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3 Essential Habits of Successful Business Owner

Building habits is good for your health, and it’s also good for your business. If you are disorganised or forgetful, then training yourself to follow certain routines consistently will help to improve your weaknesses. This may seem like a hard task, but it will be worth the effort. Disciplining yourself to start and maintain new habits will help you become a successful business owner. Here are three essential habits to start with.

Using your time

Successful business owners know how to use their time. Time is the most expensive commodity in business. The time it takes to make money is more important than the money that you make. When you achieve your business goals, you will make good money. When you make a bad investment, then you are losing money and time too. The time it takes you to recover is more important. Managing your time effectively requires creating space to think and creating habits where you can think strategically and make good business decisions. This will involve downtime where you can develop creativity, time for all important networking, and time to get your accounting done too. Using accounting software will save you time, money and stress. If you are not yet using accounting software in your small business, try it. There are plenty of free accounting software packages available for you to test. See which one works best for your current business plan, or when you are looking into how to start a business.

More speed, less haste

Practice pacing yourself. You will make better progress with your small business if you don’t try to do it too quickly. Becoming successful in your own business will happen, don’t rush it. Just remember all those emails that you had to send twice because you forgot to add the attachment. Everyone makes mistakes, but big mistakes can cost you a lot. They can put your business back to square one, or even sink it. Being impulsive is another no-no. Being too eager to please or to get a business can be seen as a sign of weakness by customers and competitors.

Just stop and ‘putter around’. This one of the habits of successful entrepreneurs like Jeff Bezos. He says that he does this every morning. Practice stepping back from your current situation. Try doing this every day, or at least several times a week. This will give you perspective on where you are right now and allow you to make good, informed business decisions about where you want to get to, and how to get there. Using accounting software will help you easily see where your business is right now. Create a dashboard that will help you drive your business forward with ease. Use bank feeds for reconciliation.

Long-term strategy

Every successful small business requires an exit strategy. So why don’t you set your end game objectives then work backwards? After the initial excitement of a start-up and the learning curves that entails, you will reach competency and see the profits of your hard work. Your passion for work may start to fade. Business can be boring, and once you have decided that you have made enough, or are just looking for a new challenge, then you may want to sell your business.

Get into the habit of thinking long-term. Developing a vision is often helped by looking backwards. Stop and take a look at the milestones that you have achieved in your SME journey. Get into the habit of regularly reassessing the successes and mistakes that you made along the way. Seeing the big picture will help your business to survive and thrive. Make time every week or at least two or three times a month then sit down, alone, and think about your long-term strategy. If you are forgetful, write down your professional and personal goals in a notebook or diary. Don’t forget to keep reviewing these regularly.

Creating a happy life whilst you are a successful business owner doesn’t have to be difficult. Just build some good work habits and enjoy the results.

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