Don’t let these 3 mistakes make or break your business
Have you ever thought about how challenging it is to run an online small business? It certainly requires more than just a good idea and a passion for what you do. You have to be wearing many hats throughout the day — visionary, strategist, leader, and the list goes on.
Many entrepreneurs make the mistake of assuming that if they work harder and put in longer hours, their business will succeed. Friends, let me tell you that this is just not true. You can have a successful business without running yourself to the brink of burnout, wondering when you will ever be able to come up for air. There are 3 specific mistakes that can make or break your business success. Do not panic, though. The good news is that you CAN avoid them. It’s all about awareness and not letting those messy corners of your business get out of control.
Mistake #1: Not Looking at Your Numbers
One of the most critical aspects of running a successful business is keeping track of your numbers. Obviously, your finances are a part of this, but that is not the whole picture. Numbers include data points relating to your marketing, your team and your finances. Not looking at your numbers is a common mistake that many entrepreneurs make, especially in the early stages of their business. It’s easy to get caught up in the day-to-day operations of your business and forget to take a step back and look at the bigger picture.
You need to know how much money is coming in and going out, what your profit margins are, and how much money you have available for expenses. You need to know which marketing efforts are bringing you the best ROI for your time and investment and how your team is performing. Leveraging your time, team and tactics is the way forward here. If you don't have a clear understanding of your numbers, it's impossible to make informed decisions about your business and use those to leverage what is already working.
If you are currently not looking at your numbers, I would encourage you to start small. Do not try to measure every metric under the sun in order to make informed decisions, as this will just make it overwhelming for you and muddy the waters. (If you are looking for a place to start, download my free brochure of 10 KPIs you can start measuring today.)
Mistake #2: Letting Your To-Do List Run You
I can probably guess correctly that you are extremely driven and passionate about your work. While this is positive on one hand, it can often lead to an endless to-do list, which can quickly become overwhelming and stop you from working efficiently. Are you nodding your head in agreement right now?
To avoid this mistake, it's important to prioritize your tasks and set realistic goals. Start by identifying the most important tasks that need to be completed each day and tackle those first. The most important tasks are those that will generate revenue for you. Block off some time at the beginning of your day to accomplish these tasks first. Then, work your way down the list. This helps you stay focused and avoid getting bogged down by less important tasks.
Remember, just because you have a to-do list a mile long, that does not mean YOU have to do all the tasks on this list. Review your list and identify tasks that are outside your area of expertise and likely can be completed by someone else more efficiently (without you having to pull your hair out as well!). Delegating tasks to your team will help you free up time to focus on the tasks that really do require your attention and only you can do.
Finally, it's important to take breaks and recharge your batteries. Many entrepreneurs fall into the trap of working long hours and neglecting their physical and mental health. Taking breaks helps you stay focused and productive and can also prevent burnout.
Mistake #3: Trying to Do It All
Do you believe that you are the only one who can handle every aspect of your business? Do you have trouble letting some things go? Trying to do it all is a common mistake that can quickly lead to burnout and a lack of productivity.
Open your mind to the fact that there are others in this world with different skill sets than you who can complement you and your strengths. Hiring a team who have strengths where your weaknesses are may be just what you need to help move your business forward. It's important to focus on your strengths and delegate tasks that are outside your zone of genius. For example, if you're a great salesperson but not particularly skilled at operations, consider hiring an operations expert to help you streamline and set up processes and systems to help your business run smoother on the backend.
The good news? You CAN fix all of these!
If any of the mistakes listed above sound a little too familiar and you feel stuck, I promise you can turn it around. Awareness is half the battle, but when you don’t know where to start it can be daunting. Reaching out for support designed to help you grow and scale your business while addressing some of the most pressing problems keeping you up at night is the next best step for you. Together, we’ll unpack the problem, find a solution, and establish next steps.
