4 Traits That Set a Successful Business Owner Apart From the Competition

Successful business owners focus on happy employees and satisfied customers.

There's no denying the hard work that goes into building a business. Harder yet is building that business on a solid foundation. A big part of that foundation is the kind of business owner you are. To stand out from the crowd, you must thoughtfully and deliberately be different.

Here are four things that set a successful business owner apart.

1. Their number one investment is their employees

Can a business owner become wealthy while treating employees horribly? Absolutely. We've all seen it happen. But at what cost? A happy employee is someone who can't imagine leaving and who stays for the long haul.

Employee retention is good for much more than your bottom line. While you will save the expense of hiring and training new workers, keeping original employees happy is good for everyone. When you create a culture of consideration, that's how you can expect employees to treat one another. And that spills over into your business where customers enjoy interacting with your team.

Something to keep in mind is that word gets out when employees are satisfied. Once word spreads that your business is a great place to work, you can expect top talent to come to you for a job.

While paying staff a fair wage is important, paying them more is not the only way to keep them happy. Make it a point to ask for their input, to value their opinions, and to trust them to do their jobs.

2. They know that one happy customer = nine referrals

An American Express survey found that on average, one happy customer will tell nine people about their experience with your company. There is no better advertising than a personal referral.

How can you, as the owner, ensure that customers are happy? It's all about recognizing that most people just want to be heard. Even if they're complaining about something, it's being heard that matters.

Let's say you sell sporting equipment and someone comes into your store with steam coming out of their ears. A bat they purchased split and injured them during a softball game. The focus should remain on the customer and how you can make it right. You ask if they're okay, and if there's anything you can do. You promise to call the distributor, and you offer a refund. You listen to their frustration.

In short, you take their side. That may mean giving them a call when you've heard back from the distributor, even if you've already issued their refund. It means offering a discount on another item, or some other small gesture to tell them they matter.

Some situations are sure to be more uncomfortable than others, but how you handle a sticky situation can make a future relationship possible.

3. They go out of their way to make their business unique

Back in the day, Federal Express added value to their service by offering overnight delivery, and that set them apart from the competition. The goal is to offer something your competitors don't. For example, if someone is starting a new landscaping business in town, they could set themselves apart by being the first all-organic landscaping company. If homeowners and businesses want all-natural lawn care, they know precisely who to call.

Successful business owners know how to create a niche and then fill it.

4. They personalize customer service

Let's say you own an online jewelry store and you've noticed that one of your customers has purchased childrens jewelry in the past. Whenever you come across a nice piece of jewelry that you think they might like, give them a call or send a handwritten note saying that you thought of them when you saw it.

Whether the customer makes a purchase or not, you've reminded them that they are a valued customer.

Motivational speaker Zig Ziglar once said, "You don't build a business, you build people, and then people build the business."

Part of being successful is putting your energy into what matters: Employees and customers.