As a business coach who has had the privilege of working with over 100 small business owners, I’ve learnt a lot about what it takes to succeed in business. Around 50% of businesses fail within their first four years. I’ve noticed that those who succeed tend to follow a similar path and share certain key traits.
Here are eight lessons I’ve learnt from coaching small to medium business owners that can help you grow your business.
1. Discipline must be tied to long-term goals
One of the most striking patterns I’ve seen among successful business owners is their consistent discipline. They don’t just work hard for a few months and then lose focus; they maintain their discipline over the long haul. They’re not out partying every night. They’re focused on being healthy, emotionally connected to their families, and enjoying the process of working hard.
In saying that, discipline alone isn’t enough. It needs to be connected to clear, long-term goals. I’ve seen many business owners who work hard but don’t have a clear direction. They are disciplined, yes, but without a long-term goal, that discipline doesn’t translate into sustainable success. It’s like driving a car at full speed without knowing where you’re going–you’re moving, but not necessarily towards anything meaningful.
To grow your business, set clear, long-term goals and ensure that your daily discipline and actions align with those objectives. Whether you want to improve your online presence, increase revenue, or develop a new product line, your discipline should serve as a tool to achieve these goals.
2. Partnerships can be tricky–clarity is key
Business partnerships can be a double-edged sword. On one hand, they can bring in complementary skills and resources that can accelerate growth. On the other hand, they can lead to conflicts and confusion if not managed properly.
In my experience, many partnerships struggle because there isn’t enough clarity around roles and responsibilities. This is especially true in cases where two friends or family members decide to start a business together. Without clear boundaries and an understanding of who does what, partnerships can quickly become a source of tension.
In husband-and-wife teams, both partners need to be fully committed. I’ve seen situations where one partner steps back because the work becomes too demanding or time-consuming, leading to strain on both the partnership and the business.
For those considering or already in a business partnership, I cannot stress enough the importance of having clear, documented roles and responsibilities. Regular communication and a mutual commitment to the business’s success are also needed. When both partners understand their roles, the business stands a much better chance of succeeding.
3. If you’re not willing to sell, don’t be in business
Sales are the heartbeat of any business. But, I’ve met many business owners who are uncomfortable with the idea of selling. Some see it as beneath them, while others lack the confidence to sell.
If you’re in business, you need to be willing to sell. Whether you’re selling your product, service, or even your vision to potential investors, selling is a core part of running a business. You don’t have to be pushy, you just need to believe in what you offer and communicate that value to others.
To grow exponentially, invest time in developing your sales skills or bring in someone who excels in this area.
4. Delegation is a must for scaling
As your business grows, you’ll reach a point where you can no longer do everything yourself. This is a critical moment, and how you handle it will shape your business’s future.
One of the biggest challenges for small business owners is learning to delegate effectively. It’s natural to want to keep control over every aspect of your business, but this mindset will limit your growth. Once your team grows beyond five or six people, it becomes impossible to manage everything on your own. No manager should have more than five direct reports because it simply gets too complicated.
To scale successfully, you need to build a team you trust to handle different parts of the business without your constant involvement. Empower your team by giving them the responsibility and authority to make decisions. You’ll be free to focus on big-picture growth and your employees will feel a sense of ownership and accountability.
5. Create a workplace people want to be in
Many business owners still hold onto old-school ideas about how work should be done—strict schedules, rigid office hours, and a lack of flexibility. But times have changed. Employees today have more choices and are looking for workplaces where they feel valued and respected.
One of the most important lessons I’ve learned is that creating a positive work environment is crucial for success. This doesn’t mean letting your employees slack off—hard work is still necessary. But it does mean building a culture where people feel appreciated and motivated.
Start by creating a leadership team with a mix of personalities and strengths. A balanced team helps create an inclusive and supportive workplace where employees feel safe to share their ideas and concerns. Psychological safety, where employees can speak up without fear, is essential. If your team doesn’t feel safe, they won’t be happy, and their work will suffer.
6. Adopt a givers gain mindset
One of the most valuable lessons I’ve learnt, especially in recent years, is the power of the “Givers Gain” mindset. This principle is simple: Help others without expecting anything in return.
When you consistently help others, whether it’s through advice, connections, or support, without any expectation of immediate return, you build a community of people who are willing to help you in the future. This mindset has opened doors for me that I never could have imagined.
For example, I once helped a small car detailing business without expecting anything in return. Months later, the owner’s wife referred me to her former boss, who is now a potential franchise partner for my business. This opportunity wouldn’t have arisen if I hadn’t been willing to help without expecting anything in return.
By adopting a Givers Gain mindset, you can build stronger relationships and create opportunities that can lead to significant business growth.
7. Refresh your network consistently
Every successful business owner wouldn’t have the same success without their networks.It’s crucial to regularly meet new people and expand your network. This doesn’t mean just collecting business cards or LinkedIn connections; it’s about building genuine relationships.
Make it a priority to carve out time in your schedule for networking. It could be as simple as dedicating an hour a week to meet someone new, whether in person or virtually. It’s easy to be tempted to cancel these meetings when you’re busy, but some of the best opportunities in my business have come from these seemingly random encounters.
When you approach these meetings, don’t do it with a transactional mindset. Focus on being authentic and building real connections. I’ve found that when I present my true self—aligned with my values and speaking honestly—people are more interested in engaging with me. It’s not about pretending to be something you’re not to get something in return. It’s about genuinely connecting and seeing where the conversation leads.
8. Always be a student of life
No matter how successful you become, there’s always more to learn. The most successful business owners I’ve worked with are those who stay humble and open to learning. They know they don’t have all the answers and that there’s always room to improve.
Being a student of life means constantly seeking new knowledge, whether through formal education, reading, or learning from others. In today’s fast-paced world, where technology and markets are constantly evolving, it’s so hard for a business owner to stay on top of it all. You have to be very intentional with learning and do your best to understand it as much as you can.
Whether it’s advancements in AI, changes in digital marketing, or new trends in customer behaviour, business owners who are willing to learn and adapt are the ones who succeed.
Always be open to new ideas, even if they challenge your current way of thinking. Surround yourself with people who can teach you something new, and never let your ego prevent you from learning.
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By staying disciplined, building clear partnerships, embracing sales, delegating effectively, creating a positive workplace, adopting a Givers Gain mindset, refreshing your network, and remaining a lifelong learner, you can set your business on a path to lasting success. Remember, success in business isn’t about avoiding challenges but about facing them with the right mindset and strategies.
