Have you ever wondered why some business owners are more successful then others? Or why, even during economic downturn some businesses survive whilst others fail? Why some business owners seem to achieve so much in relatively short periods of time, while others seem stuck in the same place?
Here is a list of 10 habits you should cultivate if you want to succeed in business:
- Stay focused on your goals – successful business owners have clearly defined goals that they work on a daily and weekly basis. They review their weekly objectives and goals and reflect on the progress and the results. If insufficient progress made, or if the desirable results were not achieved, they reflect on it and adjust plan of action as necessary for the following week
- Know the difference between distractions and opportunities – successful business owners know the difference between distractions and opportunities. When a new proposal, project, meeting etc presents itself they quickly assess whether it is a distraction or opportunity for them and act accordingly.
A distraction is something that keeps you busy but doesn’t help you to reach your goals. They avoid time wasters such as spending too much time on social media or taking on projects that are not aligned with their goals.
Opportunity on the other hand is something that will get you closer to your goals. Successful business owners focus on seeking out and pursuing opportunities that get them closer to their goals.
3. Be flexible and adapt your approach to circumstances – successful business owners understand that things such as government policies, currency exchange rates or economy are outside their control. They also understand that family emergencies happen. However instead of using that as an excuse to fail, they simply overcome the obstacles and find another way to reach those goals. They have the original plan in place, a back up plan and a back to the back up plan.
4. Have a personal and business budget and stick to it – successful business owners live within their means. They understand the importance of managing their cash flow effectively and they control their spending. They have a budget and stick to it and understand the importance of delayed gratification.
5. Effectively manage time – successful business owners understand the value of time as it is the only resource that cannot be replenished. They schedule their time in a way to maximise the benefits and minimise time required. For example, they will not go into a meeting without a predefined agenda. An effective CEO or General Manager can accomplish more within a 15 minute conversation with a senior executive or business partner than most people can during standard 1-2 hour business meetings
6. E-mails and Social Media Accounts – although this goes hand in hand with the point above, it deserves attention on it’s own. Successful business owners check their e-mails and social media accounts first thing in the morning when they wake up, long before opening business hours and last thing in the evening before they go to bed. This habit helps them get more done during the day without distractions.
7. Stay informed, stay on top of the news – whether it’s business, finance news or industry specific news or updates on interest rates, foreign currency exchange or political situation in the countries their business operates in. Successful business owners understand how these can impact on their business and personal life and stay informed and pro active.
8. Work/Life Balance -successful business owners understand that operating a business is different to working for other people. It’s not a part time job. They understand that things will pop up in both their personal and business life that need their immediate attention. Work/Life balance doesn’t mean that you are now working part time, even if you have systems in place and people doing the day to day work, you are still responsible for the strategic direction of your business. If for example, there is an emergency as a leader successful business owners know they lead by example and are not afraid to help their team out and get their hands dirty. Work/Life balance is more about the skilful juggling of all commitments and personal and business needs but at the same time understanding none will fit neatly into a predefined box so they put their time and effort wherever they are needed the most at the time in order of urgency/importance.
9. The art of delegating – successful business owners know their strengths and know when to delegate and what tasks to delegate as well as whom to delegate it to. They analyse cost vs benefit and return on investment. If someone else can do it for you faster, better, cheaper than you would have done yourself, delegate it.
10. Seek expert advice – successful business owners are pro active about managing their personal and business affairs and know when to seek advice from experts. They seek advice at the time of making a decision and not when they are experiencing problems because of uninformed decisions made.
While there are many other factors that will determine the success of your business, the 10 habits listed in this article will help you to navigate through the challenging journey of entrepreneurship and will help you to mitigate any risks.
To Your Success