Eight habits of highly effective business owners

To be successful in business is a central goal for any real estate principal. Whether you are opening your first office or have over 30 years’ experience, it is important to understand the types of behaviours that contribute to success. While some people might perceive business success to be largely dependent on chance or timing, this is arguably not the case; success has a number of deliberate components, which all business owners should grasp and look to employ. 

What are these components? Here are eight of the most important:

1. Never underestimate the value of networking:  you should always be looking to develop relationships with other organisations that can help facilitate growth within your business.

2. Find passion in your job: operating a business can be highly stressful at times and, as such, it is important to find both personal satisfaction and financial value in what you do.

3. Surround yourself with a strong team:  collaboration and delegation are two of the main keys to achieving business efficiency and productivity. With this being the case, it is important to employ staff that are not only proficient at their roles, but who can also contribute unique and practical ideas to your business.

4. Learn from your mistakes: it may seem simple, but if you aren’t able reflect on your own downfalls, it can be difficult to improve. Therefore, if things go wrong within your business, take some time to examine the reasons for such and implement measures to prevent these mistakes from happening again.  

5. Focus on time management: as the leader of your business, you will often have a large number of competing deadlines on your plate. As such, it is important to be able to not only prioritise deadlines, but also delegate tasks and adapt to changing circumstances.

6. Continuously educate yourself: no matter how experienced you are, you can always enhance your business’ value by learning more. To this end, it is important to stay up-to-date on news, events and trends within your industry and look for opportunities to expand your knowledge.

7. Maintain a work/life balance: you aren’t much use to anyone if you’re tired all the time and can’t concentrate. Therefore, it is important to make time to engage in activities that allow your brain to decompress and rest. If you place adequate importance on your time spent outside of the office, you will likely find that your time spent at work is much more productive.

8. Understand your competitive advantage: to guarantee the growth of your business, you must have a comprehensive understanding of what makes your business different from those of your competitors. As such, it is important to develop a unique service proposition that can be clearly and strategically communicated to the public.

Posted by George Tarbey on 05/10/2012 at 12:00 AM | Categories:


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