4 Traits: Successful Business Owners

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!