<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=290086984736480&amp;ev=PageView&amp;noscript=1">
word-map-thumb

The Alternative Board Blog

Breaking Small Business Bad Habits

Jul. 16, 2013 | Posted by The Alternative Board Worldwide
One Word for Confused Strategy

"A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them," says John C. Maxwell, a well-known author of several New York Times best selling books on leadership.

When you dedicate yourself to building a small business from the ground up, you expect some ups and downs, especially during the startup phase. Even the most innovative spirit and creative products cannot protect your business from management failure. External factors like limited cash and financing roadblocks can play a significant role for a new business, but internal factors — namely poor habits — often derail the entrepreneurial dream.

Small business experts advise owners to examine their personal management style and operating behavior for clues to overcome failure to thrive syndrome.

Delegation Dilemma

According to serial entrepreneur Jeet Banerjee, failure to delegate limits your growth potential. It is impossible to do everything successfully unless you are planning to stay small and serve a handful of customers.

Find an employee you can trust to assume responsibility for some aspects of management. You can still review production progress, customer service responses and sales figures and step in when you find something that seems out of line with your business plan.

Failing to Plan for Emergencies

Reinvesting revenues to grow your business should be part of financial goals; however, establishing an emergency fund is essential to sustaining financial health. Natural disasters, fire or personal illness can all derail your business plan. Without a rainy-day-fund to cover your expenses during recovery, your business could fail.

Consult your accounting to determine the best amount to set aside. Business credit cards are one option to respond to sudden cash flow issues caused by emergencies.

Want additional insight? Download Hiring a Business Coach for Your Small Business now 

DOWNLOAD

Ignoring Employee Retention Rates

Low employee retention rates are a signal of bigger problems. Low morale, inconsistent leadership styles, faulty training and many other factors sabotage team building within any organization. Cross training employees is one way to mitigate rapid turnover rates until you can establish a better program that ensures employees are fully trained to perform their jobs with confidence.

Seattle business owner Nathan Kaiser told the National Federation of Small Business, failure to focus on team building is a failure to focus on growing your business.

Multitasking Errors

According to TW Walker, author of "Superhero Success" (Breakthrough Media Network, 2012), wasting time on social media sites and continually checking email take valuable time away from focusing on business activities. Rather than monitoring online communication throughout the day, Walker suggests scheduling social networking time and limiting email review to two or three times per day to increase your efficiency.

Running a business is both challenging and exhilarating for most entrepreneurs. If your business isn’t growing at the rate you think it should be, take a look at your management style and operating behavior. Making some minor adjustments by replacing bad habits with good ones can turn sabotage into success.

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by The Alternative Board Worldwide

Related posts

Keep Your Team Productive and Motivated in Our Uncertain Times
Feb. 14, 2019 | Posted by The Alternative Board Worldwide
There’s a great deal of uncertainty in the world today, some of which directly (or indirectly) affects the businesses you lead. Political, financial, cultural and religious upheavals generate what...
5 Tips on Reducing Workplace Distractions
Feb. 12, 2019 | Posted by The Alternative Board Worldwide
These days, employees are faced with an unprecedented onslaught of workplace distractions, chief among them all the apps and digital sideshows that now pervade everyone’s consciousness. No wonder...
How Does Branding Help Your Marketing Efforts?
Feb. 7, 2019 | Posted by The Alternative Board Worldwide
Everyone used to know what “branding” meant—a logo, name, catchphrase, or some mixture of these and other graphic design elements to promote a business. In the twenty-first century, the concept of...
Leadership Part II: Why be a Boss when you can be a Leader?
Feb. 6, 2019 | Posted by Phil Spensieri, TAB York Region
In my past 30 years of business I have met thousands of business owners and while all of them have been the ‘boss’, not all of them have been leaders. How to be a better leader is a topic that comes...
5 Tips on Improving Your Company’s Sales Process
Feb. 5, 2019 | Posted by The Alternative Board Worldwide
For just about every business, one principle is tantamount: every sale counts. A company’s sales process should be streamlined, well-structured, transparent and efficient. When one or more of those...
A Quick Guide to Hiring a High Performing Sales Team
Jan. 29, 2019 | Posted by The Alternative Board Worldwide
A quality salesperson is vital to sales team success This individual is responsible for generating leads and closing sales, which translates into revenue-generating activities for your organization....
5 Common Recruiting Mistakes and How to Avoid Them
Jan. 24, 2019 | Posted by The Alternative Board Worldwide
You don’t need us to tell you—the goal of hiring talented, qualified job candidates is now a lot harder to achieve than it once was. Businesses are pursuing a wide range of strategies in order to...
Management Skills Part 1: Transitioning from Employee to Manager
Jan. 22, 2019 | Posted by Phil Spensieri, TAB York Region
In my work with business owners, many of them have expressed a desire to transition a certain employee to a more senior role at their company. However, this promotion sometimes doesn’t happen because...
Leadership Tips in a Time of Rapid Business Growth
Jan. 22, 2019 | Posted by The Alternative Board Worldwide
Solid leadership is critical during every phase of a company’s evolution. This is probably most important during a time when a business undergoes a period of rapid growth. According to serial...
A Guide to Securing a Small Business Loan
Jan. 15, 2019 | Posted by The Alternative Board Worldwide
Start-ups and companies in early growth stages often need an infusion of cash to keep their businesses afloat. It’s also true that more established firms can benefit from a short-term loan in order...