Small business owners tend to be the types of people that are always looking for a leg up on the competition. As a result, there is a great deal of personal development that goes on with a small business owner over time. While many entrepreneurs and small business owners are highly unique, there are some common traits that arise again and again in successful small business owners. Let’s review some of the key skills that we see used every day by successful operators in business.
Be a Good Collaborator
The first thought that comes into mind with collaboration is teamwork (which is certainly important), but most small business owners who are successful are also good leaders. In any collaboration, a leader is needed to set the pace and keep things moving in the right direction.
In addition, many projects within a small business environment require a great deal of collaboration among employees. People tend to think of collaboration as an outside endeavor. But in a small business, it’s usually something that happens on the inside.
Small business owners who are highly successful tend to be motivated internally and have a good sense of self-fulfillment. Obviously when you are the boss, there isn’t anyone giving you a pep talk in order to get your motivation going. That means that you have to keep your motor running high on your own, which is an important trait in small business owners.
In addition, small business owners tend to enjoy the work that they are doing whether they make a little bit of money or a lot. They often do it because they love it and hope that the money will follow. They also relish in the opportunity to set their own schedule and be their own boss.
Make Effective Short and Long Term Plans
A successful small business owner knows not only what the plan is for the next few days, weeks and months, but also what the game plan is for the coming years. It is important that you set goals for your company in both the short and long term, so that you can stay focused on the big picture.
Try to keep a plan for the current week, current month and a long-term period of time such as two to three years. Flexibility is important in small business and you can make adjustments here or there as needed.
Have a Sense of Curiosity
While they say that curiosity killed the cat, it generally leads to good things in life. Small business owners that have a curious side may be the types to ask a lot of questions, which can go a long way to turning around the business or finding new areas of profitability. There is certainly something to be said for always asking yourself why your business does things a certain way and whether or not there is a better way to do them.
As long as you have a purpose for everything that is going on in your company, chances are good that you are moving in the right direction. Try to engage your curious side whenever possible and ask why you do things a certain way.
Don’t be Hesitant to Take Action
It often works out well to be a slow decision maker that has a steady hand until all of the information is developed. However, the most successful people in life are those who take action quickly. Don’t be afraid to take action as soon as you know what the right approach will be, as it can save you a great deal of time and increase your chances of success significantly.
Try not to develop any bad habits when it comes to taking action, such as procrastination. Sometimes, all of the information needed to make a good decision is not readily available or simply unknown. Don’t let procrastination freeze your ability to make a decision. Strive to do something actionable every single day, as this will be an effective way to move your business forward.
Remember, running a business successfully does not need to be complicated. Keep it simple!
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Manny Skevofilax is a consultant and speaker that assists his clients with successfully navigating the challenges of growing their businesses profitably. Since 2003, Manny helps businesses to enhance their financial results by using his experience in strategic planning, financial statement analysis, operations, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at firstname.lastname@example.org.