Every year 660,000 new businesses are registered in Britain. This is a lot of companies; in fact, it works out at around 70 new businesses every hour! However it isn’t smooth sailing for every new business. Research has found that 60% of new businesses will go under before they are three years old, and many of these close down within a few months of opening.
This may seem disheartening, but it is important to remember that around 40% of new businesses do succeed. But how do they succeed? What is the recipe for a prosperous business?
The answer is a great business owner. A good business owner will have the necessary traits to make their business succeed, whether they run a flower shop or an e-commerce company.
Do you want to make sure that your business succeeds? If so, here are 5 signs of a great business owner.
5 Signs Of A Great Business Owner: You Have Specific, Expert Knowledge
A good business owner will have specific, expert knowledge that directly applies to their business. It can be tempting to assume that most business owners just have a spontaneous idea that starts a business, but in reality the majority of successful business owners spend years building up expert knowledge before they start their own business. This expert knowledge makes it easier for the owner to predict potential problems and issues, and it also means they are more likely to provide useful products or services (as they know exactly what their target audience want).
2. Your Network Is Expanding
It doesn’t matter if your business is online or offline; either way, your business network should always be expanding. This could be gaining new followers on Instagram, or it could be getting more people to sign up to your newsletter. This shows that people are actively engaging with your brand, and it also means that your business footprint is growing.
3. You Don’t Shoot Your Employees Down
A great business owner is willing to consider other people’s ideas, rather than deciding everything themselves. After all, great ideas can come from anywhere, and you never know when an employee or a friend will come up with a great idea or an opportunity that never crossed your mind! So don’t let your ego slow down the growth of your business; instead try to listen to the people who care about your business enough to offer advice.
4. You’re Not Doing Everything Yourself
Some business owners take pride in doing everything themselves, but in reality this can really hinder your business. After all, no-one is an expert in every area, so if you do everything yourself it is likely some things will be sub-par!
A great business owner understands this, and they are happy to delegate certain tasks so they can focus on the things that they are good at. For instance they may hire an accountant for invoicing, or maybe they will hire a virtual assistant to respond to customers. This means that they have more time to concentrate on the really important tasks!
5. You Care About Your Customers
Finally a great business owner cares about their customers. They understand that their business wouldn’t exist without the customers, and so they go out of their way to make sure that customers are happy by providing excellent customer service. And this doesn’t just mean responding to positive comments; it also means dealing with customer complaints effectively!