My 'big 3' for business success

What makes an enduring, successful business?

Well lots of things. There is no magic formula. For most small businesses, success and longevity is down to the drive and commitment of the business owner. More often than not, that's a single individual, the founder - or maybe a small group of 2 or 3. If they are lucky, they are supported by a capable and loyal team.

That's fine but what attributes must the owner have to achieve sustained success over several years? I've boiled it down to three, based on working with and observing successful business owners over the years.

The first attribute is focus. The business is the most important thing in their lives. Ok, family first, but its a close second. It's an obsession. They are never 'off'. If it's a choice of missing a nice relaxing weekend away or finding time to prepare that urgent proposal, the proposal wins. There might be tension with loved ones due to the owner's inability to switch off. Their reading list is business books so even when taking time out they are learning. On holiday they observe other businesses, see how they act, what they do, see what can be applied to their own business. They will always put the business first. That's their main focus. It beats everything else.

The next attribute is resilience. Often things don't go right. A key employee leaves, computers break down, a big client moves to a competitor, business partners fall out. The owner needs to fix it and move on. Sure they might get upset. They might rant and rave and moan and gnash their teeth. But eventually they need to take the medicine, face the problem and get on with the next thing. Here's where having a great support network helps. For most people it might be their spouse or it could be a trusted employee or business pal. Someone to listen and give you perspective. It's then up to the owner to just get on with it.

My last attribute for a successful business owner is being 'sales-minded'. You can be the greatest technician in the world - the best widget-maker, best accountant, best carpenter, best project manager, best shopkeeper, but if you can't find customers and sell to them, you don't have a business. So sales and selling needs to be part of your make up. Not everyone who starts a business is a natural salesperson. But I would argue they need to learn fast. They need to put a lot of thought into why their product or service is different and what price they should sell at. And they need to sell.

There is another attribute which didn't quite make my top 3 but is very important. That's watching the money and the numbers and ensuring the business finances are well managed. You would expect an accountant to squeeze that one in wouldn't you?

So that's my top 3 attributes for business success (or 4 if you include financial management). Following these may not guarantee success but will I think be a step in the right direction.

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