Stop Doing These 7 Terrible Things and You'll Be a More Productive Business Owner
Most small business owners know that they're often standing in their own way. What differentiates the successful ones from the ones who don't get anywhere is the ability to get out of the way. It seems easy, but if it were so easy, many startups would last longer than a year. Here are a few terrible things you should work out of your routine so you can move on and be more productive.
In an effort to get to the part they enjoy, many small business owners often procrastinate the boring parts of running a company. They leave them for last or even for another day just to get to the fun part. The problem is you'll eventually have to do them anyway. Stop procrastinating and get things done as soon as possible.
One aspect of doing business that many business owner keep postponing is keeping track of their finances and paperwork. It’s no joy to process tons of paper invoices and bills. Luckily, with the rise of online business software, the life of an entrepreneur got much easier. Online apps integrate witch each other automating much of the administrative process. It makes managing your accounts even fun to do.
2. Not Preparing Enough
There are a lot of things you can and often have to make up on the fly in life, but your business is not one of them. Businesses succeed due to a combination of skill, smarts, luck, and preparation. Miss out on one, and you're in trouble. Skill and smarts, you can develop. Luck is out of your hands. Preparation is where many falter.
Preparation doesn't just mean being informed. It means having a plan for the most likely scenarios, positive and negative. It's better to have those plans and not need them, than need them and not have them.
3. Unnecessary Purchases
Money is core to any small business. Any and all expenditures must be related to making the company work better. Unfortunately, many entrepreneurs end up losing focus and wasting money on unnecessary purchases. A new computer may be exciting, but it doesn't always improve productivity. Make sure the purchase is absolutely necessary before signing out on it.
Make sure you follow up on your expenses closely. Many banks offer the ability to easily export your financial transactions or even integrate with your accounting software. By updating your accounts on a regular basis you’ll be more aware of all the expenses your business is incurring and take the necessary measures.
Another good practice is to make a budget. And make sure you stick with it. Making a forecast will ensure your expenses won’t exceed your income and you’ll have the required cash the moment you plan to make the purchase.
4. Focusing on How Unready You Are
You're never going to be truly ready for a lot of things - being a parent, proposing, or running a small business. It's a challenge unlike anything you've ever faced before. Even if you've had other startups, each small business has its own unique trials and tribulations. Don't focus so much on how unready you feel. Focus on getting things done.
5. Constantly Comparing Yourself to Others
Comparisons to your contemporaries may give you a better idea of where you should be, but it can go too far. You can get obsessed over victories that you think should've been yours, but that's just entitlement. Your contemporaries took a different path from you and got there because they did the work. You must do the same. Always look forward, never to the side.
6. Thinking Things Will Work Out on Their Own
No small business has ever succeeded because the owner did nothing most of the time. Nothing will come to you if you don't work for it. The world owes you nothing and is full of people working all day and all night to get somewhere. If you want your startup to go places, you have to put feet to pavement and get things done.
7. Focusing on Perfection
There's nothing wrong with trying to be perfect. However, everything goes wrong when you settle for nothing less than perfection because things will never be perfect. Sometimes, the stars will align and it'll feel perfect, but something will always be wrong. Successful small business owners don't wait for things to be absolutely certain - they figure out what needs doing, and they get it done with what they've got.
Small businesses can be sturdy and resilient, but only if the one running them has what it takes to make them so. No business can survive unnecessary purchases or an owner that takes six months to get anything done because it has to be perfect. Change yourself and you can become a successful business owner.