How Should a Business Owner Behave?

Bad news sells right? Well, maybe for a minute but good business is about playing a longer game. Celebrating a big crypto slide (I told you so!), predicting that a housing bubble will burst (any day now), or telling people they are about to lose their life savings without your help…It’s not how good business is done.

As the number of independent businesses grows, so does the number of business owners whose moral compass doesn’t exactly point North. This isn’t to say they aren’t good people, it’s probably just because they don’t know the correct way to run a successful business.

While it’s amazing that many start-up businesses are able to go on to make millions from humble beginnings, that doesn’t actually mean you should start a business just to make money.  A quick cash grab, especially when it involves manipulating people or is based on driving up fear and panic isn’t ethical, or for that matter sustainable.

Ultimately, negativity is toxic. Your business is going to have a toxic feel as a result of what you say and how you present your attitudes.

If your ego is running your business and you find yourself getting defensive and aggressive about your opinions, it’s time to stop and make a point of looking in the mirror before you go around spending energy on what you want other people to see. Chances are your Big Bad Wolf attitude is backed by feeling insecure and unworthy. Covering that up is only going to look like you are covering it up. It’s time to face some facts and get your business going in a positive direction.

How can you tell if a business is successful?

You want to attract great staff, great business partners and amazing clients. This is how your business is going to thrive and grow. Unfortunately, great employees and customers are going to avoid you if they can see that you aren’t genuine. You might be able to get them in the door to start with, but you won’t be able to keep them long.

It’s common business knowledge that the cheapest way to run your business is to retain staff and win loyal customers that keep coming back and referring your services to others time and time again.

There is a big danger in always trying to prove you are right.

Insisting you are right and having the “I told you so” attitude prevents you from learning, growing, seeing the bigger picture or adjusting to another person’s point of view. If that’s your approach your business can’t grow and you won’t be able to attract the customers you need, no matter how great your product might be. From my point of view, I can’t even see any gain in being right to begin with.

What do you get out of proving you’re ‘right’ and how does that help your business?

You can ethically grow a business, and in turn profit, by serving people.

Business success is seen not by how much money it is making but by how many customers it is attracting and retaining. The same goes for employees. Having a workplace where people fight to come and work for you is the ultimate calling card of a great business. While money success will rise and fall (especially as you scale) a loyal work team and customer following will ensure you bounce back no matter what.

_{What makes a business unsuccessful?}

There are some guaranteed ways to sabotage your business success and mistreating people (your suppliers, employees, business partners and customers) is probably the quickest way to do it. Once you burn bridges word gets around, if a supplier or customer doesn’t trust you or has been disadvantaged because of your actions, they aren’t going to keep it to themselves, especially now that social media is available as a microphone to the masses.

Here are some actions that are bound to see your business fail:

Pointing fingers

It’s always someone else’s fault. The supplier didn’t deliver to you on time, your staff gave out the wrong information, the customer ticked the wrong box.

Why is this a problem: Getting defensive and proving that you are right (because someone else is wrong) fails to correct the problem at hand. It shows you are not willing to listen, you don’t care about the outcome and there is no way you can provide assistance.

Why you’re wrong: It’s your business so every single part of it is your responsibility. Everything (and I mean everything) falls back on your shoulders, be that good or bad. You selected the supplier, you set the turnaround times, you hired the staff member and organised their training, and you supplied the checkboxes for the customer to tick.

It’s up to you to accept responsibility, apologise and discuss solutions that will make a difference. Once a solution has been found, it’s up to you to make sure it is rolled out across your company and your whole team is on board.

Fearing the worst

If all your systems, communications and strategies are based on avoiding worst-case scenarios, you don’t have room for growth or expansion.

What I’ve seen every time with my business clients is the ones who are willing to get creative, step outside the known and take a risk are the ones that excel. That’s not to say that every idea they pursue is a winner, but every time they go for it they learn something about themselves, their business or their customers that gives them access to the next step in success.

If you are staying small in business, you are actually sliding backwards because your competitors will be pushing the limits, adapting to change and supporting their customer’s changing needs.

Rather than planning to combat the worst, you need to set your sights on the goals you want to achieve and the highest success you want to see for your business and do the work needed each day to make that happen.

As well as planning for the very best you’ll be looking for the best in people and customers as well so you are not as likely to be riled up when someone pushes your buttons.

Overworking

Why: you can’t put the right amount of energy into your work or your life if you are overtaxing yourself on your business. You need to be out doing things you enjoy and being with people who support you so you can bring positive energy, problem-solving ability and passion to your business. If you are flat and burning the wick at both ends you can’t manage your business for growth or see anything but the negatives.

Find a way to have one day of total relaxation every week (at least) and take a five-day to two-week holiday every 90-days to reset and come back fresh. Knowing your worth means knowing when to take a break.

What makes a good business owner?

Being a good business owner is all about mindset. You need to know that the bad times (and the good times) aren’t permanent. There is no point broadcasting that bad times have set in, or that you are on a winner because those situations can change in an instant. Rather than looking for business predictability, a good business owner looks for ways to be flexible so they can make adjustments when those inevitable changes roll along.

The more responsibility you take and the more creative you get, the faster you will be able to adapt to the conditions and continue to see results, but it’s not going to come by itself.

Successful business owners show particular strengths such as:

• Valuing staff members
• Listening to feedback and considering how to make improvements
• Including staff, partners and customers in decisions, business directions and communications
• Admitting what they can’t do and asking for help
• Treating customers like gold
• Looking for ways to continue personal growth and development and improve every aspect of life and business

What defines a successful business?

If you have started a business based on what will make money quickly, you’ve missed the point of what makes a business successful.

Successful businesses are run by people who have seen (usually through experience) a gap in the market and offer a way to fill that gap through personal passion and providing a solution that makes people’s lives better in some way.

These are the businesses that end up making millions because they understand their market and supply the perfect fit. The financial success a business receives is a by-product of providing a rewarding product or service.

The best way to extract your ego from your own opinion and act like a business professional is to talk to other people who are in business alongside you, as well as people who have excelled in business and learned the ropes. In our Facebook group you can surround yourself with like-minded people who can show you how powerful the right mindset can be for your success, or reach out for group coaching and get professional support as you climb the entrepreneurial ladder.