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5 Things in Common Successful Business Owners Have 

 

Over the past decade of working closely with clients there are some stand out attributes that I have noticed with those that I would consider successful. I know the term successful can have many different meanings for people so for me I would consider the following successful- having work life balance here and now, paying themselves well, having a sustainable business and lifestyle, enjoying time away from the business, working towards their retirement goals and giving back to the community or causes that are important to them. 

 

The first thing I have noticed is-

 

They don’t do it all, or know it all – They keep to the basics, they hone their skills to be the master of their trade or business. Don’t keep trying to reinvent the wheel with every opportunity. They work smarter not harder and this includes 

Outsourcing, whether that be employing someone, engaging  a short term or long term contractor. And this may be in personal life as well as business life.

Engaging with a mentor or coach that has specific skills to assist what you need strengthening in.

You will constantly learn and grow in business

You either grow via learning yourself over a longer period of time, or you commit to investing money into yourself with mentors or coaches to get the results quicker.

 

Secondly is around-

Planning and Goals– they appreciate the time now and are always working towards their goals, whether that be a 6 month, 1 year, 5 year or longer goal. It helps them to get through the challenging times.

They make decisions for themselves based on what they love to do, what they’re strengths are and what their business model is.

They also celebrate success along the way to achieving the goals they set and they aren’t tied to the outcome of achieving the goal. For eg. currently earning $100k per year, the goal might be to earn $200k for the year, and if they reach $180k they will still celebrate that and not give up because they didn’t reach $200k.

Goals are the pathway for the future, simply to keep you moving in the right direction, it’s ok to meander a little, but it’s important to know where you are heading in the first place, and not just have it in your head. Have it written down, have it printed near your desk or as a reminder on your phone. Come back and review them often.

 

Thirdly is-

Consistency– They keep showing up. 

There are times when we don’t feel energised or it becomes boring, or we simply just don’t feel like it.

On those days we have a choice to take a day out, and do something to re energise ourselves so we can come back the next day to show up fully, or we can acknowledge that we are feeling that way and we can get to work and do it anyway.

Sometimes taking a step back and giving ourselves some space to unwind and do something fun, relaxing or physical is exactly the endorphins needed to reset the body and allow us to get back into creative, or getting stuff done mode.

It’s important not to get stuck in being unmotivated for long periods of time, this will be the slow death of your business and highlights that something is really out of alignment for you personally and you may need some help to get back on track.

Consistency is key! Keep showing up!

 

Fourthly- 

Money– They understand and know what the purpose of their money is.

They spend less than they earn, put aside GST, ATO obligations, have more than 1 bank account that they are operating from and they have savings. They don’t live week to week or paycheck to paycheck in either business or personal life. More often than not, this is one of the areas business owners get assistance with first.

Even if you aren’t a numbers person there are simple things you can do yourself to manage and understand your finances. There is a great book that I recommend to my clients and that is Profit First by Mike Michalowicz which is designed for business, however you can easily implement profit first in your personal life as well.

 

Lastly- 

Community/Cheer squad– They surround themselves with successful people.

Looking outside their immediate friends and family, who sometimes seem like they are supporting and cheering you on, can actually be putting their own fears and opinions onto you. 

Look wider- such as other business owners in the same industry, or other industries that you may work alongside. Align yourself with others that understand business and are doing well. They are walking the talk. 

There is a quote by Jim Rohn that “ You are the average of the 5 people you spend the most time with”, so think about who that is for you? Is it working in your favour? 

 

So just to recap the 5 things in common are-

They don’t do it all, or know it all

They plan, have a goals and review them often

Consistency- they keep showing up

Money- they understand the finances in their business and personal life

Community- surround themselves with successful people

 

The important thing to remember in business, is that we are choosing to be self employed and it gets to be enjoyable and fun. 

Sure there will be challenging days, be kind to yourself on those days and come back to WHY you are in business.