Ahh the life of a small business owner – cocktails by the sea!

Isn’t that how it is? It looks like that in some promotional material I see for franchises. Showing glossy images of a couple sitting in some exotic location with a laptop computer or phone in hand (alongside an umbrella adorned pina colada), with a caption below saying “Enjoy a new lifestyle”!

I know?many successful small business owners who now do enjoy greater freedom and lifestyle balance, but it took time and a lot of detours along ‘Success Boulevard’ before they got there.

Becoming a successful businessperson is a journey that requires dedication, hard work, and a willingness to learn. Whether you are starting a new business or looking to take your existing business to the next level. Below are some observations on some of the key actions needed to build a successful small business.

1.????Develop a Clear Vision and Purpose: The first step to becoming a successful businessperson is to develop a clear vision for your business. This means identifying your purpose, mission, vision, values, and goals. You should have a solid understanding of your target market, your competition, and your unique selling proposition. By having a clear vision, you can make informed decisions and stay focused on your goals.

2.????Build a Strong Team: The success of your business depends on the strength of your team. You need to hire people who are dedicated, talented, and share your vision. You should also invest in ongoing training and development to help your team grow and succeed. With the challenges we are experiencing in Australian employment market it is more important than ever that you train and develop your team. By building a strong team, you can leverage the strengths of others and achieve your goals more quickly.

3.????Stay Focused on Your Customers: Your customers are the lifeblood of your business. You need to stay focused on their needs, preferences, and feedback. This means developing products and services that meet their needs, providing excellent customer service, and building strong relationships. By staying focused on your customers, you can build a loyal following and grow your business through word-of-mouth referrals.

4.????Innovate and Adapt: The business world is constantly changing, and you need to stay ahead of the curve to succeed. This means innovating and adapting to new trends, technologies, and business models. You should be willing to take calculated risks and try new things. By innovating and adapting, you can stay ahead of the competition and grow your business.

5.????Remove Yourself from Being the Centre of the Universe: Design your business with the necessary systems and processes that allow effective delegation of tasks and decision making. If you can take yourself out of the business for 30 days and it operates without any input from you, then that Pina Colada is not far away.

6.????Manage Your Finances: Managing your finances is essential. You need to have a solid understanding of your revenue, expenses, and cash flow. Monthly analysis should be the norm. Reviewing quarterly, six monthly or more can be catastrophic. Have a budget and a financial plan. By managing your finances effectively, you can make informed decisions and avoid financial pitfalls.

7.????Develop Strong Partnerships and Advisers: Building strong partnerships is essential to succeeding in business. You should seek out partners who share your vision and can help you achieve your goals. This can include suppliers, distributors, and other businesses in your industry. Business Advisers/Coaches, Mentors can provide great support and independent assessment in decision making, strategy and business challenges in general.

By developing strong partnerships, you can leverage the strengths of others and achieve your goals more quickly.

8.????Stay Resilient and Persevere: Finally, becoming a successful businessperson

requires resilience and perseverance. There will be many challenges and obstacles along the way, but you need to stay focused on your goals and never give up. You should be willing to learn from your mistakes and adapt to changing circumstances. By staying resilient and persevering, you can overcome any challenge and achieve your dreams.

Sadly, becoming successful is not an overnight or guaranteed path. Just look at the number of businesses that open and then close within the first year in your local shopping centre.

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Being your own business operator can be the most rewarding and fulfilling exercise, but it takes more than a shingle hanging above a door! If you approach your business growth with a professional mindset, willingness to learn, discipline, determination and resilience and consider some other the observations above, you just might get to be one of those couples drinking Pina Coladas in and exotic location, whilst your business functions without you having to be the centre of the universe.

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About Garreth

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Garreth Bohanes is a Business Coach/Advisor who provides real world advice based on 40+ years of commercial experience. The last seven years has been dedicated to supporting small business owners build sustainable and profitable businesses.