The 5 Habits of Highly Successful Small-Business Owners

Have you ever wondered what the difference is between a business that consistently grows and another that struggles just to make ends meet? Or why a business that was started in a basement of a home can outperform some of the best-run “big” companies in sales and profits?

Two businesses, operating in the same marketing arena and selling the same products or services, can have extraordinarily different results. How can one business continually grow and prosper, while the other struggles? How can one business owner run a highly successful business while still spending a good portion of his or her time away from the business on trips and vacations with the family, and another owner work day and night only to see his business fail?

Such questions have always intrigued me. In my quest to answer them, I sought input from successful business owners. I became a student of business. I read every business book I could get my hands on. I enrolled in seminars and courses across the country. I listened to audio and videotapes of some of the greatest minds in business.

What I learned has been truly transformational. In this article, I will impart to you some of what I have learned. For the most part, there is no such thing as a successful or unsuccessful business; there are successful or unsuccessful people, entrepreneurs who run businesses https://www.industryspotlightreport.com/. Becoming a successful entrepreneur requires a certain self-image, a certain mindset. I like to refer to this mindset as the

“5 Habits of Highly Successful Small Business Owners.”

Here they are:

Habit #1: Have a clear vision of their business, and commit their vision to paper

“A man to carry on a successful business must have imagination. He must see things as in a vision, a dream of the whole thing.”

Charles M Schwab, American stockbroker

The chances of your small business’ success improve substantially if you have a clear vision of what you want your business to look like, and what you want it to accomplish for you in the future. Your vision is your dream for the future of your business and it should delineate the path you will take to turn that dream into reality. You need a crystal-clear vision, one that you can communicate clearly, with vitality and a strong sense of commitment. Everyone involved in your business must comprehend your vision and, even more important, must believe in its success as much as you do.

Setting direction and guiding the business toward reaching your vision will make it successful. Vision is the owner’s business philosophy. It’s his “double vision” – his ability to keep the business’ long-term dream in mind while micro-managing the business on a day-to-day, hour-by-hour basis.

Successful entrepreneurs commit their vision to paper. In all my years in business, I have found that not doing so is the single most fatal error a business owner can make. There’s a direct correlation between having a well-thought-out, written vision statement and the success of your business.

Your vision should be a written statement of what your business will be when it is complete. It is a detailed picture of the future – what your business will look like, act like, smell like, feel like, and how it will perform when it is fully developed. Some of the things your written vision statement should include are: (1) the line of business you are in, (2) your company size, (3) the markets it will serve – demographics and psychographics, (4) the number of employees you will have, (5) the number of locations that you will operate from, and (6) what competitive advantages will differentiate your business from your competitors’.

Habit #2: Put the proper systems in place

You need systems to be able to deliver a product or service in a predicable and consistent way. All successful businesses have a “how we do it here” manual, also referred to as a “policy and procedures” manual. Standardize your procedures so that everyone knows what they are and how to do them. These procedures involve production systems for your products or services, systems to deliver those products or services, systems to track new customers or clients, systems to help you keep up with your finances, systems to hire and train new employees, and the list goes on.