Successful small businesses often share a set of common traits that contribute to their growth and resilience in competitive markets.
Let’s be honest, you’re not the only one in the world that does what you do! There’s room for everyone because you are the unique messenger, not the message. It’s your traits fundamentally that, set you apart.
Identifying and cultivating these characteristics can be a blueprint for other small business owners aiming for success.
Discipline is the number 1 foundational trait successful small businesses have in common, deeply influencing their ability to thrive and grow in competitive environments. This trait manifests in various crucial aspects of running a business, significantly impacting its success across important elements like time management, financial management, adaptability, and consistency. However, consistency can be misunderstood. You can be consistent for a month, then significantly drop the ball. But when you have the underlying foundational trait of discipline, your consistency will always be a standout as you have the discipline to see it through.
Goal setting and laying the foundation to achieve your goals as a small business. Again, it’s the discipline that’s key to setting realistic goals and relentlessly pursuing them. It involves breaking down larger objectives into manageable actionable tasks, monitoring progress, and staying focused on the end goal despite challenges and distractions.
Learning and Growth. The discipline to continually seek learning opportunities and apply new knowledge keeps a small business innovative and forward-thinking. It involves dedicating time and resources to professional development, staying abreast of industry trends, and being open to feedback.
Failure and resilience. Again, discipline fosters resilience by instilling a habit of persistence and determination. Successful small business owners use disciplined approaches to tackle challenges and failure head-on, lean into failure and learn from it. Seeing failure as win as opposed to a loss is the best way to grow and create success.
Bold marketing. Understanding how to reach and communicate effectively with your audience is another trait shared by successful small businesses. Successful small businesses leverage a mix of traditional and digital marketing strategies tailored to their market and budget, ensuring they maximize visibility and engagement with potential and existing customers. They understand the power of strategic bold marketing and lean in to play on it. They’re disruptive and willing to shake the tree to move the needle. Being safe in your marketing means you will remain unseen.
Innovation and continuous Improvement. Continuously seeking ways to improve products, services, and processes sets successful small businesses apart. They stay abreast of industry trends and advancements, try new things, fail at them, and embrace innovation to enhance efficiency.
Strong network. Building and nurturing a network of relationships with other businesses, industry influencers, and the local community can provide support, opportunities for collaboration, and increased business visibility. Successful small businesses recognise the value of community engagement and actively persist to form and nurture these relationships.
Hayley Osborne, Digital Marketing Expert, www.hayleyosborne.com
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