Running a successful business takes a lot. Thriving businesses require a thorough knowledge of every aspect of the organization’s operations, from hiring practices, financial issues and marketing efforts to equipment installation and chemical management. According to the Huffington Post, small business owners often sabotage their businesses because of 10 things, five of which are covered here.
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- Lack of confidence. This is probably the simplest form of self-sabotage, notes the article. Owners should be confident in their products and services. Growth can be achieved when operators believe they can take on new markets and responsibilities.
- Too much ambition. “A business that attempts to change too rapidly, or expands too broadly, often ends up with less successful results than one which focuses its efforts and develops specific, realistic goals,” states the article. Don’t be overconfident. Know what your organization is capable of.
- “In-the-box” thinking. Growth can be accomplished with fresh, new ideas, reports the article. “Getting trapped in preconceptions about your business limits your ability to grow.”
- Failure to control costs. Implementing new ideas and taking advantage of new opportunities is exciting, shares the article. However, out-of-control costs can put a stop to your plans. Be mindful of costs associated with growth prospects.
- Undervaluing morale. Keeping workers’ morale high is a challenge for everyone. It “determines efficiency, efficacy, turnover and myriad other factors in your company's performance,” says the article. Even if keeping employees happy costs money, it will be worth it.
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