Although you could be doing a lot right when it comes to running your business, regardless of your industry, it’s possible there are barriers in your way that are holding you back from being even more successful. While you should always focus on your strengths, it’s never a bad idea to review areas for improvement too.
You may be doing some of the following habits without even realizing it, so it’s worth your efforts to analyze how you’re currently functioning and implement adjustments where necessary. One major mistake you could be making when trying to run a business is that you’re unwilling to grow, learn and change your ways. Think of how great you and your company could be if you were to embrace recommendations and remain open-minded to constructive criticism.
No Business Plan
You’re not going to get too far with your operation if you don’t have a business plan in place. It will require extra time on your end, but without one, you simply won’t be taken seriously, and you’ll quickly lose your way. You need to write down and outline specific goals and strategies for how you’re going to achieve each one. Coming into the office each day without a roadmap will leave you and others feeling confused and lost about what to work on next. Know that spending this time talking through where you’re heading in the future will be well worth your efforts and energy because it’s what’s going to help you become a better, more sustainable business overall.
Refusing to Hire Help
As an entrepreneur, thinker and doer, it’ll be tempting to want to handle all the required work yourself in the beginning. While it may be possible to do this initially, you’ll want the help from others once you get going and are itching to expand your business. Not only do you want to hire people to help you achieve your goals, but you want to bring employees onboard who are smart, talented and fit your company culture. Stay away from hiring friends and family members if you want to avoid sticky and uncomfortable situations in the future. Use your staff as a sounding board and an option for delegating tasks and freeing up your time on a daily basis.
Mixing your Personal & Business Finances
Make your life easier and less stressful by getting more involved with your finances in general. It’s extremely important to separate out your assets and get different personal and business accounts as you run your own company. Mixing the two will leave you with a lot of headaches down the road and isn’t a good way to conduct business. Don’t panic if you find yourself in a pinch and need extra money fast. Turn to a company like Bonsai Finance that can step in and help you out when your situation calls for it. Pride yourself on knowing about financial resources, keeping your books separate and budgeting accordingly each month.
Not Taking Care of Yourself
You should put your health and happiness first, regardless if you’re running a business or not. Learn how to set boundaries and say no to extra requests when you’re aware that your plate is already too full. Make sure to fit in your daily exercise, cook nutritious meals for yourself and get plenty of good, restful sleep. You’ll be more productive and better able to function when you care for your wellbeing above all else. Always putting other people and tasks ahead of yourself will come back to bite you in the long run and you’ll likely become exhausted and not able to perform to the best of your ability at the office.
Committing to Too Many Initiatives
While it’s good to have goals, you also don’t want to spread yourself too thin and take on more than you can handle at once. Not only make lists about what you want to achieve but take it a step further and put your ideas in priority order. This way, you’ll get done what’s most important and can work on the other objectives when you have more free time. Commit to too many initiatives, and you’ll likely not get much done because you’ll be short on resources, time and money. Be extra careful of this trap when you’re first starting out and have a lot of thoughts and excitement running through your veins.
Refusing to Adopt Technology Solutions
You can’t be afraid of technology when you’re a business owner who’s trying to grow a company. Without technology, you’ll lack innovation and won’t be able to keep up with your competitors. Start small by launching a website or blog and branch out to more complicated solutions once you become more comfortable with technology in general. It’s also not a bad idea to hire an IT expert so you have someone who can suggest the best plan of attack for your business going forward and inform you of new and improved ways of achieving your goals.
Ignoring Your Customers
It’s going to be easy to get caught up in your daily operations and what you have going on within your office walls when you’re running your own business. However, know that you should never forget to pay attention to your customers and go above and beyond to meet their needs. Listen to their requests and feedback and show your appreciation for their business by hosting free events and announcing special offers and discounts. You not only want people who are interested in your products or services, but you’ll need loyal customers on your side if you plan to be in business for the long-term.
Your business needs a strong leader, and it’s up to you to step up to the plate and showcase your talents on a regular basis. Avoid this list of mistakes, and you’ll likely experience many successful days ahead of you. You can’t be afraid to admit when what you’re doing isn’t working and take a new route or different direction if you’re going to win over customers and create a stable company.