Every business owner wants financial success, be they are small or medium-sized businesses. Just owning a business does not guarantee success; successful entrepreneurs need to have skills and mindsets that work in setting them apart from the low-key ones. Being successful in a business is not all about making money; it is also about technical skills, a good approach, and a positive mindset. These factors play a key role when it comes to successful entrepreneurs. 

Kelli Lewis is a small business expert who runs a successful virtual accounting firm, and her association with successful entrepreneurs has made her notice what makes all the difference when it comes to being called a successful entrepreneur. KelliWorks, her accounting firm, has proven to be successful when it comes to handling the accounting services of small and medium-sized companies. These entrepreneurs have been guided to deal with the tax department professionally, and that in turn has seen a meteoric rise in the success stories of their businesses.  

Financial Habits of Successful Entrepreneurs

Kelli Lewis strongly believes that to become successful entrepreneurs, they should be confident. She encourages them to become confident and take calculated risks in business ventures. She shows them what is possible when they invest in their growth and provides them with strategies and techniques that will help them simplify their financial concepts. Kelli tells them the importance of working with professionals who can give these entrepreneurs advice and support to take their businesses forward successfully.

Accountability is important, and these successful entrepreneurs require an advisor, a business coach, or a mentor to make them accountable for the process of being on track and adjusting where it is required. It is only with the backing of a strong support network that these businesses can thrive and make their owners successful entrepreneurs. 

Adaptability and flexibility are two important traits that are required to deal with constantly evolving technologies and market changes. That helps these entrepreneurs to experiment with budget adjustments, cash flow management, and try new accounting tools. 

Successful entrepreneurs always plan when it comes to developing their budgets, and they are ready to deal with the uncertainties thrown at them. This Proactive Planning throws light on the mindset of these entrepreneurs, it shows they are looking for long-term financial fixes and successes, and not short-term ones.

There is no time span to improve financial literacy. It is a skill that grows in leaps and bounds over time. Successful entrepreneurs find time to understand the subtleties of basic accounting, compliance, and taxation that give them an upper hand in decision-making 

Financial literacy is a skill that grows over time. Owners who commit to understanding

basic accounting, taxation, and compliance gain more confidence in their decision-making. This cycle of continuous learning teaches them to understand financial reports and how they can turn data that can promote growth.

You need a team to work towards success. It cannot be a one-man show. Any business with have an accountant, bookkeeper, or mentor who gives guidance and perspective in dealing with business matters. Building a strong support network is one of the key factors to be on the road to success:

A successful entrepreneur builds a successful foundation for his business through trust. Be it clients, employees, or partners, without integrity and transparency, success will elude them. Entrepreneurs who handle their finances with responsibility and keep up their word when it comes to commitments can find themselves in loyal partnerships, lasting investments, and connections.

It is important to be humble and coupled with confidence, these entrepreneurs can stay grounded. The best way for them to understand their strengths and know their limitations is by having a mindset of confidence balanced with humility. It can be immensely rewarding and complementing. 

If you are looking for a successful entrepreneur, you can be sure that he has all these mindsets, adaptability, proactive planning, continuous learning and community support, integrity, and balanced confidence and humility. This is all that is required to sustain long-term success, and as Kelli always puts it, “KelliWorks, so you don’t have to”.

Written in partnership with Tom White