3 secrets behind successful entrepreneurs

3 secrets behind successful entrepreneurs

Around the globe, business owners are celebrating World Entrepreneurs’ Day. The day was launched to create awareness for successful entrepreneurs, innovators and leaders across the globe.

Last year, entrepreneurship was at a record high, with around 80 brand new companies created in the UK every hour. Almost 350,000 new businesses were registered in just six months in 2016.

Successful entrepreneurs are vital to the UK, and their benefit to the UK is growing year-on-year. It is anticipated that by 2020, independent businesses will contribute £217 billion to the economy.

At Handepay, we’re dedicated to helping independent businesses grow. We’ve investigated what qualities make a successful entrepreneur. Take a look below:

 

Know your customers

Businesses with the greatest success are those who make a connection with their customers. Entrepreneurs have an advantage over huge companies, in that they can truly personalise their customers’ experience.

Studies have shown that customers of all ages are more likely to shop repeatedly with a company if they feel valued. Consumers have ended relationships with businesses due to auto-recorded messages, rather than being able to speak to a real person.

Make sure you cater directly to your customer’s needs. Take on board any feedback they provide, and make sure to implement any achievable ones. Be friendly, approachable and honest; as these are characteristics which are likely to improve people’s perception of your company.

Understand your weaknesses

Running a small business on your own can be challenging. It’s impossible to be an expert in everything you need to know, and successful entrepreneurs are aware of this. They understand that to allow their company to grow to its full potential, it’s important to sometimes seek help.

Many business owners outsource parts of their job, with employing accountancy firms or PR agencies a popular choice. Even though the initial cost may seem counter-productive, the benefits your company will gain could maximise your profits in the future.

It’s important to understand where your own skills lie, and be honest about any weaknesses. By trying to run everything yourself, you could damage your company’s prospects.

Keep an eye on your costs

Successful entrepreneurs know that maintaining a healthy cashflow is vital for a business. They’re well-versed in shopping around to get the best deal on office essentials, or choosing to pay in full to avoid high interest rate charges.

It’s important to look for savings on any service that your company uses. Use online comparison tools to check whether you’re getting the best rates for services such as internet, electricity and even your insurance.

Another way your business could save is by switching card terminal providers. On average, companies switching to Handepay save 36% on their credit card processing fees! Request a quote today to discover how much you could save!