5 Characteristics of Successful Business Owners (and what we can all learn from them)

A successful business is not something that is built from good intentions. It is the result of good business owners, who have their act together. In our last post, we discussed the fact that most business owners have good intentions –  we all want to spend more time working on our businesses, and we recognize the changes that need to take place in order to do so – but they are burdened by the daily obstacles of running a business.

You may go to bed each night with the intent of working on your business “tomorrow,” but by the time tomorrow arrives, there’s already a whole new agenda in store for you. From the moment you wake up, you get phone calls and emails demanding your immediate attention and time. Suddenly you’re driving off to a job site to meet with your site supervisor, who’s dealing with subcontractor problems, next you’re off fixing crew problems, and then when you finally arrive back at the office you’re tending to your never-ending to-do list. By the end of the day, you haven’t even had a chance to think about your business, let alone work on it. Evidently, your plans to work on the business have been quashed, yet again.

So how do successful and profitable business owners do it? How do they manage to focus on the things that matter most? We all know someone (maybe even one of your competitors?) who seems to have it all together. That person is recognized as the top in his market, his customer service is unsurpassable and he’s often found ‘wining and dining’ with his business clients. His well-trained team of employees run the day-to-day jobs themselves, leaving him with plenty of time to do what he does best – run the business.  He’s the living definition of a successful and profitable business owner.

Want to embody the characteristics of a successful business owner?  Here’s what we can learn from them:

Successful business owners understand their priorities –

Successful business owners understand their priorities. They implement the right systems and training to ensure their people manage well without them and they spend their time focusing on the things that make them the most money and that give them the greatest return. The pressures of day-to-day business are left in the hands of their highly-capable, impeccably trained staff, which leads to the next point.

Successful business owners are not afraid to delegate -

Successful business owners understand that the more they spend time fixing problems for others, the less others will do in return for them. Many of us are afraid to delegate. We think no one else will be able to get the work done according to our high standards – or worse yet, we think the work won’t get done at all. The truth is your employees CAN do the job right with the right training, coaching and guidance. Listed below are three tips to ensure delegating the work goes successfully.  

1. Have your employees thinking like owners too:

We’ve exhausted this topic before, but only because it’s so important when trying to grow a business. If your employees treat your business with the same dedication and passion as you, your business could be double what it is today. Have your crews know that with increased value to the company comes increased pay. Once your employees have invested interest in your business and more responsibility delegated to them, they’ll have more reason to work that much harder. To start delegating your work appropriately, ask your foremen what part of your daily job they think they can do well. Be specific about their new responsibilities and be clear about what kind of results you expect.

2. Distance yourself to gain some perspective:

Take a step back from the business to really gauge how things are currently running. By establishing your role – apart from carrying out the daily tasks of business management – you’ll have the opportunity and the right frame of mind to evaluate what needs to be changed or improved to get your business headed in the right direction. And when you’re not busy handling the daily nuts and bolts, your creative juices will start flowing and you’ll gain a better perspective of how you want your business to evolve in the long run.  Find a regular venue that allows you to think about your business from an outsider’s perspective. You may find you work better outside the office or outside the home. Whatever works for you, stick to it.

3. Hold regular strategic planning meetings:

Stay ahead of the curve by planning for the future now. Hold regular meetings with your trusted employees to assess how present actions are shaping the future of your business. Ask your foremen to evaluate their crew’s performance – which systems and processes are working for your guys? Which need to be changed? How can company culture be improved? How can we work together to boost the morale?

After you’ve discussed your company’s current state, consider how the industry is changing and how it will affect your business now and in the years to come. Generate ideas, set goals and identify critical success factors. Ask the bigger questions and encourage others to do the same so you and your employees can see the bigger picture.

As you find yourself with more time to work on your business, you’ll also have the opportunity to pay closer attention to your valued clientele – something that often gets neglected when you’re too busy working in your business.

Successful business owners understand the value of a team –

Successful business owners know that their employees bring something valuable to the table.  They want to get the most out of their employees, which is why they strive to educate their workers on how their business is run. They know that when their employees possess a greater knowledge of what it will actually take for the company to succeed, it opens their eyes to bigger possibilities. You should have a clear definition of what success is that both you and your workers understand. Once your employees understand what success is, they can understand what their role in success is.

Teamwork also takes into account the fact that many people have different talents that are valuable to your company. It is important, therefore, to give your employees opportunities to bring their skill sets to the table. This shows your workers that they, too, bring something meaningful to your company. The feeling of entitlement that results from the collaborative effort of a team is the key to sparking passion, excitement and motivation in your workers. 

Successful business owners know they need to take a few risks –

Successful business owners understand that in order to grow, they have to get creative and they have to take risks. Large projects, new products, expanding services and new partnerships are all ventures that naturally carry risks. Successful business owners know when the strong potential for the reward is worth the associated risks.  

Successful business owners make tough decisions –

Successful business owners are not afraid to let certain people go if they’re not working out. They don’t want anything and anyone holding them back! You need to take a step back and evaluate your current employees’ strengths and weaknesses. If that means letting someone go, so be it. Find the right people; give them the right guidance, tools and direction, and watch your business grow.

 

Landscape Management Network is a collection of systems, tools, and training to help great contractors build and manage great businesses. Visit the LMN website.