All growing businesses push their way through an ever-budding stream of new challenges.
With growth come opportunities and setbacks that demand solutions. That’s to say what worked yesterday might not be the best approach today. But wait, don’t sit on your morals waiting for things to get better… take a proactive stance by learning the five most serious mistakes business owners must avoid to sustain long-term growth.
1.Failure to Implement
Many business owners who have solid business models become stuck at some point. Why? Well, they reach a plateau and for one reason or another, fail to implement a strategy. They are waiting for opportune times to move their business forward instead of taking ‘action.’
Create a plan and stick to it or hire a business coach to see you through this roadblock.
Planning is acceptable. It stimulates the expectations of trips and vacations besides making them more exciting. In fact, it’s for that very same reason that businesses essentially have business plans. Otherwise, all entrepreneurs would be starting their businesses with a lot of uncertainties.
Though planning is a necessary part of business success, being shut in by the desire to continuously planning instead of implementing, makes you a prisoner of false hope. In this sense, your hopes are making it appear like your desired success can only be created through planning; when in reality, success can only be shaped by execution.
3. Moving the Target
Besides over-planning, success is often times lugged by the act of changing the goal, objectives or the initial drive of your business. And usually, whenever the target is moved, we become prisoners of hope, with no specific purpose. As a result, we end up delaying our success, or what we would otherwise have achieved a while ago.
Even though moving the target is sometimes a valid business decision, the problem arises when a great majority of business leaders fail to implement new strategies to curb the changes made.
So, if you inevitably find yourself moving the target, just go back to the planning stage and make all the necessary changes that should give your business a forward thrust instead of subjecting it to more delays.
4. Lack of Follow Through
Follow through is simply the act of ensuring something planned is completely done and marked. It’s also the act of delivering value to a prospect, customer, employee or partner. Plus, it’s exactly where the mental and functioning sides of your business leadership meet. In a nutshell, it creates personal accountability besides measuring business progress and growth.
As such, it’s always best not to let your mind sabotage the need to meet objectives. If you plan on improving sales, creating a new product-line, or hitting a particular revenue box, and you fail to follow them through, all you’re doing is trapping yourself mentally. So learn to cultivate a habit of connecting both the mental and working components of leadership in your business, and be rest assured of total growth.
5. Hiring the Wrong Kind of Employees
Many business owners find it difficult to decide on whom exactly should they be hiring or which positions they should be filling. A common mistake to avoid; unless the person you’re hiring is unequivocally the best candidate for that position; don’t settle for a friend or relative when hiring an employee. When difficult work situations strike, such relationships usually end up being destroyed or totally challenged.
To stay safe, always ensure the employee you choose is qualified, eager to learn, and most importantly, has a good work ethic. Further, consider hiring employees whose strengths balance your weakness. And whenever staff-members are not performing as per your expectations, don’t hesitate to replace them or, if possible, have them enrolled in a training program.
By overcoming these common mistakes, you can have a thriving and successful business.
What do you think are the quick fixes for some of the mistakes we've listed?