5 Business Killers Every Business Owner Must Avoid.
Every business owner has a great responsibility to define the vision and direction of the business and he must consistently scrutinize every aspect of the business and ensure they are working in synergy in view of the goal that is ahead of them. However, there are a lot of factors that puts a lot of restraints on reaching the goal already set and in this article, I want to outline a few of them that might be holding your business back.
It is a known fact that not all businesses that start out make it to their 5th year, but if your business has crossed the mark and isn’t crushing the goals you’ve set then its time to revisit the vision board and evaluate things, also if you haven’t gotten to your 5th year it might be good to review these key things could work in your favour on your quest:
- Philosophy of the Business Owner:
We are all wired differently based on our background and programming, things and habits that we subconsciously
2. Financial Management & Planning:
It’s not how much you make but how much you keep and not very many business owners have the discipline to keep their fingers out of their businesses’ piggy bank and so they always put their business at risk because they haven’t imbibed the personal discipline to set aside funds for other investments or opportunities that might present itself.
3. Extravagant Lifestyle:
Many business owners are too quick to change their lifestyle at the slightest income they make and in so doing will make poor business decisions because they are operating from a short-term frame of mind and not futuristic. One of the key steps to business sustenance is the ability to distinguish an asset from a liability, liabilities depreciate while assets appreciate.
4. Poor Leadership:
In most businesses, leadership is always overlooked and downplayed because of the responsibilities attached to it. Not all business owners are leaders and this creates a disconnect in the organization between them and the staff. True leadership demands transparency, honesty and vulnerability
5. Poor Evaluation:
In conclusion, the business owner defines the pace of the business growth and must be actively be involved in the evaluation of their progress.