Every true entrepreneur wants his or her business to succeed, but unfortunately, a huge percentage of business owners fail within the first two years. Now that we’re into 2019, it’s important to know how to keep your business thriving for yet another year.
You could have the best idea for a new business and have a great team of employees willing to work hard to help your dream become a reality, but none of that means anything if you have poor leadership and execution skills.
If you want your business to succeed this year and all the years to come, here are four bad habits you need to break:
1. Failure to delegate
This was a lesson I had to learn the hard way. The first time I worked over people, I struggled to delegate. I felt that since I was the leader, I should have been able to handle everything on my own. Then, of course, things started to fail. Even my relationship with my employees was weak.
If you want your business to succeed, share your responsibilities with your team. They deserve more trust, and you deserve a bit of a breather. Being a good leader doesn’t mean being able to handle everything, it means leading a team to a better tomorrow.
So maybe you’ve decided to share a bit of your to-do list with your team, but that doesn’t necessarily mean you’ve done it well. Letting go of your responsibilities can be difficult – like the first time a mother leaves her child with a babysitter – and oftentimes, business owners find themselves micromanaging their employees.
It demonstrates mistrust in your team and breeds resentment. Give your team the chance to learn and work together with a healthy work relationship.
3. Never taking a break
It’s all too easy for entrepreneurs to become workaholics, and that’s understandable – their business is their baby! But so many entrepreneurs fail within the first two years because they burn out too quickly. Working too hard can damage outside relationships with loved ones and easily lead you to resent your business for taking your life away.
Take a break from time to time. And when you do, genuinely take time from work – silence your phone, turn off the Wi-Fi, and commit to spend time doing whatever rejuvenates you.
4. Playing it safe
Playing it too safe can result in a stagnant business. Successful businesses take risks and jump forward every chance they get. Does that result in falling down sometimes? Absolutely. But falling and rising over and over again is so much better than not moving anywhere. Besides, what fun is life if you never do things that scare you?
Individually, these habits might not be too harmful to the overall success of a business. But all of these combined can be devastating if you can’t kill the habits. Focus on your leadership skills, and you’ll be surprised at how much the rest falls together.
by: Emily Brady
Emily Brady is a content writer for AFEUSA. Her education in Communication Sciences with an emphasis in journalism from Brigham Young University makes her a great fit for AFEUSA. Emily enjoys writing and often works as a freelance writer in her free time.