Making your own luck in businessEntrepreneurs often say that luck has played a part in some of their greatest achievements. Although luck can contribute to business success, it may not necessarily be random luck. Chances are, it’s the kind of luck that comes from planning, preparation, and hard work.

While many business owners believe being lucky is about being in the right place at the right time, a lucky break in business is more likely to result from being proactive and prepared to take advantage of a good opportunity when it comes along. As we look forward to celebrating St. Patrick’s Day this weekend, Summit Financial Resources is taking a look at a few of the ways you can attract more luck to your small business.

Work Hard

Thomas Jefferson said, “I am a great believer in luck, and I find the harder I work, the more I have of it.” Successful entrepreneurs understand that luck is built on a foundation of hard work. They set clear goals and stay focused on them day in and day out. They put in long hours, learn from their mistakes, and don’t quit when the going gets tough. Making your own luck requires a hefty investment of time, energy, and enthusiasm, coupled with the resilience and tenacity to turn failures into future successes.

Take a Chance

Most thriving businesses became that way because someone took a chance on nurturing a new idea. Taking chances doesn’t end once you’ve achieved success. Keep an open mind when it comes to possibilities, products, and services that can help your business grow. While it is important to have goals and benchmarks for achieving them, small businesses are nimble by nature. Staying flexible allows you to shift gears quickly and jump on a new opportunity when it presents itself.

Minimize Risk

Don’t bet the future of your business on a single action, decision, product, or customer. Minimize risk by making one thoughtful decision at a time and learning from the results before taking another step forward. This can help you control the damage caused by a single failure and ensure that you have many more chances to get it right.

Take Action

Productive business people don’t procrastinate. They are willing to tackle even the most difficult or unpleasant tasks and move on to the next project. Instead of waiting for others to find solutions, they seek the answers themselves. They also don’t back down from making the tough decisions required to implement new processes or promote growth. It is often action, not luck, that results in success.

Over-Deliver

Delivering more than is expected is one of the surest ways to advance your career, as well as to attract the luck that will help your own business flourish. Successful people go the extra mile when it comes to putting ideas, hours, and time into their work. As a business owner, you need to lead by example. Encourage your management team and staff to challenge each other when they think they have done enough. Doing just a little more can deliver big dividends.

Expect Luck

People who think they are lucky and successful may have a greater chance of becoming lucky than those who don’t. Focusing on a positive outcome puts you in an optimistic frame of mind when it comes to expecting and receiving the opportunities that come your way. Being pessimistic about your ability to achieve a business goal can lead you to take actions that are invested in failure.

Research by Lysann Damisch of the University of Cologne in Germany has shown that simply wishing someone good luck can actually improve their chances of success. The same holds true for having a lucky charm or ritual. Whether it’s a rabbit foot, a pair of socks, or Tiger Woods’ red shirt, lucky tokens have been proven to increase happiness, optimism, and self-confidence, ultimately leading to improved performance.

Don’t Fear Failure

Successful business owners aren’t deterred by hearing the word “no” or afraid of the possibility of failure. They often possess a resilient attitude that allows them to turn bad luck into good. If you succeed, you can say you were lucky. If you fail, learn from the experience and move on. You may have better luck next time.

Manage Cash Flow

Even the luckiest small business can suddenly have too little cash on hand. Business financing is a valuable tool for helping business owners bridge gaps in cash flow when unexpected situations arise.

Summit Financial Resources offers a number of options, including invoice factoring, asset-based lending, and inventory financing, that allow you to harness the cash in your accounts receivable to cover day-to-day operations, purchase inventory or equipment, or meet payroll. We are not regulated like a bank, so we can structure more flexible deals, take more risks, and make funding decisions quickly.

Managing your cash flow should never be left to chance. Summit Financial Resources partners with small businesses like yours to create custom financing solutions that allow you to seize the opportunities that come your way – and make your own luck.

Working Capital Financing is a few clicks away.

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Summit Financial Resources specializes in working capital financing for small to medium-sized businesses that need increased cash flow. We provide working capital financing through invoice factoring, asset-based lending, inventory lending, and equipment financing.