Launching a small business is always an exciting time for the owner but this is just the start of a really long road. Being the owner of a small business automatically means you are also its leader. You set the rules and the way in which you act will dictate everything.
The big problem with most small businesses, according to Marc Leder, is that the owner is not a leader and does not actually have proper business experience necessary for success and sustained growth. Leaders tend to make the most serious mistakes, including the following that should always be avoided.
Trying To Do Too Much
When the business is launched there are generally not many employees around. It is completely normal for the business owners to put on many caps and try to do as much as they can. However, this should not lead to complete control. Doing everything in a small business automatically means it is just a matter of time until you will be burned out.
Remember that the smart business managers, those that are really good at their job, work a regular hourly shift. They just work more when there are emergencies that have to be handled. This is due to the fact that they understand the importance of delegating tasks.
Keep in mind that when you hire someone to get something done, the person should have more experience than you on that particular job. This is why you hire someone in the first place. Then, why not let that person do his/her job?
Not Focusing On Profit Generation
Generally, when people launch a business everything happens because of an idea. Some want to save the world while others want to make some industry changes. No matter the reason why you launched the small business when you started out, if profit is not generated it is impossible to reach the initial goals.
A big mistake small business owners make is that they slow down and fear any type of expansion. Because of this fear many important tasks are not prioritized. Profit is not generated and pretty quickly they will end up with business related financial problems. The successful business is the one that focuses on profit. What is done with that profit depends on per case base.
Lack Of Action
One of the most important parts of being a small business owner or manager is to communicate with everyone that is involved. You need to be involved in day-to-day operations. This automatically means that you need to listen to what others say. Unfortunately, most owners simply talk and do not take into account what employees say. If you do this, you can be sure that the business will go down in the future.
Proper communication is only possible when you first listen. After that you can talk. By doing this you get all the information you need to make a proper decision and actually give yourself a better change to lead the small business towards growth, success and profit.
Read more about how to have a successful business on the EOTM Blog.