11 July 2019

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Business Leaders Over 50 Do These Things To Succeed!

"Running a successful business isn't particularly dependent on age, meaning you can be 20 or 80 and still start up a profitable company. In fact, what really matters here is smart leadership..."

Man holding pen, pointing note
Man holding pen, pointing note (image via Pexels)
Sometimes those of us with a little more life experience do better when it comes to running our own enterprises because we have been around the block a few times and have the smarts that go with that. However, running a successful business isn't particularly dependent on age, meaning you can be 20 or 80 and still start up a profitable company. In fact, what really matters here is smart leadership, something that you can find out all about in the post below. Keep reading to discover more.

Have a clear plan for success

To get where you want to be, you need to know where you are going, and this definitely applies to succeeding in the business world. That is why having a clear plan for success is something that is essential when running your own company.

What this means is as well as all of the detailed, dated breakdowns of weekly and monthly targets, you also need to have a very definite idea what your business represents and what its mission statement is as well. In fact, by defining this information from the outset and then adjusting it as your company develops, you can not only improve your marketing efforts but also ensure that your business is always focused on what really matters too.

Get to know their competition

Competition is healthy is the business world, and successful leaders don't try and quash it, but embrace it instead. This is because having other similar products to your own out there encourages competition in price, as well as a refinement of both products and the services you offer to your customers. Something that can help you to make sure you are the most desirable brand on the market.

To that end, getting to know your competition almost as well as you know your own products is a crucial part of leading a successful business. Of course, this means that both you and your staff need to get well acquainted with your competitors' products and that you also need to put some time and effort into understanding how they operate and relate to their target demographic. Something that using a market research firm can help you achieve.

Of course, there are negatives sides to competition when you are in business, and one of the most problematic is when you have a fantastic product that then gets copied and sold at a lower price.

In fact, this is a widespread practice nowadays because overseas factories located in places like China are often happy to ignore any trademarks and IP, reproducing products cheaply and then selling them onto unsuspecting or unscrupulous distributors.

However, it is worth bearing in mind, that a truly stellar product will stand up to this copycat behavior without suffering any significant decreases in revenue. The reason being that it will be so well matched to its target demographic, and so well marketed and packaged, that those you are aiming to sell it to will nearly always pick your offering over a cheaper knock off. Something that it is imperative for a leader to ensure they focus on developing.

Embrace tech

Other things business leaders do to succeed no matter what their age is to embrace the use of technology in every part of their company, from the office, the shop floor, warehouse, and even beyond.

Group Hand Fist Bump
Group Hand Fist Bump (image via Pexels)

This is because by using the myriad of tech solutions that are now on offer, it is possible to increase productivity and save money as well. A particularly smart example of this is using something like this Sling Scheduling App to make assigning shifts and contacting employees much quicker and more effective. Something that means more of the leaders' time will be freed up to focus on other tasks essential to the success of their business. 

Treat their employees well

Next, successful business leaders and leaders nearly always make a point of treating their employees well. This means is that they not only offer them a decent living wage to start with, but they promote a culture of respect in the workplace as well.

Of course, this means that leaders need to have strong communication skills and be able to offer not only chastisement but praise and encouragement too.

Additionally, offering extra rewards such as access to benefits schemes and even commission on sales can be a useful approach for business leaders to take. The reason being that this will help to keep everyone as productive as possible with the minimum amount of emotional effort needed from the leader themselves.

Know their strengths and weaknesses

Successful business leaders are also really good at identifying their own strengths and weaknesses too. In fact, by being able to do this, they can not only focus there time and effort on things that will best affect their company but also delegate stuff that they aren't the best at.

Now, many people think delegation is only about saving time, but this isn't necessarily the case. In fact, delegating or outsourcing, where necessary is also something that can quickly and easily improve the quality of the job getting done. This being something that business leaders who want their company to be as successful as possible need to bear in mind.

Manage their stress/health right

No matter what your age, your health, is important. In fact, if a leader is struggling with a physical or mental health issue, then it can absolutely affect their ability to succeed. With that in mind, it's absolutely vital that when leading a business, you take the best care of your health possible.

What this means is that you take vacations regularly, leave the office at a regular and reasonable time each day, and don't end up doing overtime cleaning up everyone else's mistakes.

It's also a smart idea to have a hobby that takes you away from your business and provides you with something else to focus on. In fact, doing this can be a great stress buster, even when things are tough at work because it will remind you that while running your business is essential it's not the only thing that you have going on in your life.

Woman taking selfie
Woman taking selfie (image via Pexels)

Be savvy about cutting costs

Smart and successful business leaders will also have an excellent grasp of the financial side of things as well. In fact, it will be up to them to keep running costs low and ensure that as much of their revenue translates into profit as they can.

Of course, the most successful business leaders will be adept at being able to tell the difference between a valid opportunity to reduce costs, and a situation where the quality or the reputation of their company could be damaged by doing so.

In fact, it is often such high level, high-risk decisions made in the right way by those in charge that can really help to propel a business to the upper echelons of success.

Stay vigilant for new opportunities

While you may be happy to keep on working and leading your business until you are well over 100, not all companies have a long and productive lifespan. Of course, a smart business leader will always be looking for new ways to diversify or expand their enterprise and so ensure that it can survive as long as possible. 

In fact, often the most successful leaders will stay vigilant for new business startup opportunities as well. Something that can help them to maintain their success over the long term, albeit in a different form to their original business venture.

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