What successful business owners have in common

Running a business is no small feat. If you ask the U.S. Small Business Administration, they’ll tell you one-third of all new businesses fail in the first two years. If you let them continue, they’ll say half of all new businesses make it four years, and only 40 percent survive for six years or more.

What makes a business succeed? A recent study by Gallup found that a business’s ability to make it over the hump has everything to do with leadership. The quality of the company’s founder(s), along with the caliber of its management team, is a significant factor. Here are some others:

A clear vision: The leaders of successful companies are more likely to clearly articulate the corporate goals and competitive advantage(s) of their companies to their clients and employees. They create an inspiring narrative that unifies internal teams and clearly directs external growth efforts.

A great accountant or bookkeeper. Partnering with a knowledgeable tax advisor who takes the time to understand your business can help your company grow and succeed. We can help you save money and time, control expenses, increase cash flow, comply with all applicable state/federal tax laws and regulations and help your company develop the financials needed to successfully apply for financing.

A close relationship with customers: Successful business leaders are more likely to make decisions about pricing, products and services with their customers’ needs in mind. They don’t neglect important matters such as sales growth and profit margins, but they maintain close relationships with customers and work toward improvements that will benefit those businesses long-term.

A desire to learn: Are you open to learning things from people at all levels of their own organizations and others? Some of the best leaders seek out opportunities to learn other perspectives and ways of doing things.

A plan for growth: The most successful leaders also spend time planning for growth and aligning employee responsibilities with company goals. This requires an ability to step back from the day-to-day battles of business and articulate a plan for moving forward. This practice aligns employee efforts with a common goal and increases individual performance.

Perseverance: Great leaders never give up. They have a strong work ethic and aren’t afraid to do the work no one else wants to do. They know they’ll face setbacks and are willing to work through them. We can relate! We’re problem-solvers, helping businesses solve taxing problems and have a solid foundation from which to grow.

Learn more about us and how we can help your business grow! Give us a call: (520) 907-2563