Bad Business Habits to Break in 2018
December 4 2017
Rather than writing a resolution post for things to do in the new year, we decided that we'd focus on the bad habits that many business owners have. These bad habits, while they seem harmless on the surface, can sabotage your business if left unchecked. Here are the habits to break in 2018.
Not delegating
Business owners wear a lot of hats. From IT to marketing to sales to accounting, many entrepreneurs want to do it all. This desire to do it all comes at a price because no one person is highly skilled in every aspect of running a business. Those tasks that are weaknesses need to be passed off to someone more competent. You'll spend valuable time trying to do functions where you don't excel, and that time means loss of money. In the end, you and your business will be better off when you delegate those jobs and focus on your strengths.
Fear of launch
Too often we want to make sure everything is perfect before we launch a new product or service, but sometimes you just have to start. If you wait until everything is in place, you may never get your project off the ground. You can always tweak as you go, so stop letting your perfectionism keep you from growth.
Not taking a vacation
You can't run your business successfully if you don't recharge your batteries. Take the time to step away from your business, even if it's only for a day or two. Taking the time for self-care will give you the energy and focus you need to continue building your company.
Not knowing your numbers
82% of business failures can be attributed to poor cash flow management
One of the keys to running a successful business is knowing and understanding your numbers. Even if you outsource it to professionals, you still must know what your numbers mean. Make a point to sit down with your CPA or accountant each year, if not each quarter, to review your numbers. Be sure your finance professional knows the goals you have for your business and make sure they're providing the advice you need to meet them.
Micromanaging
All too often business owners want to oversee every detail of their operation, but it takes you away from what you need to be doing -- growing your business. It also makes employees resentful if you don't trust them to do what's best for your company. If you've vetted them and given them the tools they need to do their jobs well, you shouldn't need to monitor their every move. Trust yourself and them and let them thrive.
Not preparing for a disaster
40 percent of small businesses never reopen their doors after a disaster
If there's anything that 2017 should have taught business owners is that disaster preparedness needs to be a priority. Between floods, hurricanes, and wildfires, some businesses haven't re-opened and some never will. Take the time to develop a disaster plan. Consider getting rid of local servers and moving your operations to the cloud. If you're not willing to go entirely cloud-based, at least make sure you have a redundant server in case the server in your office is compromised. It doesn't take a natural disaster to do a business in; all it takes is a minor flood, a fire, or a break-in.
Not embracing tech
66% of business owners run their businesses on their mobile device
The countless apps available to SMB owners make it easy to manage nearly every aspect of your business from the palm of your hand. If you still haven't embraced the power of tech and how it can help to make your life easier, you're wasting countless hours doing things the hard way.
Let Anderson Folkoff & Co. help you get your new year off to a successful start. We can help you and your business make sense of your numbers and create a plan to help you reach the goals you've set. Contact us for an appointment today.
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