What sets successful business owners apart from the rest?

We all know that running a successful business that creates profits year in, year out is no easy task. The Small Business Association (SBA) states that around 30% of small businesses fail within the first year. So, if you’re still here, well done! The other 70% seem to be doing well enough to carry on for another year. So what is it that makes them so successful?

Over the span of 15 years, we have worked with clients from every industry imaginable, from start-ups to multi-national organisations. During this time we have witnessed what separates the successful business owners from the not-so- successful ones.

Despite wide held assumptions and what is pushed through the media, the majority of successful business owners aren’t top percentage university graduates in a tailored suit. In reality, it’s been found that a person’s educational pedigree is in no way correlated to their performance statistics*. Only 7% of high performing CEO’s in this study had an Ivy League education (the US equivalent of attending a British Russell Group university), and 8% of them didn’t graduate at all. So that means you don’t have to come from an elite background in order to flourish in your industry.

Successful business owners aren’t necessarily the greatest decision makers all of the time, which I’m sure is a relief for you to read. In reality, they perform well due to their decisiveness. By making decisions early and with greater conviction, they are more likely to succeed – 12 times more likely to in fact.

Nordens Chartered Accountant and Business Advisers | Strategic Business Planning | London | Essex | Award winning accountant

Those who don’t have all the answers often make the decision to turn to us here at Nordens. Our specialist Strategic Division boasts some of the leading entrepreneurial business minds in the country. The services we provide ensure that we work alongside business owners in order to grow profitably, in a strategic manner, so that they can generate the income they deserve – a decision you don’t have to think twice about.

The world of business changes by the minute, and only the great adapt and thrive. A prime example of change that has affected businesses recently has been the impending uncertainty of Brexit.

Dividing your attention between short-, medium- and long-term projections takes a lot of planning and focus. However, it has been shown that those who devote up to 50% of their time looking towards the long term are able to pick up on signals early that may alter their predictions. Highly adaptable business owners are able to scan through data and find relevance in information that may have been previously deemed irrelevant. With the ever-changing arrangements for Brexit, we all have no other option but to think like these successful owners and become adaptable.

In conclusion, productively adapting in an ever evolving industry is key to success! Regardless of how you define ‘success’ for your business, our Strategic Service is guaranteed to bring about real and lasting change. Focusing on adaptability, aids such as Nordens and decisiveness are likely to improve your business’s chance of succeeding.