Being a small business owner is an enormous task. Much of the operational responsibilities of your business rest on your own shoulders. With so much on your plate, it’s no wonder that business owners often fall into habits that may not always be healthy for their business.
In this latest blog update, we look at three bad habits that can hold back a business owner’s success.
1. Excessive task management
It’s fair to say that when you start out on your journey, you’re involved in pretty much everything, from organising, to rolling up your sleeves and getting. However, this comprehensive workload is not necessarily sustainable nor necessary. For more sustainable success, delegation is key! Distributing tasks allows you to take a step back and consider the overall strategy of the business, rather than just the next most urgent task.
As your business grows, it will always eventually become impossible to keep a finger in every pot. Any business owner who continues to micromanage or insist on being part of every decision-making process can in fact create bottlenecks within the business, which will have a detrimental impact on productivity, not to mention staff morale.
Delegating and placing key staff members in charge of key departments will allow you to oversee larger projects, and focus your efforts on the direction of your business. Don’t forget that Bartercard can help you save time on your marketing efforts with its supportive business network.
2. Taking too little financial risk
Business owners need to be financially savvy and manage financial risk carefully. Making good financing decisions is about balance. While it’s important to build a profitable business, business owners also need to make investments they know will help the business grow. Confidence that specific investments will pay off is key. You always be weighing them against the potential risks involved. As the saying goes, sometimes you need to speculate to accumulate, and there are times when business owners can fail to increase profits by being too overcautious with their investments.
3. Tunnel vision
Starting out in business usually means focusing on a single product or service. However, as your business develops, it’s important to look at the bigger picture and the opportunities for growth that arise. Having a range of offerings gives you options, should you need to fall back on them. By not diversifying or innovating new ideas, products, and services, you may find you’re getting left behind and the competition is overtaking you.
Don’t hold yourself back!
Business needs change over time, so it’s important to regularly evaluate where your business is at. Remember the habits you started out with may not be beneficial to your business in the long term. In fact, they may well get in the way of future progress and success. Contact Bartercard today for more valuable business insights.