We have all heard that a large proportion of small businesses fail in the first three years, but we may not understand why.
Those that rise to the top have a number of factors in common that differentiate them from those that fail.
Whilst every business is different, we have identified ten important things that successful business owners do that lead their business to thrive.
- Understand your core values and purpose
- Have a written strategy, goals, and objectives
- Anticipate market changes
- Understand your numbers
- Listen to your customers and understand their needs
- Recognise employees as the most important asset of the business
- Understand your role as business owner and be able to delegate
- Focus on continuous improvement
- Maintain adequate cash reserves
- Hire to fit culture