5 leadership secrets every small business owner should know

Owning a small business is never easy. There are challenges around every corner, not all of them financial in nature. Managing employees, balancing the books and keeping up with new business trends can be overwhelming for any business owner.

Thankfully, there are many other business owners out there who have gone down the same path. Many of them have faced hardships on their way to success. As they’ve climbed the ladder to success, they’ve learned a great deal.

Learning from other people’s fortunes and even failures can help motivate us in our own entrepreneurial path, guiding us when things seem too difficult to get past. Here are five leadership secrets every small business owner should know.

1. “If you don’t innovate, you evaporate.” – Kim Komando

No successful business can remain stagnant. Times change and your tactics need to change, too. The worst thing you can do is get so married to your practices, products and output that you never stop to make things better.

My team and I are always looking for ways to improve what we do and pivot if we find a new way to do something better.

Action item: A few times a year, I take a good hard look at what my team and I are producing. If there’s something that isn’t adding to the bottom line, we cut it.

That can be hard, especially if it’s a project you feel passionate about — but there’s no sense wasting time and money on something that doesn’t add to the value of your business or bring in money. 

2. “Leadership has a core fundamental for me, and that is dialogue.” – John Spiridigliozzi (American Express)

Communication is key for any team to succeed, but it goes both ways. If you aren’t listening to your employees, they likely aren’t listening to you.

It goes back to that famous adage: “Teamwork makes the dream work.” As a leader, you want your team to support your enormous workload. We’re not just talking about tasks — we’re also talking about the mental load. It’s hard to come up with amazing ideas all on your own.

In fact, some of the best innovative ideas come from conversations you have with your teammates. Everyone has their own unique perspectives. A coworker might be able to spot opportunities you were completely blind to.

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