Far too often, we hear of entrepreneurial burnout even when their businesses are running well. On the other hand, we also know small business owners who are extremely focused, competitive, and result-oriented, while leading enviably balanced lives.
What makes them tick, apart from common traits such as razor-sharp business acumen and leadership skills? Wondered where their constant energy and drive to succeed comes from?
It has to be these habits or practices helping them beat the odds and the stress that come with running a business.
1. Starting small, dreaming big
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. Obsessing over 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 people smarter than them
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.
Need quick access to funds? Let us help you secure the loan.
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.
6. Asking for help
The business idea may have been their baby, but smart business owners don’t go the mile themselves. They know they can’t wear multiple hats all the time. They identify the right professionals, motivate them with their vision, equip them with the right resources, and build processes to get important tasks done, seeking expert opinions when needed. This lets them stay focused on weightier tasks that need direct involvement.
7. Constant learning
Successful startups aren’t built in a day. Several hiccups punctuate progress, and make you head back to the drawing board. The ones that survive are usually led by naturally curious people who identify mistakes and are agile enough to correct course immediately. Learning from bad business decisions, bad recruits, and bad investments - not only their own, but others’ as well - fuels their growth.
Small business owners invest time and energy in incremental learning through conferences, expert interactions, and by staying tuned to latest research and developments related to their field. Being multi-faceted, multi-passionate personalities, they show a keen interest in matters outside their sphere of reference as well. They also instill a culture of continuous learning into the company's DNA.
8. The power of passion
Passion is what must have driven a person to start the business in the first place – be it passion for the product or service, or the idea of building a business from scratch, or for making a difference to people’s lives. That burning appetite influences others’ perceptions and usually translates to collective energy within the organization propelling it forward.
Need quick access to funds? Let us help you secure the loan.
9. Staying organized
Effective business people have the habit of being on time, and know how to manage their time. They set systems and processes for the organization to work efficiently – including simple ones like having a clean desk policy, clear work and role definitions, clear storage areas, or an efficient file management system. They identify personal and team tools to stay organized.
10. Focus on important and urgent responsibilities
Successful business owners prioritize the most important and urgent tasks and channel their energies towards them. They give lesser priority to the others, not allowing much time to be drained away on activities that don’t lead to their goals. They ignore distractions and focus on the highest value add activities first.
11. Quality sleep and an early start to the day
Sleep deprivation is a common problem among feisty entrepreneurs. But several successful small business owners are known to sleep a good six to eight hours, which works wonders for their energy levels during the day.
Many of them vouch for the benefits of rising early every single day. This gives them a peaceful few hours to declutter their minds, meditate, work out, plan their day, or prepare for important tasks and decisions.
12. Early morning routines
It is common perception that personal development and relationships take a backseat for small business owners. However, most uber-successful people are creatures of habit, who swear by their routines that include mindfulness activities for personal growth and productivity.
Checking emails and social media first thing in the morning sucks one into its vortex. Instead, several entrepreneurs are known to start their day with meditation. Some of them read, go for a run, or just workout to music at home. This lets them pause, reassess, set intentions and plan their actions, and is proven to impact decision making and productivity significantly.
13. Investing in oneself and the team
At the end of the day, they simply get out of office. A 24/7 worklife will burn anyone out, no doubt. Some of the most successful small business owners remember to ‘get a life’ – be it with some sport, or simply by catching up with near and dear ones. They also encourage co-workers to develop themselves personally and professionally.
Habits die hard. And once built into their everyday routine, these powerful practices help small business owners stretch beyond conventional norms and come up with innovative initiatives that make a solid difference in peoples’ lives.
If you are a small business owner, Capital Boost will be an ideal partner in helping you augment your strong financial habits. Entrust the experts to simplify your journey and fuel growth. Reach out to us today.
Tagged in: Small business owners, Entrepreneurship, Winning Habits, Business Tips, Tips to Succeed.
Need quick access to funds?
For Australian businesses with an active ABN only