10 essential tips for a successful business: Proven strategies for long-term growth

1Learn accounting basics

Lacking financial savvy can doom any business owner — after all, profitability isn’t determined by passion alone; it hinges on understanding the numbers. Paul, an owner of a clothing company, recently shared with me how overlooking the books and the amount of debt he was accumulating almost put him out of business.

Paul’s lesson is important for any aspiring business owner: know math. Sure, it’s not exciting, especially for creative entrepreneurs who’d rather focus on their craft. But understanding the financial side of your business is essential. Knowing your margins, getting financial reports, staying informed about financial trends, and learning how to read a cash flow statement are all essential skills that my most successful clients have taken the time to master.

Learn more about how to do accounting for small businesses.

2Delegate tasks

Mike is the managing partner of a large law firm. He’s a busy man, but in all the years I’ve known him, I’ve never seen him miss a Little League game, a school play, or a family occasion. Why? Because Mike isn’t afraid to delegate.

He once told me that when something needs to be done, the first question he asks isn’t, “How can I get that done?” but rather, “Who’s going to do that for me?”

Knowing how and when to delegate tasks is one of the most valuable productivity tips I can offer. After all, people who make money (and still have a personal life) are experts at managing the work others do for them.

Need help? Learn how to manage your first employees.

3Think like a salesperson and be ready to pivot

Alan is the president of a 100-person manufacturing business. When I asked what he would do if his company went under during a downturn, he responded, “I’d start selling something new.” Easy, right?

Whether or not that’s a good plan doesn’t matter. What matters is that Alan is not just a business owner. He’s a salesperson. All great business owners are salespeople who know they’re ultimately the representatives of their companies, products, and services.

He’s also demonstrating an important quality of successful entrepreneurs: the willingness to pivot. While it can be terrifying for market conditions to change, customer needs to evolve, or for your initial idea to not take off as expected, the confidence to shift directions and adapt can be a game-changer.

4Be open to change

I met Aly when she was just starting to take over a restaurant supply business. A few years into her new role, she started noticing her customers needed serious upgrades to their technology.

So, while running her core business, she started selling point-of-sale systems. Now, her technology business is almost the same size as her supply business.

Aly’s relentless opportunity-seeking is what separates her from her competitors. She didn’t just wait for success to come to her — she actively looked for ways to expand and evolve. This, combined with her flexibility and openness to change, is why she runs a thriving, diversified business today.

5Treat your suppliers well

"I hate it when people pay me late," Dana, the owner of an industrial equipment company, said to me. "I would never do that to my suppliers." She's not alone. The most successful businesspeople treat their suppliers as well as they treat their customers.

Dana relies on her suppliers to provide the parts for the industrial equipment her company sells. If a supplier delivers late, Dana’s orders will be late. "Why would I possibly want to upset someone so important to my business by not paying them on time?" she asks.

Sometimes business owners think they're doing the right thing by bullying their suppliers — both on price and payment. But, remember, you’re only as successful as the people you work with.

6Look ahead

“Sure, I’m watching this year. But I’m really thinking about the next two years.” That’s what Jason, a director at a growing non-profit organization, told me. Smart business leaders delegate day-to-day tasks to other people and devote their thoughts and energies to other matters, like where the business is headed, where the money will come from, and where their money should be invested.

They know many people — employees, customers, partners, suppliers, and their families — depend on their business success, and they need to keep the ship navigating in the right direction. They’re looking at forecasts, projections, budgets, and just thinking ahead. This allows them to see the bigger picture, anticipate challenges, and spot new choices.

Remember, real success isn’t just about getting by. It’s about building something that will last.

7Pay attention to ROI

It took me more than five years to finally sell Dan, a founder of a mid-sized industrial business, our $5,000 software. Was he a procrastinator? Absolutely not. In fact, during this time, he spent hundreds of thousands of dollars on processing equipment. Why? Because he knew that the equipment would provide a tangible return on investment within a year or two of buying it.

My software, on the other hand, offered a less certain return. While any business decision carries some risk, the smartest executives don’t gamble with their company’s future. Instead, they analyze investments and carefully determine whether the ROI is worth the effort.

“If I want to gamble, I’ll go to Vegas,” Dan says.

8Pay your staff well

Liz runs a successful retail chain. One thing she’s adamant about is paying her people well.

Minimum wage? Forget it. Liz pays much more than that, regardless of age or experience. She knows that people are a company’s biggest asset, and recruiting and keeping the right talent makes a huge difference.

Look at any successful business, and you’ll quickly observe how its people stand out. A major reason for this? They invest in their employees, whether that’s through higher compensation or great benefits.

Learn more about employee retention strategies.

9Find work-life balance

Ron has been running a very successful contracting business for many years. Regardless of what you hear about small business owners burning the clock, he makes sure to take off a full month every year.

“It’s called balance,” he once said. “We’re not on this earth very long, and your business isn’t everything.”

Successful business owners and managers work hard to incorporate the importance of work-life balance in their lives. They take vacations. They exercise. They make time for their families. They have “me” time.

So, how can you maintain work-life balance? Getting away from the job and redirecting your mind to something completely unrelated — a book, a movie, a bike ride — is a powerful way to put things into perspective so that when you get back to business, you’re refreshed and ready.

Discover 10 habits to drive small business success.

10Read

I don’t profess to be as successful or smart as any of the people I mentioned above. But I will admit to one thing: I like to read. And when I read, I like to read history. Why? Because it helps me learn and stay optimistic.

When I read how shopkeepers, restaurateurs, manufacturers, tradesmen, and other business owners — people like me — faced incredible adversity and still managed to not only survive but thrive, in much tougher times than these, it gives me a renewed sense of hope.