First forget inspiration. Habit is more dependable. Habit will sustain you whether you’re inspired or not. – Octavia Butler, American science fiction author
As an entrepreneur, you just can’t underestimate the power of good habits. However, business owners often wonder what habits they should focus on for success.
Truthfully, there isn’t a manual or a magic formula for identifying and building all the right habits. But there are commonalities among entrepreneurs that show what habits are the most important for business success.
In this guide, we’ll talk about what a successful business owner looks like and examine seven habits that business owners should develop for positive outcomes.
What does a successful business person look like?
When you imagine an entrepreneur who has “made it”, you might envision a person with a fancy home, nice cars, and a comfortable lifestyle. Financial performance is one aspect of success, but it’s not all that matters.
Entrepreneurs achieve success because they stick with their good habits and maintain a positive mindset even in the face of challenges. Those who do well are problem solvers and creative thinkers.
On the outside, they might not look particularly impressive or unique. But they’ve developed traits that deliver exceptional results.
7 Habits of Successful Business People
Naturally, business people want to know the areas they should develop and the actions needed to accomplish their goals. These are the key habits and traits that you need to reach your potential.
Successful business people…
- Relentless about increasing retention rates
Holding on to existing customers is critical for business growth. Oftentimes, these customers become your biggest advocates as you expand. However, it takes effort to retain customers: you need to reach out consistently, offer perks and freebies, and show your appreciation. Don’t forget the “FGG” principle – Find out what they want, Go get it, and Give it to them!
2. Keep learning how to generate more leads
Leads are the lifeblood of any business. A strong funnel is critical for growth. There are many ways to continually build your funnel, but a few examples include attending events, networking, building partnerships, running ads online, and growing on social media. Entrepreneurs are constantly evaluating their lead sources to bring in more business.
3. Driven to increase conversion rates
A strong funnel is meaningless unless you can convert leads into customers. At every step within the funnel, you should be guiding your leads toward making a purchase. Some strategies to increase conversion rates include following up with customers, running sales trainings with your team, and offering multiple options to customers to increase your chances of success.
4. Motivated to increase transaction frequency
It’s harder to sell to new customers than existing ones – and the easiest way to keep selling is to continually offer options. With multiple options, people will be likely to keep purchasing, which increases your transaction frequency. Staying in touch through newsletters, holding loyalty events, and sending reminders are a few ways to generate more transactions.
5. On a mission to increase transaction value
Along with the last point, increasing transaction value is essential. This doesn’t always equate to raising prices – you can add value in other ways, such as upselling, selling bundles of products, or offering discounts to customers who buy multiple items.
6. Are consistent in reducing their variable costs
Every business has variable costs. These are expenses that grow in size as your business scales up. Keeping these costs under control is essential for maintaining your margins and fueling sustainable growth. Every once in a while, audit your expenses to reduce waste. Revisit terms with your suppliers and adjust your systems to maximise cost savings.
7.Determined to reduce overhead costs
Overheads are another expense category that can quickly expand without constant oversight. Check your expense reports annually to see where you can cut down. Shop around from time to time to see if you can get better rates on phone plans, internet service, equipment, and similar items.
Planning for success starts with taking action
Good habits and planning go hand in hand. Now that you’re aware of the habits above, you can build strategic plans and a marketing strategy that complements each strategy.
If you struggle with strategic planning or don’t know where to begin, take action by attending our upcoming workshop. Available in a one- or two-day format, this workshop provides business owners with the tools they need for strategic planning and marketing:
Thursday 29th July & Friday 30th July – Planning for Success Retreat
Day 1: Business Planning
Day 2: Marketing Planning