4 Traits of Successful Business Owners

If running a small business was easy, we’d all be doing it, right?! In reality, successful business owners have worked hard to start, run and grow their business. To achieve your own success, you’ll need more than a smart business idea and money in the bank. For the best chance, you’ll need to adopt the right mindset and cultivate some key character traits.

So what are the personal qualities that have helped make Australia’s most successful business owners? Spoiler: it’s not the ability to pull a wacky face… We’ve had years of experience working with small business owners across Australia, and there are some key traits and behaviours that stick out to us as being key contributors to their success. Let’s explore…

  1. They Are Wicked Problem Solvers

In business, just like in life, everything doesn’t always go according to a plan. The best small business owners are wicked problem solvers; they have the ability to remain calm during a crisis, calmly assess the situation and think outside the box in order to resolve the issue.

  1. They Can Delegate and Outsource Responsibly

Running a business requires owners to wear multiple hats. However, successful business owners know how to avoid stretching themselves to thin. They prioritise their time and preserve their energy by delegating menial tasks to staff and outsourcing technical tasks to experts. All the successful small business owners know this secret and have perfected the delegate/outsource game to a fine art.

  1. They Bring Their People Along With Them

Successful business owners invest in hiring the right people and know the importance of building a positive workplace culture. They make time to get to know their team, understand what drives and incentivises them. They communicate, motivate and inspire their people to share in their business and vision.

  1. They Keep Tabs on Their Budget

No business can survive (for long) without making a profit. The most successful small business owners keep tabs on their budgets and operating costs. They know that the time spent understanding their finances will avoid financial stress and help them achieve positive cash flow each month. Many small business owners use a cash flow plan like this one we’ve developed – you can download it here for free. Budget forecasting helps business owners spend and budget in a more strategic and managed way.

Starting, running and growing a small business is both tough and rewarding. By adopting the right mindset and approach, you’ll be best placed for success!

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