Just because you might be the best accountant, plumber, or chef in town doesn’t necessarily mean that you have all the skills you need to open a business. In fact, leadership itself is a skill – a set of behaviors that can be learned and improved upon. Since we can learn as much from mistakes as we can from successes, here are a few leadership pitfalls you should try to avoid:
DFW Accountants: What Small Business Mistakes Can Teach Us
1. Trying to do everything by yourself. As the leader of your company, you steer the ship. That means you can’t also be shoveling the coal, repairing the engines and cooking the meals for the folks aboard. You’re in charge, and you’re responsible for the big picture. You gotta delegate. If you’re running around dealing with trivial details, you’re not steering the ship. Make sure you’re focused on growing your business and let your employees do the rest.
2. Talking more than you listen. Communication has to go both ways in order to be effective. If you’re always handing out directives without ever taking the time to listen to your staff, you’re missing out on huge opportunities to learn. Your staff is often face-to-face with customers, which means they may have valuable insight into ways you can better serve those customers. In fact, your staff may be full of great ideas about everything from improving efficiency to boosting profit. Listen to your employees at least as much as you talk to them.
3. Trying to control everything. Take a deep breath and realize that you simply can’t control every event and detail. Until you give up the fantasy that it’s possible to micromanage the world, you’re moving ever closer to an inevitable burnout. Mistakes will be made. Things won’t always go according to plan. Accept it, and you’ll not only be a more effective leader, but you’ll also be much happier.
4. Fearing your staff will eclipse you. Since you have to delegate, you have to hire people. And if you’re going to hire people, you should hire the best. It sounds logical, but some entrepreneurs shied away from hiring amazing people because they were insecure. They worried that those employees would get all the praise and glory. Here’s a secret: hire the best people and lavish them with honest praise. Who cares if people realize you have an amazing staff? That staff is what puts money in the bank. Serving your customers should be your priority, and you’ll serve them best (and make more money) if you hire talented people.
5. Failing to prioritize profit. There’s nothing wrong with making money. In fact, if your business isn’t profitable, you won’t be able to continue to pay the employees who depend on you. You won’t be able to offer stellar service to your customers if you go out of business. You owe it to yourself, your employees, and your clients to make profit a priority. Profit must come first, otherwise your company won’t be successful.
Call Williams & Kunkel CPA today in Flower Mound at 972-446-1040 to have a chat and find out how you can grow your business.
Source: Small Biz Trends