Three Important Keys to Being a Successful Business Owner

successful business owner

We are each unique. We have our own DNA, characteristics, and personalities. We are shaped by our individual life experiences and the things we’ve learned.  Regardless of those differences, there are three things we all need to build a business into a success story.

Things You Need to Be a Successful Business Owner

1. Good Communication Skills

The ability to communicate is essential.  A small business owner has to communicate regularly with many different groups: employees, customers, suppliers, competitors, and the public.  Effective use of these available tools will help:

  • word choices
  • tone of voice
  • eye contact
  • smiles
  • handshakes
  • listening

Being a good listener means caring about what others have to say. Pay attention and ask questions. Make sure you understand. Speak in positive terms with tact and authentic caring. Others will respond in a way that will help make your business a success.

2. Financial Understanding

You don’t have to be a financial expert, but you do need to know who to call and when to contact them. But having experts available isn’t enough. You also need some basic financial knowledge.  The foundation of a successful small business is selling a product or service for profit. To do that, you have to understand how to manage accounts receivable. You must understand the impact your actions can have on taxes. You need to know how and when to borrow money. And you’ll want to know how to read basic financial statements.

3. Product or Service Knowledge

Walt Disney said, “Do what you do so well that others will want to see it again and bring their friends.” Following that advice will go a long way to helping you be successful, but you can’t do that without a deep understanding of the product or service you’re offering.

Do you want to know more about this topic? Get in touch with Peterson Acquisitions.


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