Key traits of successful business owners

Running a successful business is no mean feat. Being an owner manager means that you must be the one to continually drive your business forward with the right mind-set to achieve your goals.

Why Personal Growth Is So Valuable

The skills that you needed at the beginning of the journey will be vastly different as your business grows and changes.

Most owners I know tend to learn as they go, picking up new skills along the way. But there is a definite mind-set that supports business development over time. Being open to learning is, in itself, a skill that needs to be practiced and refined as you go along so that you can always be in the best position to grow your business effectively.

BUILDING THE RIGHT MIND-SET

There are key traits that I see in many of the business owners I work with that allows them to adapt with the times and continue to learn as they go.

Learning To Delegate

Many owners are unable to take their business to the next stage of growth because they feel they don’t have enough time to focus on the strategy. Being able to delegate effectively is a skill that constantly needs refining. It is the only way you can extract yourself from the day-to-day enough to get that ‘big picture’ view.

It can be daunting to hand over the reins, but hiring the right people to plug areas that you don’t have the time or appetite for and then trusting them in the roles can hugely improve your productivity.

Learning To Flex And Adapt

There is a fine balance between setting clear objectives while still being able to alter them as new information or situations present themselves. As we’ve learnt over the last few years, unexpected changes can occur suddenly and the businesses that are able to flex are the ones who end up on top.

Seeking Advice

Being a business owner can be an isolating experience. Utilising your network – whether that’s a formal mentor, peers or a fi nancial adviser –can provide you the opportunity to sound board ideas, learn from others’ mistakes or just hear opinions that are different to your own. All of this exposes you to alternative ways of approaching challenges so you can make better-informed decisions in your own business.

Building Your Resilience

I hope that your business journey will be a long one, but inevitably there will be bumps along the road. It can be hard to admit if you think you’ve made a mistake, but failures can provide the biggest learning opportunities. Learn to embrace failure, consider what it’s taught you and then move on.

Growing a business can be a hugely rewarding process and making sure that your mind-set is in the right place to seize opportunity can be a lifelong endeavour. For support and business advice, get in touch.

www.hwca.com/accountants-esher

T: 020 8549 5137

E: esher@hwca.com

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