At one point or another, business owners will find themselves making some mistakes that will not only amount to loss in their business but cripple it totally. There’s nothing wrong in making mistakes, especially if you do not have have enough experience in the past.
I know you might be saying its just a small business, can any gigantic risk be involved? Can there be any decision I will make as a small business owner that would mark the end for my business! Well, as long as you have established something and you are doing it, there’s no how mistake or let me say mismanagement will not arise.
All you have to do is look out for these warnings as they would be a sign whether or not your business will collapse:
1. Inability To Know Where To Divert Your Energy.
Nearly all owners do what they can to build and sustain their businesses. They are masters of multitasking, put in more than 10 hours a day, work seven days a week and, despite this investment of time, still don’t get ahead as much as they should.
Unfortunately, I’ve seen many CEOs and entrepreneurs get stuck in this pattern. Because they don’t get ahead, they often burn out or lose their drive and passion. If you find yourself in a similar position, learn to identify tasks you can delegate or stop doing altogether so that you can focus on those of higher value.
Also, there’s nothing wrong with taking some time away from the business to refocus and get that energy boost you need to continue driving forward.
2. Acting Like You Know It All.
Let’s face it, running a business is about going into unknown territory and if you’re expecting to know all the answers, you’re going to be holding yourself back.
As a business owner, you’ll be faced with a number of setbacks, so instead of taking it on yourself to solve them alone, leverage the brainpower of your employees and management team. The power of collaboration is something many great business owners have used to help take pressure off of themselves.
3. Making life more difficult than it needs to be.
With a wide array of consultants, business books and different ideas coming into the organization every week, I understand how easy it can be to make things more challenging than they need to be.
Remember the old acronym K.I.S.S: keep it simple stupid. You’re in business to serve your customer, so be sure to serve their needs and make certain your employees are equally as driven to serve them. All business starts with the customer. Do you understand their needs? Does your product or service meet their needs? Are you maintaining their level of satisfaction?
4. Forgetting To Celebrate Successes.
Every day, people are working to sign new clients, complete projects, maintain the culture and an assortment of other tasks. With all of this activity going on, how often do you recognize the work employees and management are doing to either manage or drive the organization forward?
A lack of recognition can really dull momentum, kill ambition, lower employee engagement and build apathy throughout the organization. I’ve seen it happen far too many times not to believe that this is a serious problem in small- to medium-sized businesses (SMBs).