How strong of a business leader do you see you being?
If you have the traits to be a good business leader, the odds go up as far as having a long business run. If such traits are not in your DNA, things could be rather difficult as time goes by.
With that in mind, do you have the traits to make your startup stand out or the business you bought from someone else?
Don’t Regret You Did Not Do Enough for Your Business Over Time
One-fifth of new businesses fail in the first year. Meantime, 50 percent within the first five years (Bureau of Labor Statistics). As such, you do not want to be part of that conversation.
In attempting to position your business for years of success, take time to look at what will be key.
First, do you have a good sense of money management?
Given so many businesses fail early on and over time due to money issues, you do not want to be one of those statistics. That is why it is critical you have a good sense of balancing budgets, finding deals for your business and more.
If sound money management may not be one of your strong traits, think about hiring one who has such a trait. They can make a big difference in steering you in the right direction. That is when it comes to avoiding money pitfalls that can doom a business sooner than later.
As key as sound money management proves to be, do not sleep on your tech needs.
Imagine for a moment if your business used little to no tech. While there are still some businesses out there not relying heavily on tech, many others do.
From tech to payments to appointments if needed and more, you can’t run away from tech. In fact, you should be doing all you can to embrace it.
When it comes to embracing things, another key is being a people person.
Whether you have constant foot traffic, you do many sales online or it is a mix of the two, you want to like people. Not liking them can make it hard for you to do business and drum up further sales.
While you do not have to be carrying on endless chats, some interaction is a necessity.
Finally, one of the best traits you can have would be old-fashioned common sense.
Yes, you may well get to a point and time where you look to sell your business.
If you reach such a point, you want to have the traits of being a smart and educated person. That is one who can take research and more and decipher it.
Knowing what the industry trends are in the line of work you do for starters will be key.
You also want to have a sixth sense. This would be when it comes to the people you will encounter looking at making an offer on your business. At the end of the day, you want to find the best fit and not worry about having someone take you for a ride.
In being a good business leader, the hope is you have what it takes to start and finish the job.