Entrepreneurs are known for their drive and vision, but sometimes make poor business decisions that may harm their businesses.
Here are my top 5 reasons why:
1️⃣ Overthinking: Analysis paralysis can lead to missed opportunities. Getting out of your own way may be the wisest thing you ever did.
2️⃣ Waiting for perfection: Delaying decisions until everything is perfect can result in procrastination and stagnation. Just take the first step, that is all that is needed right now.
3️⃣ Making decisions when stressed or anxious. When do we get the vast majority of our best ideas? Normally when we are calm and distracted. Driving, in the shower, or taking a walk. You already have the answers, it’s just letting them come to the surface that can be tricky.
4️⃣ Focusing too much on the money: This creates a sense of ‘lack’ and desperation. If you are in a service industry this can often lead to cash flow issues. Becoming a trusted advisor and being helpful can reap real rewards if done right.
5️⃣ Focusing too much on ourselves and not the customer. What problems do your customers have? Solve those with great service and a value offer.
My number 1 rule is, don’t make important decisions when you are in a heighten emotional state.
As author of The Overwhelmed Manager, and a Business Coach, I can often spot these tell tell signs. They can be an easy fix.
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