It is everyone’s business to own a business someday. A lot of us want to be bosses in our own fields of endeavors. We aspire to be the ones calling the shots when it comes to decision-making. For that reason, many people are engaging in startups and medium-sized business.
While it’s both thrilling to venture in an entirely new field, it can also be tiresome and draining. We may encounter some obstacles that hinder us from achieving our business goals. What’s worse, we’re the ones setting the barriers b committing some common mistakes.
“Well, we all make mistakes, dear, so just put it behind you. We should regret our mistakes and learn from them, but never carry them forward into the future with us.” ― L.M. Montgomery
What are the mistakes and how can we avoid them to succeed in business? Read on.
Not Hiring Enough People
We all know that as a startup company, you’re on a tight budget. During the first few months of your reign, you’ll likely be facing some financial constraints. However, you need to keep in mind that this shouldn’t hinder you from hiring the right people to operate your business. Most businesses fail because they can’t seem to cope up with their customer’s demands.
They don’t have the capacity to work efficiently as their employees are often loaded with multiple projects. Eventually, when the employees feel overburdened, they’ll quit. This is one major blow to your company and business’ operations. Apart from that, you’ll most likely miss several opportunities just because you can’t handle the load anymore. Remember that every missed opportunity is a lost sale for your business.
Delegating Every Task
When we say you’re the boss, you’re the one calling all the shots. You can give and pass on duties and projects to your employees as you see fit. This may give you a gratifying feeling of bossing someone around. However, be careful because it may backfire on you at any time. Your employees would most likely think that you’re too lazy to do tasks. They may believe that you’re just there to sit back, relax, and receive all the money while your employees sweat it out.
This type of attitude demotivates your employees and increases your risks of low turnovers. What you must do, instead, is to be an example to them. You can pass on some tasks appropriate for their skills and abilities, but never give crucial and important tasks that involve decision making from C-levels. You must be the one managing these projects since you’re the one who knows best. Besides, if your employees see that you’re a hard-working person, they are inclined to follow your footsteps, increasing your business’ productivity in the process.
Most of us hate doing paperwork, but it is a crucial part of your business. In fact, it can be detrimental and suicidal if you don’t keep a record of your business activities. Everything must be recorded and audited starting from your capital, business expenses, employee expenses, finances, investments, and savings. Managing this paperwork will help save you millions.
Aside from that, paperwork is required for legal purposes. It is a concrete evidence that shows what the involved parties are engaging into. Whether you’re dealing with a business partnership or establishing a contract with your employees, record it. If any dispute arises, you’ll be able to consult the contract to know what legal remedies to apply.
When you’re the boss, it’s only natural that the last call will be on you. Your word is the law when it comes to business. Everyone will follow your decision no matter what happens. Nevertheless, you shouldn’t exercise your authority too much. Don’t get so cocky to the point that you shut down any suggestions and recommendations from your employees.
Remember that for your business to succeed, you need to work on as a team. That’s why you need to build trust amongst your employees. One way of doing that is respecting your their capability. Open your mind and expand your horizon. Listen to them. Who knows? Their suggestions might be the key to solving problems and improving your business’ services.
“Smart people learn from their mistakes. But the real sharp ones learn from the mistakes of others.”
― Brandon Mull