Start a business · Guide

The owner's mindset: habits that keep a business going

Running a business takes more than a good idea. The owners who last tend to share a few habits - clear goals, steady decisions, learning from what goes wrong, and knowing when to ask for help. None of them is a personality trait you're born with. They can all be learned. Here's how.

G’DAY BUSINESS
Last reviewed · 4 min read
A business owner thinking at her desk
Photo by Vitaly Gariev on Unsplash

In short

  • Set a few clear goals with numbers and dates, and review them regularly.
  • Make decisions at the right speed - quickly for small, reversible ones, carefully for big ones.
  • Treat setbacks as information. Ask what happened, what you'd change, and move on.
  • Protect your energy - rest, boundaries and people to talk to are part of running a business.
  • You don't have to do it alone. Mentors, peers, advisers and free support services can help.

Set clear goals, then review them

Owners who drift tend to work hard on whatever is urgent. Owners who progress know what they’re aiming for.

  • Pick one to three goals for the year, each with a number and a date: “25 new regular customers by 30 June”, “a profit margin of 15% by December”.
  • Break them down into what needs to happen each quarter and each week.
  • Review monthly: what’s on track, what isn’t, and what you’ll change.
  • Write them where you’ll see them, and share them with your team.

See How to write a business plan and Writing a marketing plan.

Make decisions at the right speed

Many small businesses stall because decisions wait for the owner.

  • Small, reversible decisions: decide quickly. You can change course if it doesn’t work.
  • Big, hard-to-undo decisions (a lease, a hire, a large purchase): gather facts, get advice, think about the worst case, then set a deadline to decide.
  • Write down why you decided, so you can learn from it later.
  • Don’t wait for certainty. You rarely get it.

Know your numbers

Confidence comes from knowing where you stand. Check your bank balance, sales, money owed to you and bills due every week. See Financial planning and cash flow and Bookkeeping basics.

Learn from setbacks

Every business has bad months, lost customers and ideas that don’t work.

  • Separate the event from yourself. A failed campaign isn’t a failed person.
  • Ask three questions: what happened, what was in my control, what will I do differently?
  • Act on the answer, then move on.
  • Look for early warning signs next time: a slowing pipeline, rising costs, a key customer going quiet.

Stay close to customers

  • Talk to customers regularly, not just when something’s wrong.
  • Ask why they buy, and why others don’t.
  • Watch for changes in what they want, and in what competitors offer.

See Market research on a budget.

Protect your energy

A business depends on the owner’s health and judgement, and both suffer when you’re exhausted.

  • Set working hours and a finishing time most days.
  • Take time off, and plan holidays in advance.
  • Move, sleep and eat well. It’s not optional maintenance.
  • Notice the warning signs: constant tiredness, irritability, losing interest, poor sleep.

See Productivity, stress and avoiding burnout.

Build a support network

You don’t have to do it alone.

  • Peers: other owners who understand. See Networking and referrals.
  • Mentors: experienced business people who can offer perspective. See Finding a mentor, coach or adviser.
  • Advisers: an accountant, lawyer or business adviser for decisions with real consequences.
  • Free support services: business.gov.au lists services including Beyond Blue’s NewAccess for Small Business mental health coaching and the Small Business Debt Helpline (1800 413 828). In a crisis, call Lifeline on 13 11 14.

If money is tight, act early. The Australian Small Business and Family Enterprise Ombudsman reminds owners that debt takes a toll on the person as well as the business, and lists support services. See Business credit cards, credit scores and managing debt.

Keep learning

  • Read and listen to practical material about your industry and running a business.
  • Take short courses in areas you find hard: finance, marketing, managing people, AI tools.
  • Learn from other owners: industry groups, business events, local chambers of commerce.
  • Review the year: what worked, what didn’t, what you’ll do differently.

Common questions

What habits help small business owners succeed?

Setting a few clear goals and reviewing them, making decisions at the right speed, learning from setbacks, looking after your energy, staying close to customers and numbers, and asking for help. These are habits that can be learned, not fixed personality traits.

How should a business owner set goals?

Pick one to three goals for the year with a number and a date, such as a number of new regular customers by 30 June. Break each into quarterly and weekly actions, and review progress every month.

How can I make better business decisions?

Match the effort to the stakes. Decide small, reversible things quickly. For big, hard-to-undo decisions, gather facts and advice, consider the worst case, set a deadline to decide, and review the outcome later.

Where can business owners get support when things are tough?

Talk to peers, a mentor or your accountant. business.gov.au lists free services including Beyond Blue’s NewAccess for Small Business mental health coaching and the Small Business Debt Helpline (1800 413 828). In a crisis, call Lifeline on 13 11 14.