All business owners want to be successful, but the statistics are high for failure in the first five years. Not understanding customers, differentiating the business in the marketplace or leveraging future growth are some of the top reasons businesses fail. So, what makes business owners successful? It takes a lot of time, effort and planning to run a business, but just being present day-to-day and being fully invested in the business can go a long way.
Business owners wear many hats, but successful ones also know when to delegate. Surrounding yourself with a great team can help take some of the pressure off. As owner, you’ll need to be focused on the big picture — and surviving those first five years, along with the next five. The good news is that, according to the U.S. Small Business Administration, the probability of survival increases the longer a company has been in business.
- ARE GREAT LEADERS. They know the value of finding and grooming other great leaders within their business organization. Good leaders also help employees grow, value and respect people, have confidence, are accountable and inspire others. A “we” mentality is part of being a leader, and making employees feel invested in the business will help retain and inspire them. Learn more about how to become leader at work.
- TAKE TIME TO PLAN. Having a mission statement, short- and long-term vision and setting goals can all help measure progress and keep your business moving in a positive direction. Taking a moment to consider where you’d like your business to be in the next month or year can greatly contribute to success. From there, you can set p
riorities, review next steps and then start to cross goals off the list.
- KNOW THEIR CUSTOMERS. The more a business owner can define his target market, the better. Defining a customer service strategy and deciding how you will be different from the competition can also help with attracting new customers and keeping loyal ones. Customers want to be treated as individuals, so making them feel valued by learning their names, offering special promotions and keeping the lines of communication open (whether by phone or email) can help accomplish that.
MidSouth Bank offers a full line of business banking services that include checking and savings accounts, business loans, cash management tools and even equipment leasing and insurance premium financing. Visit our business page for more information.