Mistakes are part of the learning process for a novice in any endeavor. The key is overcoming mistakes and adjusting to feedback as it is received. Here are four major missteps new business owners make and how you can avoid or correct them.
Poor Work-Life Balance
A new business can swallow up all of your time. It is important to be passionate about your business, but you have to dedicate proper time to rest and recovery. Just as a muscle has to rest to get stronger, you need time away from the business to recharge and return with fresh ideas and energy.
Don’t leave a healthy sleep routine to chance, or it will never happen. Put your bedtime in your schedule and stick to it. Set a time to silence all work notifications and only respond to calls and emails at designated moments, barring an actual emergency. Time for family, exercise, and hobbies should all be included on your calendar. Keep a journal to notate the difference between your energy and creativity when you live a balanced life versus burning the candle at both ends.
Too many business owners try to do it all or micromanage because they don’t trust others to handle their tasks. This breeds discontent among the staff and is not sustainable as the business grows. Help yourself and your team by clearly outlining what an assignment entails in written form. Set clear and achievable goals while allowing a worker to show some creativity in carrying it out. When you give this level of freedom to employees, you form the foundation for your organization to expand and thrive.
Not Networking Enough
Make it your aim to work on the business and not just in the business. Once you’ve hired employees to handle tasks, use the time you’ve gained to build strong relationships with others. Partnerships you create early in your journey often yield great benefits down the road. Associates will remember the support and value you provided and eagerly return the favor.
Not Building a Strong Culture
You must spell out the larger vision for your business. A mission statement can’t just be words on a page. You must model excellence for the company and make an effort only to hire individuals who contribute to the long-term aspirations you hold.
If you’ve made some of these errors, it is never too late to correct your path. You’ll spend a lot of time overcoming mistakes as a business leader. When you take the time to adjust, you move light years ahead in your progress.