5 Traits That Separate Thriving Small Business Owners from the Rest

Anyone running a small business knows how much work it takes to grow. Whether just starting out, weathering storms or managing growth, throughout the lifecycle of your business you are faced with new challenges. In our recent episode we chat about the traits we have seen in small business owners that have helped work through these challenges successfully — We think that they are the backbone of long-term business success.

Here are a few we identified:

1. Resilience and Grit

Running a business will always throw you curveballs. A supplier folds overnight. A major client leaves. The economy dips. You launch a new service, and it flops. The difference between owners who keep moving forward and those who burn out is not luck — it is resilience. It is the ability to take the hit, adapt, and keep momentum.

Having this grit is not pretending everything is fine. It is acknowledging the setback, making a plan, and taking action. Think of it as emotional shock absorption for your business. It is waking up and doing the work when no one is watching, and everything sucks. It is the difference between a hobbyist and someone who builds a business that lasts.

Quick win: Next time you face a challenge, take 24 hours before reacting. This gives you space to step back, assess your options, and choose your next move without panic leading the way.

2. Financial Literacy

Numbers are not just for accountants. Every business owner needs to understand cash flow, margins, and how to forecast. It is not about doing the bookkeeping yourself — it is about having the confidence to look at a profit and loss statement and know exactly what it means for your next decision.

Too many business owners get caught off guard because they “leave the money stuff” to someone else or they put their head in the sand. When you know your numbers, you can spot issues early, make smarter investments, and say “yes” to opportunities quickly when they present themselves.

Quick win: Set aside one hour a week to review your key financial reports. Even if you have a bookkeeper, this keeps you in the driver’s seat.

3. Focus

It is tempting to chase every shiny new idea — the new product line, the trendy marketing tactic, the “can’t-miss” business opportunity a mate tells you about at the pub. But spreading yourself too thin is a surefire way to slow growth down. Successful owners know their priorities and double down on them. They are not distracted by every passing opportunity because they understand that traction comes from consistency, not constant reinvention.

Quick win: Each Monday, write down your top three priorities for the week. If a new idea pops up, ask yourself: “Does this help me move one of these forward?” If not, park it for later.

4. Communication

You can have the most brilliant vision in the world, but if you cannot explain it clearly to your team, customers, or investors, it is dead in the water. Strong communication is not just about marketing — it is how you give feedback, negotiate with suppliers, or apologise when something goes wrong. It is what builds trust, motivates teams, and creates loyal customers.

Quick win: Next time you explain an idea or give instructions, ask the person to repeat it back in their own words. It is the simplest way to check if your message landed the way you intended.

5. Willingness to Experiment - The Entrepreneurial way

The market is always moving. What worked last year may not work this year, especially in areas like marketing, customer service, or product or service delivery. Successful owners test and tweak constantly. They do not cling to “the way we’ve always done it.” They run small experiments, measure the results, and scale what works. This approach removes the fear of change because you are not betting the farm on one big move — you are taking calculated steps. A successful business is also giving things the time they need to get accurate feedback.

Quick win: Each quarter, choose one small part of your business to test a new approach on — whether it is a different ad format, a new supplier, or a fresh way to onboard customers.

You do not have to be born with these traits. Successful business owners learn and improve these traits over time. Because at the end of the day, business ownership is not about avoiding problems — it is about becoming the kind of person who can handle whatever comes next. If this resonates with you and you got some value from reading this, you will definitely be interested in our updates so why not subscribe here.

Listen to us chat about these Traits here

* Disclaimer: The information shared on The Australian Small Business Show Blog is general in nature and does not constitute professional advice, legal or otherwise. We recommend consulting with your advisors on your specific circumstances.