Owning and operating a business can be challenging, especially during times of uncertainty. As an IT professional, I find myself continually looking for new ways to support the business side with technology. How can we improve communication? What can be done to speed up or simplify the sales team's process? Savvy business owners will apply similar traits to how their business operates. Here are some key characteristics that successful business owners may apply to their business operations.
Resourcefulness
There are immeasurable amounts of resources available on virtually any topic. We've all been told "Google is your friend" at one point or another. Instead of relying on a single source of information or solution to a particular problem, consider finding many. Especially when the source is opinionated.
Persistence
Problem-solving is an essential tool. When dealing with a complicated problem, use it as an opportunity to gain a deeper understanding of the obstacle, and learn new ways to resolve new ones in the future. Continually working through issues will steadily build confidence and speed up your problem-solving skills.
Mental Strength
The brain is a muscle. And much like training any other muscle, the more you use it, the better you get at it. Maintaining a focus on a single problem for long periods can be both mentally and physically draining. I couldn't count the number of times where I've spend hours, sometimes days thinking about a single problem. Don't give up, and don't move on to something else. The more you focus on finding solutions to problems, the easier it will become.
Autonomous Thinking
Knowledge isn't gained by allowing or expecting others to think for you. It's acquired from experience and making mistakes. In 2018, I stopped using most social media for personal use. I did this for numerous reasons. However, it was primarily out of my disdain for those who argue based on thoughts other than their own. It's crucial to develop your own opinions based on an understanding of the subject. This requires you to accept the notion of being wrong. Don't be opposed to changing your perspective.
Attention to Detail
When writing code, details matter. Computers don't think for themselves and require specificity. A single typo can cause an entire application to crash. Operating a business may not rely on an equal level of precision, but applying a similar level of attention to detail may elevate a company from surviving to thriving. Instead of focusing solely on a finality, pay attention to the process.
Running a business often comes with many challenges. However, as business owners, we made a conscious decision to take matters in our own hands. If you find yourself coming up against a problem, spend the necessary time to find a solution. It's natural to follow the path of least resistance, but doing so is not necessarily the right path.
First Union Lending provides many financial solutions for business owners. Whether you need short term or long term funding, or if you're interested in lowering expenses, call us at 863-825-5626. We offer nine different funding options, and our specialists are here to help you navigate your path to higher success.