5 Common Traits of Successful Small Businesses (And How You Can Achieve Them)

Welcome back to Small Business Straight Talk, a weekly newsletter covering small business topics and highlighting the best small business resources. I am the editor of CO— by the U.S. Chamber of Commerce. You can sign up for CO—’s newsletter here and follow us on LinkedIn here. 

What makes a small business successful? Is it ingenuity, grit, perseverance? Maybe a little luck, too? Of course, it’s a mix of all those things and it’s different for every business. But, some qualities seem to be found across the board in successful businesses. 

We asked small business owners to tell us what traits make small businesses successful. You can read the whole story here but here are a few traits that stood out to me. 

Customer-centric approach: Staying focused on your customers is key, but how do you do that? One way is to keep track of how you’re connecting with them on social media. If you’re not doing a good job at that, it’s time to start paying more attention. Here’s some advice on how to assess how well your social campaigns are resonating with your customers on Facebook, Twitter and Instagram.

Adaptability: Never has the need to be adaptable been more clear than during the pandemic. Many businesses that have found ways to pivot to a new normal have managed to survive. But, as we know, the pandemic is still here and businesses are still finding they need to evolve and change. With that in mind, here is a list of post-pandemic business trends you can expect and should prepare for now. 

Strong vision: Knowing what your brand stands for is always important, but staying focused on it during a pandemic - well that’s another story. So, how do you do it? These three brands recently revealed how they are staying focused during this crisis - including one that had literally launched on the eve of the pandemic. 

Tenacity: Every small business owner has had to endure bad times, but sticking with it through sheer will is sometimes the only way to survive. If you’re looking for some inspiration, check out this story on the founders of Three Ships, which they ran nights and weekends from their kitchen table with a $3,300 investment while working full time jobs. Today, the brand is in more than 500 Target stores. 

Diversity: It’s not just a buzzword, it’s an essential way of thinking about business. If your team comprises people from different backgrounds, ethnicities, experiences and beliefs, your business will be stronger, smarter and more prepared to serve customers who are also diverse. So, how do you foster diversity? Here’s a step by step guide to figuring that out for your business.

Jeanette Mulvey is a passionate advocate for small business and the Executive Director of Content for CO— by the U.S. Chamber of Commerce. Follow CO— on Instagram!