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Five Key Traits of a Successful Small Business Owner

Jan 19, 2022

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Five Key Traits of a Successful Small Business Owner

As a small business owner, you know it takes a lot of hard work and dedication to be successful. Getting new customers to walk through your doors, retaining current customers, driving sales and scaling your business aren’t easy tasks. And, though there are plenty of attributes that can help guide you through these challenges, there are a few traits that are absolutely critical if you want to be successful.

It’s a new year, and that means a fresh start! Embrace these qualities, and set yourself up for success in the new year and beyond.

Successful Small Business Owners Are . . .

1. Goal-Oriented

Successful business owners take time out of their busy schedules to set and track goals. This way, they maintain purpose and direction. A new year makes for a perfect time to set some new goals for yourself and for your business. While it’s nice to have vision, drive and intention, if you don’t set some concrete goals then achieving your dreams becomes a lot harder. So, what do we mean by “concrete goals”? You’ll want to make sure that all of your goals are SMART. That means they should be:

Specific: know exactly what you want to do

Measurable: you should be able to know exactly when you’ve reached your goal

Attainable: a goal is only useful if it’s realistic

Relevant: your goals should match your values and your long-term vision

Time-bound: you should set a definite deadline by which you hope to achieve your goal

2. Budget-Minded

As with personal finances, a key part of a successful business plan involves knowing where your money is going and why. Since success often means financial success (i.e., sales, profits, overhead costs, etc.), it’s no surprise then that the most successful business owners are savvy budgeters. A realistic, workable budget is the backbone of a small business. This year, make it a point to set and stick to a financial budget.

3. Resilient

As a business owner, you’re probably no stranger to challenges and setbacks. In fact, in the early days of a business, entrepreneurs often see more setbacks than successes. Don’t get discouraged! These difficulties can actually mean you’re headed in the right direction. Through these ups and downs, the savviest business owners develop resiliency.

Working through struggles and coming out on the other side means you develop a thicker skin — and you get less and less spooked when things go south. A tactical example of this would be those small-business owners who quickly created an online marketplace during the early days of the COVID-19 pandemic. As a small-business owner, it’s important to expect the unexpected and to have strategies in place that allow you to avoid — or at least minimize — potential challenges.

4. Personable

As a business owner, people look to you as the face of your business. That means that being personable — meaning positive, approachable and friendly — can go a long way toward determining how successful your business will be. Engaging with customers, building relationships with employees and facilitating positive interactions with other businesses and in the community are all vital parts of being a successful small-business owner. When you know how to make people feel comfortable, they’re more likely to do business with you.

5. Open-Minded

One of the coolest things about owning a business is you get to be your own boss! That can be exhilarating. But it’s still important — perhaps even more important — to consider the ideas and opinions of others. As your business grows, remember to keep an open mind. Always consider different perspectives, and invite open dialogue from others. Not only will it increase the odds that a profitable new idea will surface from an unexpected source, but an open mind encourages employees to feel as though their contributions are important, too.

Furthermore, don’t close yourself off to new processes or ways of working. Just because you’ve had success one way doesn’t mean there aren’t other paths to success — perhaps quicker and more efficient paths.

Use Acima Leasing

Oh, and regarding that last attribute: Don’t close yourself off to services that might take your business to the next level. Sure, you might be doing a great job of driving sales and acquiring new customers, but did you know that Acima’s lease-to-own solutions* make both of those tasks even easier?

With Acima’s alternative to financing, you can open your doors to more customers than you ever thought possible. For those customers who don’t want to use credit or are unable to qualify for traditional financing, our no credit option* offers business owners the opportunity to increase revenue by catering to this otherwise-untapped consumer group. What’s more, our fast applications and flexible payments give more shopping power to your customers — and that means more profits and growth for you. Learn how it works, and find out how Acima can help drive your business forward.