, and money resources are dispersed. Budgeting resources properly keep a company competitive.
9. Set SMART Goals
A business without goals is like a ship without a rudder. The acronym SMART represents the components that should factor in every business’ goals.
Specific and clearly defined goals should be set.
Measurable goals can be tracked with numbers to gauge their progress.
Attainable goals are realistic.
Relevant goals are based on prevailing business conditions.
Time-based goals have a deadline for completion.
10. Be Self-Assured
Self-confidence is contagious. If a business owner is self-possessed their employees’ will pick-up on it. In turn, those employees will trust and respect their boss’ leadership.