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8 traits every successful business has in common

Whether your business sells cattle, clothes, tools or services; there are eight things you can do to get your business on the road to success.

1. Set the direction. If you don’t know where you’re going, it’s very hard to get there. Make sure you revisit why you are in business and where you are going. Once you’re clear about it, share that vision with your employees so that you are taking everyone on the journey with you.

2. Talk to your advisors. A successful business will have a great working relationship with their accountant and advisors. Elle McPherson once said of her strategy for building her business empire, “If I’m the smartest person in the room, then I’m in the wrong room.” Talk with your advisors about your plans and goals so they can help guide you.

3. Be prepared. Businesses who can handle bumps in the road are those who are watching out for what’s ahead. This includes doing regular cashflow planning, assessing potential risks (and planning how to manage risk) and making sure you have adequate insurance in place to handle the unexpected.

4. Don’t rush it. Remember being in business is more like a marathon, than a sprint. Give yourself time to reach your goals, if you go out too hard too fast you might run out of puff (and money).

5. Don’t drop the important stuff. When the budget gets tight, businesses often drop training and marketing. Remember for your business to succeed you need customers, and to keep customers you need excellent service. If you fail to invest in areas that will bring them in and keep them, you will find yourself shutting up shop.

6. Be Disciplined. Successful businesses have consistent record keeping procedures. It’s crucial that your staff are aware of the procedures you use so everything can run smoothly and be stored in the same space in the same way.

7. Be firm but flexible. Businesses who succeed, stand strong on their core vision and values, but make sure they are nimble enough to change, develop, and adapt to changing market trends and external influences.

8. Adopt a positive vibe. Successful business owners believe in what they are doing and exude positivity. Remember “it is not your aptitude but your attitude that determines your altitude” (Zig Ziglar). Having the right attitude also includes looking after yourself, your family relationships and your health. If you start the day happy, your employees will take their cue form you. Bruce Lee said it well. “Choose the positive…. Optimism is a faith that leads to success.”

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Peter McKinnon

About the author

Peter McKinnon retired from his position as Partner of BMO on 1 July 2016. Accounting is in Peter McKinnon’s blood. Following in his (late) father’s footsteps and armed with a Bachelor of Business (accounting), Peter spent several years as a commercial accountant and a sole practitioner, before launching what was to later become BMO Accountants in 1990. With over 30 year’s experience, READ MORE


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