When you’re an entrepreneur, it’s not hard to get lost going down the wrong path or caught up in trying to prove yourself. It’s possible that you spend so much time focusing on the minor details that you forget about the overall goal of virtually every business owner: building a profitable and sustainable business that makes you happy and satisfies customer pain points.
Why else would you put so much time, effort, and money into a business?
Five detrimental practices and habits
It can be tough to admit this, but you may be hurting your business more than you’re helping it. Take an honest look at the following list of five potentially crucial errors and ask yourself: “Does this sound like me?”
· Overspending. Whether it’s in your personal life or “on the books,” overspending is a dangerous habit that can bring you down. If it hasn’t already, your frivolous spending habit could keep you from being able to buy the things you really need to keep your doors open. Unless you learn to curb your spending addiction, your business is a ticking time bomb.
· Lazy social media. The inherent power of social media could also be its greatest risk … if put in the wrong hands. While you probably started using social media because your children told you it’s the “way of the future,” or you read some article about how it could increase leads, the reality is that not everyone should use it. If not properly monitored and strategically handled, social media could prove to be a PR nightmare. One ill-advised tweet here, or tasteless Facebook post there, and you could lose scores of customers. The moral of the story? Only use social media if you’re willing to put in the time.
· Too much multitasking. People often glorify multitasking as some great skill that only successful people can effectively perform. The truth is that multitasking can just as easily ruin your business, however. When you try to juggle many activities at once, you may fail to listen, expose your work to careless mistakes, and damage your relationships. Instead of being a world-class multitasker, learn how to be a world-class delegator and prioritizer.
· Not understanding yourself. Quick, answer this question: What are you good at? It’s a simple question, but one that surprisingly few can answer on the spot. And though it may seem lightweight, the answer to this question is actually quite serious. If you don’t readily recognize what you’re good at, maybe you’re wasting significant amounts of your time.
· All work and no play. It’s a shame to watch talented and skilled entrepreneurs lose their business, family, and friends because they can’t establish a healthy work-life balance. It’s too easy to assume more work directly correlates with more success, but there comes a point where that relationship fails to hold true. The only way to remain creative and productive — personally and professionally — is to balance your time wisely.
Put your best foot forward
If any of the foregoing damaging practices or habits sound familiar to you, perhaps you should take a step back and analyze the matter. While it may be difficult to come to terms with the truth, the sooner you do, the quicker you’ll be able to recover and point your operations back in the right direction.