5 Tips for Business Success

Owning a successful business is a core part of the American Dream. While many aspire to business ownership, fewer fully appreciate the work required to build, stabilize, and sustain a business over the long term. The reality is that success comes only after significant effort — especially in the early stages. For those willing to put in the time, the reward can be well worth it.

Having been raised in a family of small business owners, owning businesses myself, and spending over a decade working with entrepreneurs as a commercial banker, I’ve seen firsthand where misconceptions often arise. The most common? Underestimating the amount of work required on the front end. If building a successful business were easy, far more people would be doing it.

Like any skill, business ownership requires daily discipline, repetition, and consistency. There are no shortcuts. Owners must be prepared to roll up their sleeves and commit significant time and energy to turn their vision into a sustainable operation.

Below are five core principles that consistently show up in successful businesses.

Tip 1: Hire the right people.

Easier said than done—but essential. Surrounding yourself with the right people, both in skillset and character, can significantly reduce the burden on you as the owner. While no one will care about your business as much as you do, the right team can come close when they are empowered and aligned.

If you identify a strong employee, think long-term. How will you retain them? Consider incentive structures that allow employees to grow financially as the business grows. In some cases, that may even mean evaluating partial ownership or profit-sharing to create true buy-in and engagement.

Tip 2: Know your numbers.

You don’t need to be an accountant—but you do need to understand your financials. Review your numbers regularly and use them to guide decisions. Staying in tune with your income, expenses, margins, and cash flow allows you to make informed adjustments before small issues become major problems.

If you notice spikes or drops, dig into what caused them. Then decide whether that activity should be repeated—or prevented.

Tip 3: Calculate your working capital needs.

Many small businesses fail not because the idea is bad, but because they run out of working capital before reaching stability. Growth often requires more cash than anticipated.

Be proactive about understanding how much working capital your business will need and how it will be funded. An experienced commercial banker can help model those needs and plan accordingly. Working with a local banker is often a major advantage—they understand the market, competition, regulatory environment, and local economic dynamics because they live and work in it too.

Tip 4: Keep learning.

Commit to continuous learning within your industry. Books, podcasts, conferences, online content, and peer groups all provide valuable insight. Others have already navigated the challenges you’re facing—learn from them.

Networking is equally important. Organizations like local Chambers of Commerce or business development groups often offer practical education through workshops, lunch-and-learns, and peer discussions that can directly benefit your operation.

Tip 5: Secure an off-site team of professionals.

Successful business owners don’t operate alone. One of the most overlooked advantages is assembling a strong off-site advisory team—what I refer to as The Power Five:

• Accountant
• Insurance Agent
• Attorney
• Financial Advisor
• Commercial Lender

Accountant

As your business grows, so does tax complexity. Work with an accountant who specializes in business clients—ideally within your industry. While quality accounting can feel expensive, it is far less costly than fixing mistakes later.

Insurance Agent

Not all agents specialize in business coverage. Choose one who understands commercial risk and can properly protect both your business operations and assets.

Lawyer

A business-focused attorney is invaluable when forming entities, drafting operating agreements, and navigating contracts. This is especially critical when partners are involved.

Financial Advisor

Many business owners are heavily concentrated in their own companies. A financial advisor who understands business ownership can help diversify assets, manage risk, and protect long-term wealth outside the business.

Commercial Lender

A strong banking relationship goes beyond borrowing money. Regular, transparent communication helps your banker understand what makes your business unique and positions them as a true advisor—whether for lending, cash management, or growth planning.

Meet the Lender
Erik Kundinger, Prevail Bank VP: Commercial Lending Officer (Stevens Point, WI)

Eric has been in the banking industry since 2012, with over a decade of experience working directly with business owners across a wide range of industries. His background includes both commercial banking and business ownership, giving him a practical, real-world perspective on the challenges entrepreneurs face.

Community involvement is a core focus. Eric plays an active role with the Stevens Point Country Club, works with the Small Business Development Center regularly, and serves on finance-related advisory panels.

Speak with a Prevail Bank Commercial Lending Officer for more tips and to learn about Prevail Bank’s business loans.