Nobody gets into business hoping to fail. You want to excel and be successful in it. As nature would have it, no one is perfect and everyone has some bad habits which they carry into their business. In order to be successful, take a look at the following bad habits to drop.
1. Over comparison
Competition keeps any business person on their toes. It should make one strive to be consistent and provide better quality every time. Unfortunately, sometimes a person becomes obsessed with their competition, always comparing themselves with others. What over comparison does is that it hinders creativity and growth. You may end up adopting practices and values that won’t work for you. Focus on your own path.
2. Focusing on results rather than the process
The journey to creating a successful business is riddled with setbacks. Being overly result-oriented is one of the bad habits to drop to be successful. A lot of people stay focused on how much money they are making, instead of looking at the proces
s and what it involves to make that money. A landlord for example, may pay little or no attention to the condition of housing he provides to his tenants, but instead be very harsh when a tenant fails to pay their rent on time, irregardless of whether the paint has faded, there’s a leaking roof, there’s no water and so on. Such a landlord cannot keep tenants for long and will actually lose money.
3. Self Doubt
Lack of trust in one’s abilities can bring a business down. If you have the habit of looking around you and feeling inadequate for what you haven’t accomplishes, stop it.
This will drag you back farther. Believe in yourself, challenge yourself always and you will grow. If you’re not sure why you’re even investing in a venture, go back to the drawing board. Do it only if you have a passion for it. This way, you’re sure of yourself and will get better each day.
Without a proper financial plan, overspending is a mistake sure to be made. A budget is absolutely necessary when operating a business. If you have to spend more than was budgeted for, make sure the returns are guaranteed. Always find ways of cutting operational costs.
Overspending without a surplus source for financial resources may result in overborrowing. If you overborrow but are not making enough to pay back, you will constantly be in debt and you will never grow.
Lack of a business plan can contribute to procrastination, if you’re not lazy. This can kill a business because as you postpone your plans, someone else is doing it. Procrastination leads to inconsistency. Inconsistency disappoints customers who will find another person to satisfy their needs.
7. Negative reaction to criticism
Dealing with customers and/or potential customers is never easy. Don’t forget that in business, the customer is always right. Pay attention to what is criticized about your business, be it your products, marketing strategy or way of delivery. Aim to please. A caterer for example cannot maintain the same cooking methods if customers have previously complained about the food. To keep his business running, he must change his methods to keep consumers happy.
The comfort zone is probably the most dangerous place a person can reside in. Being too comfortable with your achievements hinders progress as it doesn’t allow for creativity. If you manage to meet set targets, set higher targets for next time. Aim to be better each time.