8 Traits That a Small Business Owner Needs to Have to Increase Their Profitability
When I entered Small Business it was as a franchisee I thought the road to owning a business would be easy. After all, I had purchased all the systems and processes when I paid my franchise fee – so this business gig was going to be super easy. Wasn’t it? I had a head start on most Small Business people- I had the inside edge from my Franchisor. Well sadly no it wasn’t, being a business owner requires more than just systems and offering your product for sale, it requires you to demonstrate these eight qualities to UPSIZE your PROFIT.
I have always been a leader, but to be a leader in your business 24/7 is a different matter. Leading your team creates a positive culture. You can’t have a day off from the leadership. You can however, delegate duties – all good leaders do. When you develop this leadership skill you are successfully running your business and your business is not running you. Your team are working towards the same goal; your goal; a successful profitable business.
2. Understand your business and what drives it
Running a business is like going on a road trip. Any good road trip needs a map and directions. In business your directions are your Key Performance Indicators (KPI’s). Set goals for the profit you want to have in 12 months time and set your KPIs to get you there. Share them with your team and monitor them daily. Before you know it you will be at your destination with the profit you require.
3. Love and Live your brand
If you love your brand it shows in everything you do; the way you work in store, the way you work with your team. Your enthusiasm leads to your success. You will create more sales, have a team that deliver great customer service and good quality product. Be sure you are a brand ambassador it reaps more rewards than just increased profit.
4. Excellent communication skills
To be able to talk is one thing, to communicate well is quite another. Communicating is as much about what you see as it is about what you hear. Knowing when saying nothing is sometimes more beneficial than saying something. Find your preferred communication medium and master it. It builds the team that will bring your profit.
5. Possess a real CAN DO attitude
No-one likes a negative Nancy. Starting each day with a “Can Do” attitude shapes your whole day, the environment you work in and your success. Your team will feel it, you customers will feel it and your business profit will reflect it.
6. Adapt well to change
The one thing that always stays constant is that there will always be change – Small Business is all about keeping up with trends and keeping customers excited therefore make change your friend. Be an early adopter and embrace change. It keeps your customer returning which keeps building both sales and profit.
7. Know your specific space
I was in fast food retail and still to this day you can find me hanging out in food courts. It’s exciting, it’s educational and it always helps to know what your competitors are up to so you can do it better. It gives you the edge to keeping current and keeping your customers excited. Excited customers return more often to spend money which builds your profit.
8. Constantly seek out information
Keeping up to date in of all areas of your business is a full time job – HR, employment agreements and workplace health and safety are but three areas that are always changing. And let’s not even start with technology changes. Feed your thirst for knowledge by attending your local business meetings and networking groups. The networking alone is valuable let alone the information shared at these functions. Being a Small Business owner is lonely so be sure you surround yourself with people in similar fields. Share your knowledge, talk up your business, get known in your area. It is a form of marketing that brings people to your store to buy from you. More sales = more profit.
There you have it – eight traits that a Small Business operator needs to have to UPSIZE their profit.
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