To celebrate this special date (and one of my favourite numbers) here are my 12 traits that I have regularly seen in the successful business owners that I have had the pleasure and privilege to work with over the years.
1. Do what you enjoy.
What you get out of your business in the form of personal satisfaction, financial gain, stability and enjoyment will be the sum of what you put into your business. So if you don’t enjoy what you’re doing, in all likelihood it’s safe to assume that will be reflected in the success of your business–or subsequent lack of success. In fact, if you don’t enjoy what you’re doing, chances are you won’t succeed.
2. Take what you do seriously.
You cannot expect to be effective and successful in business unless you truly believe in your business and in the goods and services that you sell. Far too many small business owners fail to take their own businesses seriously enough, getting easily side-tracked and not staying motivated and keeping their noses to the grindstone. They also fall prey to naysayers who don’t take them seriously because they don’t work from an office building, office park, store front, or factory.
3. Plan everything.
Planning every aspect of your business is not only a must, but also builds habits that every business owner should develop, implement, and maintain. The act of business planning is so important because it requires you to analyse each business situation, research and compile data, and make conclusions based mainly on the facts as revealed through the research. Business planning also serves a second function, which is having your goals and how you will achieve them, on paper. You can use the plan that you create both as map to take you from point A to Z and as a yardstick to measure the success of each individual plan or segment within the plan.
4. Manage money wisely.
The lifeblood of any business enterprise is cash flow. You need it to buy inventory, pay for services, promote and market your business, repair and replace tools and equipment, and pay yourself so that you can continue to work. Therefore, all small business owners must become wise money managers to ensure that the cash keeps flowing and the bills get paid. There are two aspects to wise money management.
- The money you receive from clients in exchange for your goods and services you provide (income)
- The money you spend on inventory, supplies, wages and other items required to keep your business operating. (expenses)
5. Ask for the sale.
A business entrepreneur must always remember that marketing, advertising, or promotional activities are completely worthless, regardless of how clever, expensive, or perfectly targeted they are, unless one simple thing is accomplished–ask for the sale. This is not to say that being a great salesperson, advertising copywriting whiz or a public relations specialist isn’t a tremendous asset to your business. However, all of these skills will be for naught if you do not actively ask people to buy what you are selling.
6. Remember it’s all about the customer.
Your business is not about the products or services that you sell. Your business is not about the prices that you charge for your goods and services. Your business is not about your competition and how to beat them. Your business is all about your customers, or clients, period. After all, your customers are the people that will ultimately decide if your business goes boom or bust. Everything you do in business must be customer focused, including your policies, warranties, payment options, operating hours, presentations, advertising and promotional campaigns and website. In addition, you must know who your customers are inside out and upside down.
7. Project a positive business image.
You have but a passing moment to make a positive and memorable impression on people with whom you intend to do business. Small business owners must go out of their way and make a conscious effort to always project the most professional business image possible. The majority of small business owners do not have the advantage of elaborate offices or elegant store fronts and showrooms to wow prospects and impress customers. Instead, they must rely on imagination, creativity and attention to the smallest detail when creating and maintaining a professional image for their business.
8. Become known as an expert.
When you have a problem that needs to be solved, do you seek just anyone’s advice or do you seek an expert in the field to help solve your particular problem? Obviously, you want the most accurate information and assistance that you can get. You naturally seek an expert to help solve your problem. You call a plumber when the hot water tank leaks, a real estate agent when it’s time to sell your home or a dentist when you have a toothache. Therefore, it only stands to reason that the more you become known for your expertise in your business, the more people will seek you out to tap into your expertise, creating more selling and referral opportunities. In effect, becoming known as an expert is another style of prospecting for new business, just in reverse. Instead of finding new and qualified people to sell to, these people seek you out for your expertise.
9. Create a competitive advantage.
A small business must have a clearly defined unique selling proposition. This is nothing more than a fancy way of asking the vital question, “Why will people choose to do business with you or purchase your product or service instead of doing business with a competitor and buying his product or service?” In other words, what one aspect or combination of aspects is going to separate your business from your competition? Will it be better service, a longer warranty, better selection, longer business hours, more flexible payment options, lowest price, personalized service, better customer service, better return and exchange policies or a combination of several of these?
10. Invest in yourself.
Top entrepreneurs buy and read business and marketing books, magazines, reports, journals, newsletters, websites and industry publications, knowing that these resources will improve their understanding of business and marketing functions and skills. They join business associations and clubs, and they network with other skilled business people to learn their secrets of success and help define their own goals and objectives. Top entrepreneurs attend business and marketing seminars, workshops and training courses, even if they have already mastered the subject matter of the event. They do this because they know that education is an on-going process. There are usually ways to do things better, in less time, with less effort. In short, top entrepreneurs never stop investing in the most powerful, effective and best business and marketing tool at their immediate disposal–themselves.
11. Build a rock-solid reputation.
A good reputation is unquestionably one of a business owner’s most tangible and marketable assets. You can’t simply buy a good reputation; it’s something that you earn by honouring your promises. Consistency in what you offer is the other key factor. If you cannot come through with the same level of service (and products) for clients on a regular basis, they have no reason to trust you . . . and without trust, you won’t have a good reputation.
12. Get and stay organized.
The key to staying organized is not about which type of file you have or whether you keep a stack or two of papers on your desk, but it’s about managing your business. It’s about having systems in place to do things. Therefore, you want to establish a routine by which you can accomplish as much as possible in a given workday, whether that’s three hours for a part-time business or seven or nine hours as a full-timer. In fact, you should develop systems and routines for just about every single business activity. Small things such as creating a to-do list at the end of each business day, or for the week, will help keep you on top of important tasks to tackle. Creating a single calendar to work from, not multiple sets for individual tasks or jobs, will also ensure that jobs are completed on schedule and appointments kept. Incorporating family and personal activities into your work calendar is also critical so that you work and plan from a single calendar.
Have an amazing 12.12.12