Traits of Successful Business People

Leadership

Does Sir Richard Branson Think Like This?

As a Business Growth Strategist and a Chartered Accountant, I have been lucky enough to be involved in over 3,500 businesses over the last 20 years.

It has allowed me to see what traits successful business people have and how they implement them in their business.

I have never met Sir Richard Branson, but when I think about my business I often ask what would he do in my shoes? It usually means I need to know what his thinking would be. It does not have to be Sir Richard, as I sometimes imagine what one of my successful business clients would think.

What I have found is that all entrepreneurs advise each other. They also have certain traits in common. So what does Sir Richard probably think and how can it help you?

Goals

I can hear you moaning already. I get it all the time. I know you have heard this before and are sick to death with it.

The thing is, every successful business or business owner I have been involved in not only has goals but have them WRITTEN DOWN. It simply works. Period. If you have not written any down, then I suggest you pick up a pen and start now.

Know Where They Are

It great to know where you want to be, but it usually means you need to know where you are. Let me give you an example.

Let’s say we are in Brisbane and have a beautiful open-top sports car. We decide we want to go to Sydney. We know where Sydney is and we know what it looks like. In order for us to get on the right road to Sydney we actually have to know where we are now so we can get ourselves on the right road. Take the wrong road and we could end up in Townsville!

Do you really know where you are now?

Positive and Optimistic

Great business people will remove all negativity around them. No matter what the situation is, they always find a good angle. Business is never easy, no matter how successful you are. The problems are just difficult and sometimes a lot bigger!

We often hear tales of business owners who are very close to bankruptcy and losing everything. Everyone tells them to pull out but they but keep going and turn things round. When you ask them what kept them going it’s always that they felt they could turns things around, never that they would fail.

They also make sure they stay away from negative people and negative news. Most successful people I know do not even watch the news because inherently our news is very negative.

Passion!!

They always have a WHY factor! They love doing what they do and do it with a passion. If you do it just for money you may be successful but you will not be fulfilled and ultimately you will not be able to sustain the success.

I know when I work with my clients that I am changing lives. I am extremely passionate about this because I know what a difference it makes.

So, what are you passionate about in your business?

They have a Mentor, Coach or Business Advisor

When I deal with my one to one clients I have found all of them have access to a mentor, coach or advisor.

When I bring mentorship up in my seminars or in a general conversation, I often hear people who say they have a mentor. When I ask who they are they use well known personalities like:

  • Sir Richard Branson
  • Donald Trump
  • Anthony Robbins

I next ask them when they last spoken to ‘their mentor?’ I usually get a blank stare. These are great people you want to replicate but they are not your mentors.

Mentors, coaches and advisors are people you take advice from and who give advice as a conversation.

If you don’t have a mentor, coach or advisor you can talk to, get one. I am convinced that my business is successful because I have access to my mentors and business advisors. That may sound insane considering I am a growth strategist and business advisor but they see things from the outside that I simply do not.

Take Time Out

They realize that time out is extremely important to relax and recover. They realize that in order to maintain their passion they can’t be working all the time otherwise the passion starts ebbing away.

I have found that my best ideas for my business come about when I was nowhere near my business. 

When was the last time you really took time out for yourself? This means completely switching off. Checking email on your Iphone whilst on the beach is not taking time out.

Get the Right Team and Systemise

Great businesses have a good team and operate in such a way that the business owner does not need to be there.

That usually means they have good recruitment policies and trust the team to pick the right people.

In my businesses we never choose a candidate based on experience or qualifications. When we shortlist candidates the first question I ask my team is ‘Will this person be fun to have in the workplace?’ If the answer is ‘No’ we don’t take them on, no matter how good they are.

If you want your business to operate without you, you have to have written processes and procedures on everything.

My businesses are obsessive about them. We have a procedure from opening the office to how we email a BAS to a client, including the template and words used in the email. This area is usually one of the first things we look at when I start getting involved in a business.

Financial Figures and Records

I cannot tell you and cannot stress enough the importance of this.

Many people just respond by saying ‘Well you would say that – you’re an accountant and a Brisbane bookkeeper’

That is true. But the reality is that by focusing on the figures you will start thinking about how to make the figures better. Find a decent Brisbane Bookkeeping firm to get your figures to the point you can make some meaningful decisions.

Every successful business I know will have an idea on how well they are doing. All the clients that I work with on a one to one basis will have their figures to discuss every month. If you do not understand them, learn what they mean. Figures tell a story and rarely lie.

Delegation

If you have a good team you are more likely to delegate work. Successful business people realise there are only a certain number of hours in a day. In order to make everything work they need to only concentrate on work they need to do – everything else can be delegated.

Look at your list of things to do – who else can do it?

Undertake Strategy Sessions Regularly

I have no idea how many times Sir Richard Branson does this but I am willing to bet everything I own that he does them often.

I usually recommend every 12 months, even if it is to see where we are at. I personally do them every year outside the country in a relaxed atmosphere. When I facilitate them for clients I usually do them in a small function room or my office. It is absolutely invaluable and in the last 15 years I have never had a client that said that was not useful.

Conclusion

Above are just some traits that I have seen successful business people put in place to make their business successful. They have certainly worked for me and when I work with my clients, we certainty discuss and implement them.

Does Sir Richard Branson have them? I truly do not know but I would be very surprised if he didn’t.

Best of Luck!

 

 

 

 


Hitesh Mohanlal

Director at WOW! Advisors & Business Accountants

14 years ago I lost a family member aged 38. I realised then there were important things in life than business and money. This tragic event drives everything I do. I am the founder of WOW! Advisors & Business Accountants, MediSuccess and CrystalClear Bookkeeping. I authored Double Your Profits and Halve Your Working Hours for Medical Practitioners.' I am Australia's leading Strategist & Business Adviser with a passion to bring smiles to the faces of medical professionals. As a result of the work I have done & based on my approach I has been recognised on Fox, NBC, CBS and ABC. Most business owners work long hours & recent surveys show that work life balance, income and wealth creation is the major area of concern. My ethos is to work with business owners improving their accounting and taxes but particularly to improve profits/ personal income and wealth whilst cutting working hours in half so that they can enjoy an awesome lifestyle with plenty of time for family, fun and philanthropy. I specialise in the medical sector. I have worked with over 3,500 businesses in Australia, America, UK, Japan and Europe. I soon realised that over 78% of business owners: - Found understanding figures too hard. - Were never taught how to run a business. - Spent money on areas they did not need to. - Paid more tax than they needed to. So we design strategies to specifically deal with the above but also: - Move business owners from being a business operator to a business owner so the business can run on its own. - Create investments, assets and wealth which generate income so that if you are unable to work or retire income is still generated. I am so passionate about saving tax and improving profit that since March 2019 for every $100 we save/ make for clients I am committed to make 20 impact across the world. Currently over 1,000,000 impacts have been made.


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