Small Business

5 Best Habits of a Small Business Owner

Posted by Factor Funding Co. on July 28, 2014

The top leaders in business all have their own secrets to success but they don’t have to be a secret any longer. Whether it is improving the cash flow or finding ways to truly expand the business these are the five best habits of a small business owner that any founder or CEO needs to read right now.

  1. 5 Best Habits of a Small Business OwnerFoundation First, Start Building Later - This may sound like odd logic or even counterproductive but there is truth behind this statement. Think of it like this - when a builder wants to construct a house they first want to lay out a strong foundation so that the house can weather through just about anything thrown at it. Snow, wind, heat, floods or general wear and age, a house with a weak foundation isn’t going to stay standing for very long. Eventually it is going to crumble and will need expensive repairs or worse yet, the house needs to be completed demolished. This is exactly the same for a business. Business owners should always have money lined up by become friendly with local bankers that could help them out in a pinch and look into factoring services to help with cash flow all beforehand to build a strong foundation.
  2. Always Have Connections - Business is all about networking but any small business owner already knows that. What they don’t realize is those contacts need to be well maintained and can be called upon during tougher economic times. A small business should always have a Plan B, C and D just in case and a friend can really help in those times of need.
  3. Thinking beyond the Wheel - Small business owners need to always act quickly and think outside the box or beyond the wheel. It is good planning to have an advantage over the competition and that can usually come about in two different ways, competing on cost or providing something the competition can’t. While the wheel is well and good on its own it can always be improved upon and that’s how a small business owner should be thinking.
  4. Having a Mentor by Their Side - Most up and coming business owners have a mentor to help them learn the ropes of owning and growing a company but this also applies to small business owners who have been at it for a couple of years as well. The mentor can still provide great insight as well as utilize his own connections in order for the company to be even more successful.
  5. They Persevere - Simply put small business owners don’t quit very easily. There is always a way to find more cash flow and make the business successful. Giving up on that passion and dream isn’t going to be productive so the only option is to persevere and keep going.

With the right mindset, resources and foundation, any small business owner can turn around their habits and see a marked improvement in their small business.

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Written by Factor Funding Co.

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