What Do Successful Small-Business Owners Have In Common?

by Debi Enders

In my experience as a banker, I’ve learned that successful small businesses share some common traits. One key trait is that they know when to ask for advice. Some small-business owners fear talking with their accountant or banker, for example, particularly when they face growing pains, take on too much debt or have otherwise overextended themselves financially. To some, it may seem unnecessary, while others may simply be afraid of what they might hear.

But here’s the real truth: Successful businesses talk early -- and often -- with their banks, with their customers, with their suppliers -- and with anyone else who has a vested interest in their success.

Why? In the case of banks, we often have experience with many, many small businesses and can be an excellent sounding board for you. Bankers are also good sources of referrals; if we can’t help you, we quite possibly know someone with expertise in the area you need.

The same can be said of all the other parties that contribute to a company’s success. Keeping the lines of communication open now can pay major dividends later, when you’re ready to expand or need advice on selecting a new location or perhaps make changes to your business plan. Asking for advice from the right people can save you time and money as well as help you achieve peace of mind on the tough decisions you face.

Debi Enders (debi.enders@commercebank.com) is assistant vice president, small business banking at Commerce Bank.