While every business strives to work harder for success, some manage to get ahead while others are left struggling to keep their head above water. What differentiates successful businesses from unsuccessful ones? We could count a long list of factors- from hard work and time dedication to fortunate opportunities and budget- however, this article will focus on one aspect- business habits. This is something successful businesses incorporate into their normal routine, while the businesses that fail more often aren’t aware of the importance of good business habits.

We talked to business owners and experts about which habits are essential for a business’s success. Here are their golden pieces of advice;

1. Flexible, Adapt To Changes And Continue To Innovate

Venturing out and putting up your own business is just like taking a leap of faith. There are so many risks involved, but as they say, the higher the risk, the greater the reward. I have learned that one of the most important secrets to running a successful business is the ability to innovate and adapt. This can also be seen during the recent onslaught of the COVID-19 pandemic. 

A lot of business owners had to be nimble and ride with the wave of uncertainty sweeping over the economy. If you know how to be flexible, adapt to changes, and continue to innovate based on the latest trends, it would not be that hard to succeed in your chosen field of business. 

Another important characteristic to have is integrity or doing the right things even when no one is looking. When you have this in place, you will know how to run your business fairly, treat your customers well, and foster loyalty and camaraderie within the workplace.

Emily Cooper, Founder, and General Director Oliver Wicks

2. Listen To Their Customers

Listen to what your customers are saying about you. You should encourage your customers to leave a review about your product or service so you can identify the friction points and come up with solutions for them. To do this, you need to create a feedback loop that makes it easy for customers to reach out with their concerns. This is particularly helpful if, like me, you are a solopreneur and don’t have a team to brainstorm decisions with. You’re essentially making your customers your team, and their opinions should matter more than yours because they are the end recipient of the solution you are offering.

Anton Giuroiu, Architect and Co-Founder of Homesthetics.net

3. Effective Goal Setting

Every business is run with a specific aim. The goal determines how far a business goes and how well the employees conduct themselves. To succeed in business, SMART goals are crucial. The goals should be realistic and time-bound to motivate the workers to put in extra effort to achieve excellent results. The goal should also be realizable. If a business sets a goal that is not within its abilities to achieve, disappointment may occur, lowering the morale of everyone involved.

4. Communication

Communication is the key to effective collaboration. Employers need to listen to their employees and consider their input regarding business operations. A business needs to set a central communication channel where all stakeholders can share their valuable input. It is crucial to understand that every person’s input is essential. With effective communication, a business can easily gather valuable information to improve its performance.

Goodell David, Founder of Woodworking Clarity

5. Take Innovation Risk

Successful businesses take innovation risks. This is especially true for those that thrive in saturated markets. These businesses have to make themselves stand out either by making their product slightly better or offering something unique to the market. Otherwise, they will get swept away by the heavy competition. In order to differentiate themselves, these successful companies have to constantly experiment and innovate. This entails a massive investment in time, effort, and resources which always has the risk of not yielding the expected results (or worse, it might completely fail). But when they do, these businesses win big. Taking innovation risks, for example, is embedded in tech company culture, and this is probably one of the reasons why a lot of the most successful companies in the world are in Silicon Valley.

Jonathan Saeidian, Founder and CEO of Brenton Way

6. Stay Curious

Curiosity is a source of innovation in entrepreneurs. When you lose attention due to a lack of curiosity, boredom might creep in. As a result, in order to stay focused, one must ask questions, show more attention, and be more curious. You must attempt new things to make curiosity a habit since you never know when or how a unique experience can affect or inspire you. 

Reading is another excellent approach to include curiosity in your daily routine. The more you read, the more knowledge you are exposed to, growing your reservoir of fresh information. Try reading reputable blogs or decent books with great content instead of social media posts to help you connect with new things.

David Janssen, CEO & Founder VPNoverview

7. Time Management

Time management and efficient use of time allows you to achieve more in less time, allowing you to have more leisure time, take advantage of learning opportunities, reduce stress, and improve your ability to concentrate and focus. Time wastage could be reduced by allocating time to distinct tasks.

To make better use of your time, you can use other apps to block social media while you work, allowing you to concentrate more effectively. Entrepreneurs must manage their time since it allows them to prioritize their tasks and achieve their objectives more quickly.

Darshan Somashekar, Founder & CEO Freecell-Challenge

8. Be Flexible And Open To Changes

Although it is critical to create and maintain a schedule, flexibility must also be considered. Successful entrepreneurs and founders are noted for their ability to adapt quickly to changing circumstances. 

Flexibility allows you to swiftly adapt to any scenario and guarantees that you operate productively. In a crisis, it also helps you to jump back into the game with ease of adaption. Furthermore, being flexible makes it easy to accept changes and adjust your work accordingly.

This also ensures that your professional and personal lives are in harmony, with the right proportion of all tasks. Furthermore, in the fast-paced world we live in, being able to respond quickly to changes in the environment will help you excel in your game. 

Tyler Martin, Founder and Certified Business Coach ThinkTyler

9. Network Properly

The ability to forge connections with other people is one of the good habits of successful businesses. After all, you’ll never know what kind of person you’ll need in the future. Hence, it is best to have a wide set of networks so in case you encounter any hiccups in the business, you’ll still be able to solve them swiftly. Networking also allows you to have different viewpoints, which are especially necessary when starting a project.

When starting a new project, it is best to look at all the aspects that might affect the outcome of your project. If you have networked enough before, you can ask these professionals about their thoughts on the project and the possible outcomes. This way, you can steer clear of possible pitfalls. This will also help the implementation and launch of the project more seamlessly. Hence, keep your connections and network properly.

Scott Hasting, Co-Founder BetWorthy LLC

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Imelda worked for a decade in finance, in an international Fintech company where she experienced all the best technology and advancement can offer finance companies. This inspired her to create a platform where she may help others who can make good use of sound business ideas that may help businesses flourish.
Imelda worked for a decade in finance, in an international Fintech company where she experienced all the best technology and advancement can offer finance companies. This inspired her to create a platform where she may help others who can make good use of sound business ideas that may help businesses flourish.