The 5 Habits of Highly Successful Small-Business Owners

Have you ever wondered what the difference is between a business that consistently grows and another that struggles just to make ends meet? Or why a business that was started in a basement of a home can outperform some of the best-run "big" companies in sales and profits?

Two businesses, operating in the same marketing arena and selling the same products or services, can have extraordinarily different results. How can one business continually grow and prosper, while the other struggles? How can one business owner run a highly successful business while still spending a good portion of his or her time away from the business on trips and vacations with the family, and another owner work day and night only to see his business fail?

Such questions have always intrigued me. In my quest to answer them, I sought input from successful business owners. I became a student of business. I read every business book I could get my hands on. I enrolled in seminars and courses across the country. I listened to audio and videotapes of some of the greatest minds in business.

What I learned has been truly transformational. In this article, I will impart to you some of what I have learned. For the most part, there is no such thing as a successful or unsuccessful business; there are successful or unsuccessful people, entrepreneurs who run businesses. Becoming a successful entrepreneur requires a certain self-image, a certain mindset. I like to refer to this mindset as the

"5 Habits of Highly Successful Small Business Owners."

Here they are:

Habit #1: Have a clear vision of their business, and commit their vision to paper

"A man to carry on a successful business must have imagination. He must see things as in a vision, a dream of the whole thing."

Charles M Schwab, American stockbroker

The chances of your small business' success improve substantially if you have a clear vision of what you want your business to look like, and what you want it to accomplish for you in the future. Your vision is your dream for the future of your business and it should delineate the path you will take to turn that dream into reality. You need a crystal-clear vision, one that you can communicate clearly, with vitality and a strong sense of commitment. Everyone involved in your business must comprehend your vision and, even more important, must believe in its success as much as you do.

Setting direction and guiding the business toward reaching your vision will make it successful. Vision is the owner's business philosophy. It's his "double vision" ? his ability to keep the business' long-term dream in mind while micro-managing the business on a day-to-day, hour-by-hour basis.

Successful entrepreneurs commit their vision to paper. In all my years in business, I have found that not doing so is the single most fatal error a business owner can make. There's a direct correlation between having a well-thought-out, written vision statement and the success of your business.

Your vision should be a written statement of what your business will be when it is complete. It is a detailed picture of the future ? what your business will look like, act like, smell like, feel like, and how it will perform when it is fully developed. Some of the things your written vision statement should include are: (1) the line of business you are in, (2) your company size, (3) the markets it will serve ? demographics and psychographics, (4) the number of employees you will have, (5) the number of locations that you will operate from, and (6) what competitive advantages will differentiate your business from your competitors'.

Habit #2: Put the proper systems in place

You need systems to be able to deliver a product or service in a predicable and consistent way. All successful businesses have a "how we do it here" manual, also referred to as a "policy and procedures" manual. Standardize your procedures so that everyone knows what they are and how to do them. These procedures involve production systems for your products or services, systems to deliver those products or services, systems to track new customers or clients, systems to help you keep up with your finances, systems to hire and train new employees, and the list goes on.

Look at the systems that operate within the McDonald's chain. A McDonald's in the Bronx operates exactly the same way as a McDonald's in Palm Beach. It runs just as predictably and profitably in either place. Why? Because there is absolutely no area in which procedures are not specifically spelled out through documented systems. Every procedure is outlined so clearly that anyone can be put into the system and taught to function at an extremely efficient level in a very short time.

Documented systems can make a difference to your own time, as a business owner. Without such systems in place, everything depends on you. If something happened to you, even for a short period, the entire business would be thrown into chaos. With properly documented systems of management and organization, a key employee (even you!) could leave suddenly, and the business would not suffer. You could replace the employee with minimal disruption. As new problems come up, you can adjust the systems you have in place to accommodate the needed changes.

If you set up the right systems from the start, they help run the business. You can be free to spend your time however you wish: more personal time for yourself, more time for your family, your community, and more time to enjoy a richer, more balanced life.

Habit #3: Know what they don't know and then quickly get the help to fill the void

Most small business owners don't realize that having an occupation or skill does not necessarily equate to building a successful business around it. It takes different skills to build a business. Let me give you an example. A personal friend of mine, John Chang worked as an engineer for 12 years before he started his own engineering firm. He was considered to be one of the best engineers in his firm before he went on to start his own engineering company. But John had never run a business before, and he did not have the knowledge and skill to operate his new company successfully, despite his engineering expertise. There is a lesson to be learned. The sooner you, the business owner, develop entrepreneurial skills, the sooner you will turn your expertise into business success!

