Running a business, you might have a few ideas about who your main enemies are. Who are the greatest threats to your company and the success of your business model? For instance, it’s possible that you fear a strong competition. They could be stealing your customers with lower price tags and a more efficient service. Alternatively, perhaps you believe it to be your supplier. Their failure could bring your business to a grinding halt and that is certainly a dangerous want to avoid. However, if you are honest with yourself, to see your true worst enemy you just need to look in the mirror. You, and the decisions you make could bring the end of your business. So, what decisions are we talking about here?
Cutting Costs In The Wrong Area
Every business owner is eager to cut costs and for a good reason. By cutting costs, you can make sure that things do not grow out of control in your business model. It can also help you stay competitive, particularly in the wake of
Health and safety is an example of this. If you reduce costs in health and safety, you could be looking at a nasty lawsuit on the horizon because you didn’t take preventative measures to keep your staff safe. Did you know pallet trucks reduce workplace injuries dramatically? This is just one example of why it always pays to invest in better safety equipment.
Another area that you shouldn’t skimp would be accounting. Accounting, as you perhaps would expect can be very important. It’s a way to make sure that everything stays in order. It’s particularly useful when the tax man comes collecting. You can save a lot of money if, somewhat ironically, you invest in the services of a skilled accountant.
No Faith, No Trust
Another mistake you could make is not having enough faith in your business model and what you are selling or offering consumers. If you don’t believe in your product, why should they. This type of mindset will cause you to think too small and will lead to you missing out on potentially incredible opportunities. In some cases, keeping your business model small and manageable can be an advantage. But eventually, you do need to be willing to take some risks. Otherwise, you will never see the level of growth that you had hoped for.
You have to be willing to take your business model in new and exciting directions. You must be ready to pursue and, hopefully, conquer new markets and audiences. If you fail to do this, you will instead be forgotten on the business market.
Heavy Weight
Why do you need to build up a solid team in your business? Quite simply, you need to make sure that you have people to fall back on and who you can trust. The danger here is that instead of having a solid team, you will try and handle everything yourself. People often assume that delegation is going to be easy and almost a natural way of coping. The reality is that many people find this quite difficult. They struggle to cope and contend with the idea of someone else or even a group of people taking the reigns of a company that they created.
Of course, if you try and handle everything yourself then things are going to begin to slip and slide through the cracks. Important details are going to be forgotten and the quality of your service or indeed the products sold may take a hit too. You can see the issues here, we’re sure, but how do you correct them.
Well, the trick to being able to delegate is having a team that you are able to rely on. This is all about getting the hiring practices and standards right from the beginning. Make sure you think about each role your business structure carefully. Consider what you will need from the person and don’t just think about skill or qualifications. Instead, consider whether they have the right mindset, mentality and even personality for the job at hand.
We hope you see now how it’s easy to become your own worst enemy when you are running a business. You can, if you’re not careful, quickly start to make mistakes that will bring your business crashing down around you.
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