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2018-08-03 00:10:07Growing a Business: How to be SuccessfulEnglishSmall Business Success: An ideal leader is respected and trusted by their staff and gives that same respect and trust in return. Company... Predictors of Small Business Success

4 Predictors of Small Business Success

2 min read

While it’s impossible to predict the future, there are some common traits that successful businesses tend to share. Learning to recognize those characteristics empowers you to look for them within your own company. That way you can nurture the traits you do see, and work on the ones you don’t. After all, successful entrepreneurs recognize the need to adapt and evolve over time.

1. An Effective Leader

Every ship needs a captain. A solid management team is essential to the long-term growth of any business. A good leader sets goals and consistently follows through with them. They work alongside their team, coaching and mentoring employees to help them improve, and that continued upward momentum naturally helps the company to become increasingly successful over time.

An ideal leader is respected and trusted by their staff and gives that same respect and trust in return. Company growth requires collaboration and a sense of unity, and effective management is the key to achieving that. A good leader also knows how to create a positive company culture that keeps employees sticking around long-term.

2. Excellent Listening Skills

Awareness is vital to the success of any entrepreneur or a business owner. If you want your company to be successful, it’s important that you pay attention to the latest trends, as well as what your customers are saying. When you follow the latest trends in your field, you can evolve with them, keeping your company relevant and in tune with your audience.

When you listen to what your customers are saying, you can make changes to keep them happy. For example, say a customer left a negative review because an item took too long to ship. You could use that feedback to seek out faster shipping options.

3. A Solid Reputation

Becoming a truly reputable brand takes time, but there are steps you can take now to put your company on the right track. Consistently going above and beyond for your customers is the best way to preserve your reputation.

Now, sometimes that can affect your bottom line. For example, if a customer says an item never arrived, but your tracking information says it did, you may want to simply refund the order to preserve your company’s good name. If your business takes care of its customers and consistently provides a quality product or service, your reputation is going to flourish. Being active on social media and putting out consistent, high-quality content is another great way to enhance your reputation.

4. Attentive Accounting

Clear, concise bookkeeping is a must. As your company grows, you need to have an established system in place that keeps your figures clearly organized and accessible. After all, your numbers help you to make important business decisions, and you never know when you may need to reference past data.

Excellent accounting is necessary all year round — not just when it’s time to file tax paperwork. QuickBooks Online makes bookkeeping easy and intuitive, and it even includes automation features so you can log and track sales, expenses, and other important financial information in real-time.

Whether you’re launching a start-up or trying to grow your small business, you should always be striving to learn from other companies, as well as the entrepreneurs who start them. Success takes on many forms, but you should start to notice similarities among thriving businesses and successful business owners. Embrace those traits and nourish them, and you should start to see results manifesting over time.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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