You will need a number of different skills; financial, marketing, management, and customer fulfillment skills are among those required if you want your business to run like a finely tuned machine.

Can you imagine an athlete training for the Olympic competition without a coach? Of course not! Nor can you develop these skills without qualified help. A business coach will help you think in a new way, show you how to stay on track with your plans, and ultimately achieve your vision.

Habit #4: Have a mindset of preeminence

Preeminent (adj.): excelling others, outstanding.

The business owner has to have the mindset to view his business as a product ? not the product or service he is producing, but his whole business as the product. It's an entirely new way of thinking, and as soon as such thinking is adopted in any business, the business begins to make massive leaps forward.

As the business owner, you have to learn how you can give your customers or clients the best possible experience; to enable others to see your business as a trusted, valued, respected, and expert advisor. This mindset can be applied to any type of business. You have the responsibility and the obligation to provide guidance and direction to your customers, and to give them the best short-term and long-term outcome.

Many times, I have seen business owners make one simple, but momentous, mistake. Instead of "falling in love" with their customers, they fall in love with the size of the company, growth of the company, number of employees, or the market share. The way to greatness today is to transfer your ultimate passion away from products and services, and toward people! By doing so you will begin to look at your business as a whole, and any interaction that the customers have with any parts of your business, as part of an overall experience. If you as the business owner are focused on making it the best, most rewarding, most fulfilling, most enjoyable experience for the customer or client, you will dominate everyone else in your business sector.

A strategy of preeminence ? of excelling ? along with the approach of looking at your business as a whole, is truly transforming. If this is the only idea from these 5 habits that you take to heart and adapt and implement, you will see a significant improvement in your business.

Habit #5: Work on their business, not just in it

The successful small business owner understands the real value and reward that is derived from working on the business rather then just working in the business. She understands that working on the business means viewing her business as a whole. She sees her business made up of various parts that integrate seamlessly to function as a whole.

Working on, instead of "in" the business is strategic work. It is the way businesses transform themselves from vision into reality. It requires asking strategic questions and then doing everything to find answers to those questions.

Smart entrepreneurs do the necessary strategic work, and regularly ask the following questions:

What is my market share?

Who is my ideal customer?

Where is my industry headed?

Who are my competitors?

What are my competitive advantages?

What are other successful businesses in my industry doing?

How do they market their product or service?

What are other successful businesses outside my industry doing?

What is the "experience" my customers are having with my business?

What is the "experience" customers are having at my competitor's place of business?

"Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning." --Albert Einstein

Salim Omar, CPA is the author of the newly published book, Straight Talk About Small Business Success In New Jersey.

More free information can be accessed on his website http://www.omargroupcpa.com

non-toxic cleaning company Winnetka ..
In The News:

