How to be a successful business owner

How to be a successful business owner

To be successful at owning a business, it takes much more than just a brilliant idea! Don’t be fooled by the likes of BBC Dragon’s Den and The Apprentice – a lot more goes on behind the doors of a strong business than meets the eye. Plus, any business owner knows that the road to success isn’t always a straight one…

At Sapphire, we work with hundreds of up-and-coming entrepreneurs and SME owners that want to get their business off the ground and are interested in new initiatives to keep growing. With over 30 years of experience, our experts have got to know the character traits that make a successful business owner.

Here’s our take on being a brilliant businessperson… 

  1. Be brave, not foolish

As a director, you must be confident in your decision-making skills. Having the assurance and willingness to take risks is important. But do so cautiously, no one likes a cocky business owner that cares more about appearing right than actually being right.

Mistakes can happen, everyone can admit that – what’s important is how you learn and how you improve and progress. Be open-minded, perhaps an alternative method may work better than your first idea… 

  1. You’re the only one who can drive success 

If you’re a sole trader or freelancer, you know this. You’re the only person who can get yourself out of bed in the morning, drive leads and build a business. But what about when you grow?

Are you prepared for making the move into becoming an employer or does the idea of setting up payroll send you into a state of panic?

  1. Be budget-minded 

Spending wisely is easier said than done. But with our tax expertise, we help small business owners understand taxand minimise liabilities. It’s important to have an accountant that is proactive at finding ways to help you save money, via the latest tax reliefs available for business owners. 

  1. Stay focused & be resilient

A successful businessperson knows not to stress the small stuff. When working for yourself, it’s key to look at the bigger picture. What’s the best use of your time? Could you delegate the small tasks to an assistant or gain additional support for your bookkeeping? You don’t have to do it alone. Stay focused on your overall goals and work out smart ways of achieving them. Being resilient as a business leader requires a great amount of focus on delivering small realistic objectives. 

  1. Know that you aren’t (and don’t have to be) an expert at everything

A smart entrepreneur always knows their strengths and weaknesses. By having a clear idea of the skills, you may need to outsource, your business will be much more well-rounded. Seeking specialist advice or hiring an expert in a field, might cost you in the short term, but it will definitely save you in the long term.

We hope you’ve enjoyed our rundown of the best qualities of a business owner. If you are ready to grow your business or need help with your start-up, a dedicated accountancy firm can be an integral resource. Plus, if you enjoy working with us, we have a great referral scheme where we give you £200 for every client you refer! 

At Sapphire, we provide advice at every stage of your business, helping you streamline internal processes, manage your accounts and plan for the future.  

Please get in touch if you need any help with cash flows, financial planning, or support with reaching your business goals.