5 CRITICAL FACTORS OF TOP BUSINESS OWNERS
The business world is an unpredictable terrain due to rapid changes in both technological, government legislations and general economic trends. For business owners to ensure that their businesses thrives in unstable business world, they must understand these 5 critical success factors that top business owners have used to sustain thriving businesses.
- THINK SOLUTIONS
Once a top business owner identifies a problem, immediately they begin to think of solution. While top business owners identify problems and THINK of solutions, a mediocre business owner identifies a problem and WISH for solution.
- SET RULES FOR CONDUCTS
Top Business owners set rules for conduct for everyone they want to work with, from regular employees to consultants, specialist, vendors etc. But mediocre business owners assumes people’s knowledge of the rules, they operate with the assumption that everyone knows what to do, forgetting that all businesses have their unique processes and structures.
- LEVERAGING OPTIONS FOR SOLUTIONS
Top business owners leverage on various options to solve problems because of their better understanding of the instability of the business terrain. They explore different options to resolve problems, they don’t rely on previous solution to solve same problems, they seek newer, better and efficient ways. But mediocre business owners assume one way to solve business problems. They rely one particular ways of solving business problem even when they don’t get the best results they stick to the same old pattern.
- STEADY BUSINESS IMPROVEMENT
Top business owners seek steady improvement of situation and performance of their businesses through continuous improved processes, structure and staff and ensure there are no leakages or loophole for failing. But mediocre business owners tolerate and make excuses for poor performance and focus their energies to complain rather than identifying the cause of stagnation or business growth.
- LEADERSHIP PRINCIPLE
Top business owners give their business leadership, they establish clarity of vision into their business, and they see ahead the direction of the business and how to guide the entire team to reach that destination. But mediocre business owner allows the business to lead itself, failing to establish clarity of vision and direction as the leader of the business. They equate transactions to business growth.