Here’s a list of ten common habits of successful business owners. Many are simple and straightforward. But as we tend to get caught up in the day to day requirements of our businesses, many get overlooked. Especially if we are constantly in fire fighting mode.
1. They Stay Healthy
It all starts with managing your health. If you are not looking after your health, sooner or later it will start to show up in your business performance.
Sleep is a great example of this. Burning the candle at both ends leads to a vicious cycle of tiredness which impacts brain function and in turn the quality of decisions we make in our businesses. The best book we have read on the subject is Why We Sleep by Matthew Walker. Understanding the true impact of a good night’s sleep has transformed our prioritisation of sleep. Now we just need our young kids to get on board with this one and let us get more ourselves!
Following on from this is making sure we bring a good energy to our business. Exercise and healthy eating are paramount to stay in peak condition.
2. They Value Down Time
Great leaders know how to make time for themselves. They enjoy time with their families or have hobbies that give them a mental break from everyday business. They understand priorities need to be properly managed. Perfecting the art of relaxation is an enabler of intense working periods when they are required. If you are constantly running out of steam, you won’t be able to build a solid, long-lasting business.
3. They Tend to Their Finances Each and Every Day
You may or may not be a whiz when it comes to money, but need to have your finger on the pulse when it comes to money in some form.
Whether that’s through educating yourself, implementing a system like Profit First, or building a team around you with trusted advisors, make sure you know your numbers.
Hint: go for a roam around this site, there’s plenty of information here that can help you with this point of habits of successful business owners!
4. They Stay in Control of Their Emotions
Good leaders know at all times how to manage their emotions. We all get frustrated at times, but there’s no point taking them out on others in the heat of the moment.
5. They Say ‘Thank You!’ to Someone Each Day
The best managers know how important maintaining relationships are, and so even if it’s just a passing: ‘You did great! Thanks!’, they never go light on justified praise. Entrepreneurs far and wide understand the need for perfecting the art of daily encouragement. This motivates their employees and builds company morale. Without sufficient praise, no one will really want to work hard and strive to do better.
6. They Constantly Hunt for Minor Improvements to Make
As a daily regimen, the successful look for ways to improve their performance, not only in their own daily tasks, but also in the work of those around them. They value improving and augmenting skill-sets. They know that the smallest of changes you make in the person of today make a better person tomorrow, which will lead to more and greater successes.
7. They are Humble and Listen to Feedback
Good leaders know they don’t know it all. They mine for feedback, and when they get it, they respect those who they got it from more so than before. Why? Because that’s how you self-improve and how you lead and direct more effectively. Ensuring better results in every area.
8. They Seek Out Counselling/Mentoring
No one company has ever been built without the visionary behind it seeking out counsel. No one can be an expert in every area, which is why it is important to seek out expertise in areas where it is needed. Seek out a top-game mentor. Grow in knowledge, and in time, you will learn how to grow your company by leaps and bounds.
9. They See Failure as an Experiment
A failure is an experiment that didn’t yield results; a mistake is an experiment that didn’t yield results that ran too long. You learn from failing, but you don’t make mistakes. You fail (learn) and then move on (don’t keep going with what is not working) = no mistake! The mega-successful embrace failure because they know it will make them ten times better than they started out to be. No company can change, develop, or grow without the refining fires of failure. Do you see failure in the same light?
10. They Welcome Adversity
When difficulties arise in any company, it is no surprise to the successful since they went in banking on it! If you are wise, you go in prepared for setbacks to come. Adversity is what motivates the great. It defines them – and refines them – to carve out their potential. Does adversity push you forward or drive you backward? You can easily tell from your answer how successful you will be from this.
So of these ten habits of successful business owners, how many do you think you have covered off?
Give yourself a score out of ten for each to come up with a score out of one hundred. Review it on a quarterly basis. Where your energy goes, success flows!
And if you need any help with points 3 or 8 in this list of habits of successful business owners, feel free to reach out and book a Biz Fit Call today. We can definitely help you nail those 2!