What differentiates successful business owners from the rest?

This weeks Sunday Supplement is shorter than usual because this month I am prioritising writing the content for our next ‘Business in a box’ which launches in March.

But last week I took two days out to attend an event and a workshop to advance my learning and knowledge. Not everyone does this which got me thinking……what differentiates the top 5% of business owners from the rest?

I think there are two factors:

They think differently. In every other respect they are the same, no luckier, no special talent, skill or education. But the way they think is different. They think about who they mix with, who is on their team, how they spend their time, how they invest their resources and how they will learn. They know the cost of opportunities lost, knowledge unlearned and wisdom unheard.

They develop the owner not just the business, knowing that growth in the former leads to growth in the latter. Of the resources they invest, they maximise the amount of time and money they invest in themselves. Not stocks, shares, gold, art, property or bitcoins, but themselves, which they understand is the best investment of all.

Where in your schedule do you get together with people who stretch you and challenge what you are doing?

Noel Guilford, Principal at Guilford Accounting
Noel Guilford is the principal of Guilford Accounting a small business accountancy practice specialising in advising owner-managed businesses on current accounting, finance, and tax matters. You can reach him via email at noel@guilfordaccounting.co.uk or by phone at 01244 660866. He is the author of the 'Figure it out - an entrepreneurs guide to understanding your business numbers' which you can obtain by visiting guilfordaccounting.co.uk.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ His latest book, How to Build a Successful Business' will be published in 2018.

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