5 Habits That Hold You Back from Success
If you asked most business owners what they wanted for their companies, it’s likely that the vast majority would say that they hoped to be successful. Success can take many forms. It can mean turning a profit in the first year, expanding to new markets or getting the attention of a new customer base. Whatever your definition of success is, it’s very likely that one or more habits are keeping you from achieving it. Take a look at some of the more common bad habits that get in the way of success and see what you can do to break them.
You Focus on the Small Things
It’s very easy to let all the little details of running a business distract you from the bigger issues or projects you need to tackle. Meanwhile, those larger projects languish or never get completed. One way to get out of the habit of focusing on the tiny tasks is to sit down at the beginning of each day (or the end of the previous day) and make a list of the most important two or three things you need to do that day. Once you’ve made your list, choose the most important of the three and then make a list of what you can or need to do to get that project or task done.
If the smaller matters of the day, such as replying to email messages or voicemails, tend to distract you, don’t feel that you need to ignore them completely. Instead, set up specific times to handle those issues. For example, you can check and respond to emails right before lunch or in the half hour before you leave work for the day.
You Don’t Delegate
Even though you might own the business, that doesn’t mean you need to make every project or every task that relates to the business your responsibility. There are probably a number of things that you can ask another person to do, freeing up your time and attention for the things that matter most. For example, you can have an assistant take care of the daily nitty gritty details, such as booking travel, ordering lunches or scheduling meetings. When it comes to larger, more complex projects, you might consider outsourcing to a professional, such as hiring a virtual chief financial officer to help manage the financial details or a web developer to put together and manage the day to day operation of your company’s website.
You Don’t Set Goals
If you don’t know what your goals are, how can you ever reach them? A key part of achieving success is knowing exactly what you’re working towards and how you’ll get there. One way to set goals is to focus on SMART goals, which are specific, measurable, achievable, results-focused and time-bound. When creating a goal, think about what you want to do, how you plan on doing it and why doing it matters to your company.
You also want to have some way to gauge the results of the goal. How will you know if you have reached it or not? It’s also important to make your goals realistic, or something your company can actually do and to focus on the results of the goal — what will achieving that goal accomplish? Finally, give yourself a deadline for completing the goal so that it doesn’t drag on and on.
You Worry About Being Perfect
The road to success is paved with mistakes. It’s a rare company that’s able to scale and grow without facing a few bumps along the way. Don’t focus on perfection. Instead, look at any mistakes your business makes as a chance to learn. What could you have done differently this time and what can you do better next time?
You Don’t Pay Attention to Money
Some businesses develop the mindset that money doesn’t matter. They’ll spend and spend, assuming that they will start turning a profit soon and that their money troubles will be over. While few people like hearing the word budget, having one and sticking to it can be the difference between having a successful business and having one that has to shut down due to bankruptcy.
You don’t need to be a financial expert to successfully run a business. New Direction Capital can help your business put together a financial roadmap that leads to success. To learn more about how our virtual CFO services can help your company, contact us today.
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