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Key Attitudes of Smart Small Business Owners

January 6, 2022

It’s a brand-new year and symbolically a great time to start adopting a new mindset. Small business owners took a hard hit from the last two years and most didn’t make it. If you are one of those who survived, welcome to a new world where you have the opportunity to get back on your feet and possibly scale up.

One of the most important aspects of having a business is having the right attitude to command the business. Survey says that small businesses tend to last at least4to 5 years only upon launch. What can set businesses apart from failure and success is how the owner runs it.

If you are interested to know what kind of attitude an owner must have then read the article. This is a great time to learn, experiment and adopt positive values that can make an impact.

What Does it Take to be a Smart Business Owner?

Small business owners have the advantage of being hands-on and knowing their company inside and out. Because of this, it is expected that you develop the right mindset to propel the business to success

1.       Passionate

Passion will drive you to be better and for creating new ideas.  Being a small business owner is hard work. If you are used to a corporate job that has limited hours, having a business means dedicating a lot of work and hours especially if you’re doing most of the work. Having passion will also inspire your team to dedicate themselves to your company goal.

 

2.       Takes a risk

There are foolish risks and there are calculated risks. The latter is the kind that will differentiate you from your competitors and will define your business apart. Having passion will encourage risk since you believe in the product and believe in the company.

 

3.       Willing to invest in things that matter

There’s no need to cut corners especially on things that matter like marketing and technology. Automation will reduce human error and keep things transparent especially across team members. You can start buying ready to install software and if you are ready you can invest in no-code software to maintain productivity.

 

Marketing is another department to invest in. In a time where information clutter is everywhere, you need to be seen and heard in order for your business to grow. Investing in people, tools, and a bit of advertising can come a long way.

 

4.       Committed to learning

The landscape is changing especially in the new normal.  Commit to continuous learning and develop new skills and implement new technology that can make your business relevant. As a small business owner, there are trends and strategies that you can apply to your business. For the newest business trends in 2022, check our latest article– 2022 Trends for Small Businesses To Consider

 

Best of all, learning also means personal development. This can be leadership seminars and business coaching that can give a fresh perspective on your company’s future and your attitude as a leader.

5.       Resilient

If the pandemic taught anything, it’s that we should always be ready. The lockdowns kept everyone uncertain. That’s when the smart business owners became smart and adapted to online shopping and deliveries. This may not have made as much money but it has helped keep the business afloat during the heavy days.

 

As a small business owner, you have to be agile and alert. The advantage of having a manageable staff and operations means you can pivot anytime for new business plans and processes. Of course, adapting doesn’t mean abandoning your core mission and vision but rather changing tactics to go with the flow.

 

6.       Closely monitors finances

Knowing your cash flow is essential This is business after all and not a charity. You need to be alert with all the financial activity of the company so you will know if it is viable and what to do next.  This means choosing more affordable alternatives if possible. Some startups and small businesses opt for no-code development when doing their apps, websites or software since it is cheaper than coding development. No-code agencies can also give great value and service without the hefty quote.

 

7.       Knows their brand

Your brand is not only made up of the fonts and colors but what the brand is and who is it for. Being able to pinpoint this can help you in the future and keep you targeted especially when you’re on a budget.  This means choosing what trends to do, what events to join and what kind of people you show your product to.

 

8.       Values their team members

When you’re starting, one of your best assets is your employees. This team will help you achieve your dream and you need to show appreciation and value to them. Remember that it is more expensive to train new employees than retain old ones.  If you show knowledge and that and that you have the leadership skills, they will be happy to give their loyalty.

Being Smart Takes Time

Of course, you can’t be everything on the list in one go. It is a process and you should know what will work for your team and business. The important factor is the willingness to learn and develop.

If you are looking to invest in your company with new technology, you can have a FREE consultation with Estel. Our team can recommend the right automation or app for you for a faster launch time than regular coding. Click here to book a schedule this 2022!
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