4 Traits: Successful Business Owners

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You may have started your business on a great idea, a particular skill set, or a burning desire to fill void in the marketplace. Whether you are the definition of an entrepreneur, inherited a family business, or are simply a natural leader seeking success, you probably have a few of these traits most small business owners need.

  1. Always look forward. A natural leader is always asking herself or himself, where will I be five, ten years from now? What can I do better now to assure myself that my business and my employees and customers will be better off because of the decisions I make today? A forward-looking business owner refuses to get stuck making the same mistakes or wrong moves, nor is willing to accept the same income and profits year after year.
  2. Communicate effectively. When employees or staff understand what you expect from them, they are more likely to live up to expectations. Sharing your long term vision for the company helps employees see where they fit into the big picture and are more likely to work better as individuals and as a team.
  3. Delegate work when at all possible. Of course, this means that first you need to hire smart, talented people who want to grow their own professional skills. Hiring top talent yet refusing to delegate important tasks hurts morale and eventually staff retention. Delegating saves time, helps develop more productive employees, reduces turnover, and inspires everyone to do their best.
  4. Make mistakes. We all do—we’re not perfect! If you run a business, you will make mistakes. The upside is that mistakes present excellent opportunities for a lifetime of learning, getting better at what we do. Mistakes move us to learn, to be fearless, to be successful.

Obviously, the “traits” may not stop here, but these are our favorites, and a fun and fitting way to wish all our clients and friends a Happy and Prosperous 2023!

Small Business Trends for 2023

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Every year, the Small Business Administration (SBA) publishes their thoughts on small business trends for the coming year. We’ve read the report and want to share a few that may apply to your business. If they don’t, they may still apply to your competitors, so it’s good to stay informed. 

2023 number and red question mark on wooden cube block on wood table in room background. Next year planning concept.

1. E-commerce and social commerce continue to boom. 

More than half of global internet users purchase something online every week and it appears those numbers will only grow. Social media has emerged as a serious player. Smart marketers are taking the best of eCommerce and combining it with social media on platforms such as Facebook and Pinterest. We agree that, depending on your product or service, it could be time to adjust your sales model accordingly. 

2. Marketing  online is a must. Still, 60% of customers still want to see, touch, feel and try products before buying. Considering that half of retail shoppers use self-checkout or online forms to enroll or purchase services, it’s time to bone up on marketing your business online. ReferralRock’s article on How the Internet Helps Small Businesses Stay Competitive is a worthwhile read. 

3. Data collection is and will always be a customer concern. We all want to be assured that our information is secure. Protect your clients and customers and build a reputation for trust by installing a Secure Socket Layer (SSL) certificate on your website. Let Forbes list the top services you can trust.  

4. Customer experience is still #1. Research shows that customers value experience over both price and product quality.

Whether over the phone, online or in-person, the customer experience has to be the focus of your strategy. Forbes recently published a great article: 7 Customer-Experience-Related Predictions for 2023. Though published on December 14th, Southwest Airlines evidently failed to read the article.  

All of us at DLMoneyMatters want to wish you a very happy, prosperous, healthy, and exciting 2023. As always, we are a phone call, email, or text message away. Happy New Year!

End of Year To-Do List

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Analyzing your small business’s achievements, failures, and the near misses at the end of the year is the smartest move you can make to assure future success.

At the top of the To-Do list is one too often overlooked: celebrating employee efforts and the patronage and loyalty of current customers. Good will, praise, and thank you go a long way in terms of a winning attitude.

Office workplace with glasses and plant. Notebook with to do list on wooden table from above, planning and design concept.

Equally important is taking stock and honestly evaluating the past year’s performance. Where did you succeed, where did you fall flat? Write it down, analyze what, when and why — then set new goals based on that evaluation.

For a business to succeed, it must consistently meet consumer needs. The most reliable source to explore those needs is right in your Contacts folder: customers are the best source of new ideas. The end of the year is the best time to have those customer conversations. 

Next, look into new innovations that may have not been previously available to your business or industry, and evaluate their potential value to your operation, such as enhanced data analytics, cloud-based human resources, and customer service software like LiveChat. 

If you are happy with the services we provide, we’d love to hear from you. If you know another small business owner who is not satisfied with their current accountant and might benefit from a conversation with us, please let us know.