1) Taking on too many tasks
The startup phase of a business requires an entrepreneur to wear many hats, but as the company grows, attempting to do too much can hurt growth.
After hiring employees, look for opportunities to delegate lower value tasks to them, so more important matters can be focused on with the attention they deserve.
2) Monopolizing the decision-making process
Another bad habit that many entrepreneurs possess is their desire for complete control over the day to day operations of their company.
As a business gets bigger, the amount of decision points increase significantly, causing the speed of work to slow down due to the need for each one to be approved by the founder.
Hiring the right employees and training them appropriately will make it easier to offload smaller responsibilities, which will keep work flow moving at an optimal rate.
3) Reacting to problems instead of anticipating them
While many successful business owners excel at executing their own tasks, some do so without thinking about the future. This can lead to problems that would have been easily avoided if time had been set aside to anticipate them.
Failure to do this can put companies in a sudden defensive posture when they could have been in a position to see trouble coming. The latter situation allows companies to adapt quickly, making it advantageous to plan for these scenarios.
4) Indulging in activities that don’t add value
The information age has transformed business, allowing for exponential increases in productivity. It has also introduced opportunities for distraction that never existed a generation ago.
The presence of social media and e-mail, while necessary for the completion of certain tasks, makes it easy to get drawn into activities that add no value to the company.
By limiting access to these applications to a few times per day, their drag on productive work will be kept to a minimum.
5) Dwelling in fear instead of moving past it
Some degree of risk-taking is necessary in business, and along with this reality comes fear. How an entrepreneur deals with this emotion plays a large part in determining their success in the long term.
If they dwell in it, the decision paralysis that results will reduce productivity significantly. If they examine the root of their fear and act appropriately, they will be able to carry on with what needs to be done to grow their business in spite of the risks involved.
A Neumann & Associates, LLC is a professional merger & acquisition and business brokerage firm with 30 years of experience in Connecticut, New Jersey, New York, Pennsylvania, Delaware, Maryland and Virginia that assists business owners and investors in the business transfer process in a completely confidential manner. The company covers the entire Northeast US market, has representations from NY state to VA state, and has access to a 50 office national network of qualified investors and sellers. For more information, please contact A Neumann & Associates at (732) 872-6777.