Entrepreneurs are just like anyone else, including maintaining bad habits that can affect their business, personal health and family. With a new year already making its arrival, every business owner should consider removing any bad habit from their day-to-day lives, especially if they want to succeed.
Whether it’s micromanaging, leading a sedentary lifestyle or taking out a reverse mortgage on the home in order to finance an aspect of the business, entrepreneurs can be the victims of questionable decision-making. We all make mistakes, and that’s why they place erasers on the back of pencils.
Indeed, business owners are very stressed, particularly at the beginning of the venture because they want it to be an incredible success. Also, if employees have been added to the organization, then meeting a payroll, ensuring the company is viable for the next year and there is enough in the reserves for an emergency is another important element to take care of.
These responsibilities are part of the reason why not everyone can be an entrepreneur.
Unsure what you should change in your work-life? Here are seven bad habits that you should eliminate as the year goes by:
When a person owns a business, they can certainly put all of their eggs in that corporate basket. Instead of maintaining a nutritious and balanced diet, working out and getting enough sleep, an entrepreneur will instead focus on balance sheets, marketing schemes and customer service. One’s health is immensely important to the health of the business.
2015 Resolution: Work on your own health, too.
At first, if it’s a one-man operation, micromanaging and fulfilling the roles of accountant, marketer, human resources, customer service representative and other jobs is likely necessary. However, once there are a few other staff members added to the team then this multitasking behavior should be eliminated. Think about it, you’re simply wasting your money if you’re doing the job of a subordinate.
2015 Resolution: Do your own job and let others do theirs.
3. 24/7 Schedule
Working 24 hours a day and seven days a week is admirable, but it isn’t wise at all, especially for the business. Again, it may be necessary in the company’s infancy, but doing it 10 years down the line isn’t prudent. This type of schedule can only hurt the business because it’s possible you’re making mistakes daily without thinking them through. Not to mention your health is in jeopardy.
2015 Resolution: Take at least one day off during the week to do whatever you want.
4. Relying on Friends
You have a friend who is a marketing genius, while you know somebody else who can take care of the financial books. Unfortunately, you’ve depended on them too much, and they’ve been so relaxed that it results in nothing is getting done. This is the problem with hiring friends and family: both parties take things for granted and the business fails.
2015 Resolution: Hire an employee outside of your inner circle.
5. Avoiding the Trends
After a few years in business and three percent growth in profits each year, you’re pretty comfortable with it and you’re proud of what you’ve accomplished. Due to this modest growth, you’ve decided to incorporate measures that have worked in the past without taking into consideration the current and future trends. From mobile marketing to catering to millennials, it’s crucial to adopt the aspects of today.
2015 Resolution: Research what other businesses are doing and slowly adopt these practices.
6. Taking the Money
After you have paid your staff, covered the business expenses and extended the office lease for yourself, you have 20 percent of profits all to yourself. However, you’ve decided to maintain the status quo and keep all that money for you and your family. This isn’t the correct way to do business because leftover money should always be reinvested into the business to help it grow.
2015 Resolution: Reinvest in the business with a certain percentage of earnings.
7. Personal Finances
On the other hand, if your business isn’t successful and it continues to bleed money, you’ve decided to cash out certain retirement investment accounts, the child’s education fund and personal savings in order to cover short-term business costs. This isn’t wise either because it places you and your family at tremendous risk if the enterprise should falter. Always separate your business finances from your personal finances.
2015 Resolution: Leave your family’s money alone if the business is in trouble.
Entrepreneurs should certainly be celebrated because of their hard work, determination and self-reliance. Also by the fact that small businesses are the backbone of so many countries and their economies. Of course, they are human and share many of the attributes that everyone else has. Business owners also have to install common sense into their business model because without it the company faces the possibility of bankruptcy.