What Good Business Leaders Can Teach Us About Thinking Like Successful Entrepreneurs

Estimated Reading Time: 5 minutes

If you’re going to be a successful small business or franchise owner, you must think like an entrepreneur. Successful entrepreneurs know who they are, identify what value they bring to the marketplace, recognize their target market, and understand what their products or services will do for their customers.

A good place to start on your journey to business success would be to learn what it takes to be a good leader. After all, the faster your business grows, the more important it will be to hire the right people and direct them on what to do to help you build the business.

Successful small business leaders effectively manage their finances and develop excellent marketing, sales, and customer service departments. They are also good at communicating and negotiating, good at managing and planning projects, good at delegating work and at making sure everything is done quickly and efficiently. In addition, top leaders often excel at problem-solving and building a large network.

Besides learning good leadership skills, another thing you may want to focus on is identifying the essential small business services that your business will need to thrive.  While, of course, there are many possible things that your business will need to do well, let’s focus on three foundational skills and services: marketing, sales, and money management. If you get good at these three aspects of running your business, then everything else will begin to fall into place.

Marketing Skills and Services

Marketing is essential for business success. If you do everything else well your business will struggle if you don’t get your marketing right. Conversely, if all your business operations are mediocre, but your marketing is awesome, then your business has an excellent chance of becoming highly successful.

Marketing is not a single activity but a cluster of promotional activities. Think of it as an umbrella term that includes public relations, advertising, and promotions.

Your marketing team will need to be able to communicate your message in many ways. This includes the ability to make public presentations, write good copy, and build relationships.

The services you will need to use in your marketing will usually be a blend of online and offline media. For instance, you may choose to advertise in print magazines and write blog posts that share valuable content.

When you think about it, almost every aspect of your business depends on the success of your marketing. Without robust marketing, people in your target marketing will not even be aware of what goods and services your business provides that could help them. When done consistently well, marketing will build brand awareness.

Sales Skills and Services

Sales, of course, are essential for building trust with customers. While marketing will attract leads to your business, it’s the sales process that converts prospects into customers.

Salespeople need to be good listeners, show empathy for customer’s problems, and build up confidence in the listener that their product or service will provide the solution that their customers are seeking.

One of the services that you will need is the right software to help you stay competitive and reach your profit goals. This software will help you organize your information, enhance your communication, automate daily tasks, provide analytical data reports, and improve your customer service.

Money Management Skills and Services

Small business financial management is important because if you don’t take care of your cash flow, you may run out of the resources you need to operate your business.  Additionally, paying your bills on time will help you build credibility among suppliers.

The skills your team will need to manage money properly include an interest in recording expenses, making and keeping a budget, saving money, and deciding on financial priorities.

The services you will need to do a good job with money management can be simplified down into two basic options. One option is that you buy accounting software that helps you manage all your own books. The other option is to outsource all your bookkeeping and accounting needs to a firm.

In conclusion, once your business acquires mastery of the process of attracting prospects, converting them into buyers, and managing your money well, your small company or franchise unit will thrive.

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