Researchers are now showing us that old smartphones as data centers could be the next big thing in sustainable tech.
Scientists have created micro-robots for sinus infection treatment that can enter the nasal cavity, eliminate bacteria directly at the source, and exit without harming surrounding tissue.
Let's examine how your data is collected in everyday life, who is buying and selling it, what happens to it afterward, and, most importantly, what you can do to protect yourself.
Researchers at the University of Sheffield in the U.K. developed small robots called "Pipebots" that can travel inside water pipes to find and potentially repair leaks, all without any excavation.
A groundbreaking new study has uncovered disturbing AI blackmail behavior that many people are unaware of yet.
Four teams of autonomous humanoid robots competed in China's first AI soccer tournament, demonstrating advanced capabilities in ball detection and independent decision-making.
The ID. Buzz autonomous van features self-driving technology with 13 cameras, nine LiDAR units and five radars after Volkswagen partnered with Hamburg and Uber for 2026 deployments.
Social Security phishing scams use urgency and impersonation to steal personal data. Learn how to spot fake SSA emails and implement 10 protective measures.
French startup Pazzi Robotics created an AI-powered pizza robot that made pies in under five minutes without human help, but it closed in 2022 despite patents and expert partnerships.
Reclaim your time from big tech with effective screen time reduction strategies for iPhone and Android, featuring steps to limit app usage and create phone-free zones.
Amazon Prime Day shoppers face threats from 120,000-plus scam websites as cybercriminals prepare phishing traps and malware ahead of the July sales event.
Fox News' AI Newsletter brings you the latest on this rapidly evolving technology.
The AEON humanoid robot tackles labor challenges with Nvidia AI, Microsoft Azure cloud and advanced spatial awareness, working alongside industry leaders Schaeffler and Pilatus.
Google's Ask Photos feature brings AI-powered searches to your photo library, letting you find memories with natural language queries while maintaining privacy controls.
The return of blue book exams emerges as universities fight widespread AI academic dishonesty and educators debate whether to ban AI tools or teach responsible usage.
Signs your phone might be hacked include strange behavior, unauthorized texts, battery drain and pop-ups, while protection involves updating software and avoiding public Wi-Fi.
Tokyo startup H2L has launched Capsule Interface technology enabling full-body robot control with muscle sensors, offering immersive remote operation.
The A.I. industry seems set for growing pains as Big Tech companies scramble for solutions to the medium's unprecedented strain on the power grid.
Fourth of July fireworks cause a 60% spike in lost pets, but GPS trackers and AI photo-matching services like Love Lost can help reunite missing dogs with their families.
Protect yourself from jugging, the rising crime by which thieves monitor ATM users and follow them to steal cash, with six practical safety tips to stay alert and secure.
U.S. airlines like Delta, American and United are selling your domestic flight records to government agencies through the little-known Travel Intelligence Program.
Autonomous robots from Uber Eats are rolling out across U.S. cities, featuring LIDAR sensors, secure compartments and all-weather operation for food and grocery delivery.
Costco has expanded into EV infrastructure with new ultra-fast charging stations that can charge most electric vehicles to 80% in 20-60 minutes while shoppers browse the warehouse.
The new Gemini Robotics On-Device AI allows robots to perform complex tasks without internet, offering enhanced privacy, reliability and adaptability for real-world use.
Protect yourself from Amazon phishing scams by spotting red flags like suspicious sender addresses and spelling errors while using Amazon's Message Center to verify communications.

Image is Everything - Secrets to Cleaning Car Fleets

A recent survey indicated that clean Taxi Cabs Fleets have... Read More

Packing Material Thats Cheap!

Shipping materials can be expensive! Even the styrofoam "peanuts" can... Read More

But Weve Always Done It This Way

Sacred cows take a long time to die. We get... Read More

Promote Yourself More Successfully

One of the great challenges for independent professionals and small... Read More

Small Business Publicity -- Worth It?

You bet it's worth it. Publicity via news releases, along... Read More

Why Small Businesses Need Both A Logo And An Identity System

Experts urge small business owners to "brand" their business ?... Read More

Want to Grow Your Business? Make an Irresistible Offer

My clients and many of my readers are small and... Read More

A Business Tail: Veterinarian Foams at Mouth, Chases Tail, Learns New Tricks--Case Study

Many self employed professionals find themselves overwhelmed, frustrated, and confused... Read More

How To Build Business Credit

Having their own business is something many millions of people... Read More

Increase Profits With a Small Investment of Time and No Money

The less a business pays for goods and services the... Read More

Hiring A Virtual Assistant Can Help Your Business Grow

Are you a home or small business owner and you're... Read More

Too Many Lawyers in Franchising Today

Attorneys and Lawyers are ruining the franchise industry. It is... Read More

Getting Behind in Your Work? You Need a Virtual Assistant!

If you don't know what a Virtual Assistant (or VA)... Read More

How to Integrate Yourself in Someone Elses Business

When do you need to get more involved with the... Read More

Essex Accountants: Top Things to Look For

One of the most common horrific mistakes a business can... Read More

A Small Business Must Have a Solid Foundation

We all know that a building has to have a... Read More

10 Hiring Tips for Small Business Owners

As a successful small business owner,you're accustomed to long hours;... Read More

Hispanic Small Business Advantage

One thing I have noticed in my travels to different... Read More

The End -- Fireworks or Fizzle?

Seems as though there are a lot of business closings... Read More

Keeping a Partnership ALIVE and THRIVING

What are the best methods for keeping a good business... Read More

Hosted PBX, Is It Right For You?

"Order Now!" "Your Business Will Fail If You Don't Have... Read More

Drivng Home the Point - An Outsourcing Story in China

A few years ago, I visited Beijing for the first... Read More

Small Business Operators - 7 Reasons You Should Change Your Accountant

A recent survey showed that only 28.7% of small business... Read More

How To Select a Franchise

Here are some useful tips on how to select a... Read More

A Gift Basket Home Business is an Easy Way to Wrap up Profits

You want to know more about making money with your... Read More

experienced cleaning professionals Glencoe ..