It’s no secret that being a business owner can be a challenge. Knowing how to spot and fix problems is likely to be one of your greatest strengths. However, there could be flaws in your approach that you haven’t even recognised. In this post, we look at three common business blindspots you might have and what you can do to see past them.
1. Need for total control
While you may have once been able to single-handedly get things done, as your company grows, it becomes increasingly difficult to keep a firm hold on every part of your organisation. Even though you might think you’re simply being a perfectionist, your need to have control over everything could be bad news for your business. You could lose focus on what really matters. Instead, it pays to take a step back. As Cobra Group chairman and founder Chris Niarchos points out on his blog, delegating tasks frees up more of your time on strategic planning.
When it comes to nurturing your business to success, confidence is key. However, having too much of the stuff could have an adverse effect. Being too presumptuous could lead you to underestimate the complexity of a certain situation, and as a result, you could overcommit your resources. To avoid this pitfall, make sure you don’t go all in straight away. When an opportunity arises, suss out the situation and be suitably cautious before you take action.
3. Too much focus on profitability
As a business owner, it’s likely that making money is one of your primary objectives. However, there’s a fine line between making a sufficient profit and letting it become your sole focus, with the latter becoming a much bigger problem than you might realise. In certain circumstances, putting your profit first could be unfair on your employees, as they may end up feeling pressured to meet potentially unattainable targets. In addition, your relationships with your customers may start to dwindle if the focus becomes more about making money than providing them with the experience they deserve. While generating a profit is vital, it’s important that you don’t lose sight of the significance of treating employees and customers well too. The truth is, there’s no perfect way to run a business, but as long as you make sure you don’t fall victim to these blindspots, you stand a good chance of achieving success now and in the future.
Have you had any experience in growing a business? What are your best tips? Let us know in the comments!
This is a collaborative post.