Last week, we took a look at Gene Marks’s article for The Hartford, wherein he explained many of the common pitfalls that small-business owners fall into. This week, let’s take a deeper look at a few more critical mistakes you should avoid.
Don’t Overwork Yourself
Marks admits that “running a business takes a lot of time, especially when you’re just starting.” Even so, you have to remember how devastating burnout can be. If you burn the candle at both ends for too long, you might just well kill your passion for your business, which will result in nothing but disaster. Consider the places you’ve visited as a customer where it seemed like the management was letting everything slide, cutting every corner and displaying a general disinterest in customer satisfaction. You didn’t like shopping or dining there, right? Don’t let your drive to make sure everything is done right kill your drive altogether.
Marks continues, “The smartest business owners I know make it a point to take vacations. They relax on Fridays during the summer or take a few weeks on an island in cold weather.” You won’t be completely out of contact, of course, but you’ll give yourself time to recharge the batteries and return with a renewed sense of vigor and inspiration.
Don’t Stop Learning
One of the best ways to spend your vacation is by taking the opportunity to learn while you’re out of the office. As Marks explains, “Vacation is important, but learning is even more important. That’s why many successful leaders I know oftentimes combine both.” Whether that means you attend seminars, log into webinars, read books, listen to podcasts, or whatever else, remember that “[i]gnoring education will pave a quick road to decline.” Definitely take the time to improve as a leader and as a person.
This also sets a great precedent. Many managers wish their employees would continue to learn and grow so that they can improve at their jobs and take on new responsibilities. Your own self-improvement journey can serve as an important example for others to follow.
Don’t Ignore the Competition
With all of the minutiae of running your business, it’s easy to lose sight of the big picture of your local industry. You know there are several competitors out there, but perhaps you haven’t taken the time to really analyze them. Conversely, perhaps you find yourself obsessing over them, reacting to every change they make rather than making your own decisions. Both extremes are unhealthy.
“Of course, you should keep an eye on your competitors,” Marks says. “Once in a while, check out their website, visit their store, look at what they’re doing. But then move on and focus on doing what you’re doing.” Studying the competition gives you the opportunity to learn what they do well and what they don’t—learning from both their successes and failures. Just don’t get bogged down.
Wrap-up
When it comes to finding the time to take a breather, you need to know you have employees you can trust to keep the ship afloat while you’re gone, ones you’ve made sure are well tested and trained. When it comes to your own development, or the development of your managers, you need great educational resources, like leadership courses or seminars. And when it comes to keeping an eye on the competition, it’s best to have someone with independent eyes compare and contrast your business and theirs to give you fair, actionable feedback.
The Brandt Group can help you with all of these. Whether you need a training resource or a partner to evaluate your employees’ sales and service skills, we’re here for you. We can also help gather competitive intelligence as well, freeing you up to concentrate on your own business and not get mired in the details.
Don’t overwork yourself trying to do everything. Avoid burnout! The Brandt Group can be your partner in avoiding the common mistakes many small-business owners make. Let’s get started today!
