Entrepreneurs are always exploring ways on how to climb the ladder to small business success. That’s because operating a small business is no easy feat. Since there’s no “one shoe fits all” prescription to small business success, every small business owner needs a variety of exceptional skills, qualities, and characteristics. Operating a small business is a challenging journey filled with uncertainties and barriers. However, successful small business owners/managers do exhibit specific traits.
Here are some of the qualities every small business owner or manager should possess in order to climb the ladder to small business success.
Innovative Leadership
Knowing where to go and how to get there is a characteristic of a successful small business owner and manager. It’s important for a small business owner or manager to possess foresight when it comes to a company’s purpose, goals, and values. Successful business owners and managers not only have charisma, but also the skill to encourage and persuade employees to follow them in fulfilling this vision. As outstanding communicators, innovative leaders are flexible and always “one step ahead of the competition.” Innovative leaders are never satisfied with maintaining the status quo. Therefore, they have the ability to clearly explain their overall goals and objectives.
Flexibility and Persistence
Climbing the ladder to small business success is never easy. Each rung on the ladder brings its own set of challenges. The appetite for success ignites the risk-taking spirit of small business owners and managers. Because of their passion and energy, they are very intense about the products or services of their businesses. Successful owners and managers prove, through their flexibility and persistence, that they can rebound from any disappointment. They’re viewed more as opportunities, rather than devastating downfalls. The persistent small business owners and managers never lose sight of the big picture of reaching their long-term goals.
Resilient and Versatile
Uncertainty best describes what it’s like to run a small business. Therefore, in order for a business to survive, the small business owner/manager must be both resilient and versatile. Ignoring change is not in the vocabulary of successful business owners or managers. Versatile owners or managers not only welcome new opportunities, but they’re open to trying new tactics in response to the ever-changing world we live in.
Tactical Thinking
One trait associated with successful small business owners/managers is successful decision-making. Successful owners/managers have a knack to make those pressure-laden tough decisions with little or no information. These owners/managers use a variety of information sources to take deliberate chances, ensure that all their decisions line up with their long-term goals and prepare their businesses for viable growth.
Powerful Communication Skills
Communication is the successful formula for establishing relationships, encouraging confidence, and engaging employees to work together towards a common vision. In general, people will follow those expert communicators who can convincingly convey their thoughts, ideas, and outlooks. Outstanding communicators listen actively, welcome comments (both good and bad), and promote open discussions within their businesses, the end result is a culture of clarity and teamwork.
Fiscal Shrewdness
Behind the success of every small business is an owner and manager with fiscal shrewdness. It’s imperative for small business owners/managers to not only comprehend the finances of their businesses, but also efficiently manage cash flow, and make smart financial choices which help their businesses survive and thrive. Nothing slips by the fiscal shrewdness of those small business owners/managers who stay on top of their financial documents, ask for expert help when they need it, and distribute the appropriate number of resources and money in order to achieve maximum profits.
Customer Priority
Without customers there is no business. Therefore, successful small business owners/managers must rank the wants and needs of their target audience customers. Small business owners/managers don’t take their customers for granted, but instead make it a priority to understand what makes their customers’ tick from their preferences to buying habits. To cap it off, small business owners/managers then exceed their customers’ expectations with outstanding value and service. Strong customer interactions are then reinforced by trust and loyalty.
Constant Learning and Advancement
Today’s business world is an ever-changing world. No two days are the same. Therefore, small business owners and managers should always be looking for improvement. Standing still usually is a sign that a business is falling behind the competition. As a result, small business owners/managers must be flexible, adjustable, and always looking to get better and seize new opportunities. Small business owners and managers not only look to improve themselves, but they also create an environment for their employees to grow and develop their professional skills as well.
The Final Word on Climbing the Ladder to Small Business Success
If owning and operating a small business was easy, then everyone would do it. However, life provides its share of obstacles and opportunities for all small business owners/managers. Therefore, through determination and hard work, small business owners/managers have proven that business longevity is achievable by focusing on the priorities needed on how to climb the ladder to small business success.
