Working as an entrepreneur and managing a small business is tough work. It demands around-the-clock attention to detail and wearing many hats. Actually, small business owners are quite the jugglers– balancing strategy, finances, management, sales, marketing, execution and more. So much can go wrong. Yet with a little bit of work and a lot of dedication, so much can go right.
Here are some of the most common blunders that small business owners make, and how to avoid them.
Start each work day with at least one precise, unique goal. It could be a simple one, like clearing out a pile of papers or responding to 10 emails. You need an action plan, and you can break it down by hour, day, week, month and year. Goals are important and labeling them keeps us flowing and accomplishing.
Not delegating and trusting your supporting staff to execute and contribute will harm your business. You can’t and shouldn’t do it all; this will only cause burnout. Hire qualified staff and trust them to contribute. Listen to their ideas and delegate as much as possible. Too often business owners are so swamped they can’t let go of simple tasks, wasting time and resources. An important part of delegating is also communicating your goals and getting your team members on board.
You usually have to spend money to make money. Going for the cheaper solution might not yield the results you want. Pause and assess, but also take some risks, whether it be outsourcing your social media strategy, paying for designers, or investing in new tools.
What does your company stand for? How will you get your brand consistent and loved? A small business requires endless planning– strategy, marketing, recruitment, finances and much more. Managers must keep tabs on the company’s objectives, while focusing on growing the business and keeping it afloat. It’s a big task to stay aligned with all goals, keep employees happy and serve your client base. Don’t lose sight of what you really want.
When we’re so busy we forget to enjoy life. Don’t do that. Taking a lunch break or a small vacation will get you going again and keep you motivating. Working yourself into the ground may seem like the best strategy to accomplish, but it might not mean efficiency or quality. Find ways to enjoy your work, and that often happens through balancing work and life.
Unlock your full potential as a business owner and keep the work blossoming by delegating, communicating, planning and executing. Then, make sure you’re enjoying both your work and your personal life for the best kind of balance that will only sway your business endeavors for the better.
What do you think blocks you from unlocking your potential as a business owner? In which areas do you think you can improve?
Submitted by Daniela