Being a successful business owner is certainly not everybody’s cup of tea, there are definite qualities that he/she must possess that will ensure that the venture grows exponentially. These include apart from basic business skills a commitment and vision to succeed and most importantly a tenacity to overcome all odds. Further, a successful business owner must have the foresight to design and implement strategies that will take business to the next level quickly and effectively.
If you want to become a successful business owner, here are a few things that should be focussed on.
- Have a written plan – This need not be a big cumbersome document, a few pages will serve the purpose. But if you do not have a set of fixed goals and objectives in writing, you will be groping around in the dark. Have a clear cut business plan that lays down marketing strategies, financial requirements and pricing policy as well as new product launches over say 3 years. Get a professional business consultant prepare it for you. However, it should be taken as a guideline only and may be adjusted and changed as per operational requirements.
- Delegate effectively – A successful business owner is one who can get the best out of employees by delegating important roles to them and avoiding micromanaging their activities. Allocating specific responsibilities is a sure way to make individual qualities and capabilities work for you to the benefit of your organisation. To ensure that your staff are fully conversant with the running of your business have training courses that will update their knowledge base and sharpen their existing skills. Your company will surely prosper when you harness their capabilities for the good of your business.
- Be competitive – You have to have a competitive edge over the others and stand out in the industry that you are in. Unless you have a monopoly in the products and services offered by you, unique plans have to be devised that will take you ahead of the others. For this, you will need an USP (Unique Selling Proposition) that will give you a head start over your competitors. It can be anything related to your business – your pricing policy, your location, some special services, in fact anything that is exclusive.
An example will better illustrate this point. Suppose your business is an auto repair workshop. There may be many others in your locality but if you are a certified and accredited workshop and authorised to issue a roadworthy certificate, it will give you an edge over the others.
- Keep a tab on profits – A very crucial part of any successful business is the amount of money that you are making. This should be your primary thought. Focus on sales and revenue as well as cash flow on a daily basis. Stress on net profit and not gross profit as it will indicate whether your expenses are under control. It is this net profit that will be treated as cash accruals and give you opportunities for further investments without having to depend on additional borrowings or increased credit limits.
- Incorporate technology in your functioning – The modern business environment is all about high tech and advanced tools that have incredibly increased operating efficiencies. If you do not keep up with the times, you will be missing out on business opportunities that are based on online platforms. Have a business website that has high online presence and visibility and ranks high on results pages of major search engines. This will help draw in high volumes of traffic leading to improved sales and conversions.
These are just a few points that a successful business owner needs to focus on.