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Business owners like you and me, who are accountable for each and every action at the firm, are the most lethal weapon. A business owner can either drive the business to outreach its maximum potential and generate massive results or he can adversely drown the business to deepest of the oceans from where there is no chance of coming out. We want you to be the very first one and be nothing but a successful entrepreneur. Here are a few reasons as to what business owner do that leads to the downfall of the business.
Not having a pre-defined plan
The first and foremost thing you’ll need while starting a business is a well-predefined plan. Most of the entrepreneurs take this part very lightly and they fail miserably as they’re unprepared for the consequences. So ask yourself
- Do you have a plan for this week?
- Next three months? Next six months?
- Next twelve months?
- Also in addition to that plan, do you have a vision?
- Are you following it?
- How are you following it?
Business owners who don’t have a plan are driven by whatever comes to their way and business owners who are well equipped with the plan are the ones driving everything according to their way.
Always remember, it is you who has to create your success and set your own path.
Following the wrong advice
Another blunder that most of the business owners do is to follow the ill advice from an amateur. It’s like a man weighing 250 pounds telling Usain Bolt to how to prepare for Rio Olympics. Don’t get me wrong but unless your dad has a successful business set by himself, he is not the one you should be taking advice from regarding your business decisions and business strategies. Their personal care and affection for you must not be confused with anything else.
Also, as a business owner, you need to understand that depending way too much on your employees will increase their value in their perception and it will create a problem for you only. See, asking your employees again and again about the solutions, remedy process degrades your credibility. And it is one way of saying. “I am sorry mate but I can’t handle this business on my own, you might as well try to take it from me.” You definitely don’t want that.
As you grow, it is advisable for you to conduct workshops and seminars where all your staff can gather around and with help of a disciplined brainstorming session you can seek their suggestions and ideas, but at the same time, you will have to maintain your own integrity because you need to show your leadership.
Undermining your weaknesses
You may be an excellent accountant, a magnificent manager or a great HR but when you’re a business owner you need to cover it all. Fundamental shortcomings can cause a great deal of trouble to your entire business. I suggest you identify and categorize your shortcomings and work to improve them. This will require a lot of patience and dedication. You have to keep learning and feeding your mind regularly. Read books, listen to audio clips and watch videos that will help you grow with time.
Trying to be a grasshopper
This metaphor is for those who try to cross the river by being in two boats at once, again a metaphor? Let’s get it literal then. A business owner hampers the business development when he tries to jump on ideas too frequently and this gets even worse when he leaves the former idea unfinished. This marginalizes the potential of both the ideas and it degrades their productivity as well. When you detach yourself too much from one project it affects its growth. Starting another business is an indicator of your prosperity but only when you have perfected your current business, generated enough revenue to balance all costs and achieved your desired goals.
Exercising guilt business
During my recent business coaching, I’ve discovered that most of the business owners work at unusual hours, mostly at night. Most of their precious time in the morning is either spent on mobile phones or being chained with e-mails. Long story short, they are unable to utilize the time effectively and out of hundred reasons for not producing results ineffective time management tops the list.
Business coaching is worth your money!
If you think they have the potential to reach the peak, however, there’s one ingredient that seems to be missing – don’t worry, you’re not alone, and about that missing ingredient, it’s a business coach. Having a business coach not only keeps you accountable but they keep a regular and continuous check on your progress. They will make you grind in order to accomplish your target before the deadline is due. You might be skeptical about their skills but never undermine them, for they are capable of seeing things you did not even think of and that too way before time. They can produce massive results for you. You’ll often find them questioning and stating the following –
“Hey, weren’t you supposed to achieve this target this week?” Your reply might be “Yeah… but I have to attend a party this weekend?” A normal person might tag along with you to the party, but not your coach. Not only will he motivate you to accomplish the target but also be there with you to guide you whenever you’re in dire need of him. So make sure whosoever is your business coach, he should be 100 percent confident that he will boost your business and increase your profit.