For anyone purchasing a business, the primary goal is for it to be profitable if it’s not, the likelihood of it surviving long-term is slim. Did you know, your personality traits have a big influence on whether the business does well or not? We’ve compiled a list of important traits you should and shouldn’t have as a business owner to ensure you get the most from your investment.
The traits you should say goodbye to
Having a close-minded attitude
The way we do business is constantly evolving and not being open to changes can see your business fall by the wayside. To keep up with your competitors, it’s important to consider new concepts and ways to approach business. This is something you should evaluate often as what works today may not in the future. You should take on board feedback and input from others, just because it’s your business doesn’t mean you know everything. If you think you may be a little guilty of being close-minded you should work on this before it’s too late.
Letting your ego run your business
Don’t let your ego get in the way of growing your business. Yes, the business is yours and you are entitled to have a sense of ownership but if the driving force behind your company is you and your best interests, you can expect cracks to emerge. It doesn’t matter how skilled you are or what strategies you have in place if your ego runs the way you do business you won’t be a successful leader.
Not being truthful and sticking to your word
For any business, you must be honest and stick to your word. Not doing this can be detrimental to your reputation and your business may suffer long-term as a result. If you have lied or not delivered what you promised, this makes your business untrustworthy and they are unlikely to do business with you again. When customers are unhappy, they often leave negative feedback online about your business, if they do it’s hard to rectify this, the more bad reviews you have the fewer customers you are going to get. Many will choose a business based on their customer feedback.
Showing no empathy for others
Having no empathy for those around you can be damaging to your company. Most businesses rely on good professional relationships with their customers, suppliers, and staff to thrive. Those you associate with to run your business should be able to approach you comfortably when they need to without the risk of being dismissed and not heard. Lack of empathy will see your business have higher staff turnover rates and lower performance. Being empathic and understanding gives your staff the confidence to address shortfalls or issues with you with is better for the overall business.
Traits that are important for business
Ambition and drive
Ambition and drive are must-have traits to run to a profitable business. You must be continuously invested in making your business better. Plan ahead and set goals not only for you but the business and your staff too. By doing this, you drastically increase the chances of taking your company to the level you want it to be. If you lack ambition and drive, you may find your business suffering after a while due to loss of interest. Before buying or starting a business, make sure it is something that you are passionate about, the ambition for it to succeed will come much more naturally.
Confidence in your vision and what you offer
Following on from the above comment, if you are passionate about your business, have the confidence to back yourself. Second-guessing yourself can plant seeds of doubt and can see you miss out on growth opportunities. Take risks and don’t be afraid to make mistakes, playing it safe will see your business flatline. You need to be confident in your business vision, your product or service, and as a business owner. Your staff will turn to you for guidance and you need to have the confidence to support them and make decisions without hesitation. If there is an area of your business that you are not overly confident in, take the time to educate yourself so you have an in-depth understanding of all aspects of the company.
Resilience to get through the less-than-ideal times
Unfortunately, there will be times as a business owner where things don’t go as you may have planned. You can’t just shut up shop every time something doesn’t go your way, you need to have strategies in place for when times aren’t as great as you’d like. Rather than dwelling on it, try and think of solutions to make the situation better. Once you have rectified the issue take the time to reflect on the event and how you can prevent it or deal with it if it were to occur in the future.
Starting or buying a business is a huge financial decision and you want to be sure it’s going to be successful. It can be hard sometimes to change traits in ourselves that aren’t the best, however, it pays to implement positive traits for the sake of your business. If you are considering buying or selling a business, our expert team here at Morgan Business Sales can help get in touch today.