Business owners often develop a number of habits as a result of how they run their businesses.
Some of these habits are good, helping them to drive the company forward and ensure that everything keeps running smoothly. Other habits aren’t so good, however, and can actually start to hinder the growth of a company over time.
Unfortunately, it is sometimes difficult to tell the difference between the two types of habits. Some bad habits can actually result in short-term gains, which is part of the reason that they become so common. To prevent your bad business habits from dragging your company down, it’s important that you learn to recognize them so that you can take steps to correct them.
Here are some of the bad business habits that you might have without even realizing it:
Excessive Worrying About the Company
It’s only natural to worry about the wellbeing of your company.
Even when things are going well, there’s always something that could go wrong and derail your normal workflow. There’s a difference between keeping your company’s success in your thoughts and obsessing over it. The more you worry about the company, the harder it will be to differentiate the normal ups and downs of business from actual signs of problems.
A Drive to Perfection
This is a problem that a lot of business leaders have: They’re too focused on achieving perfection to allow for the perfectly normal imperfections that we all have.
Such a single-minded approach can lead to the people in charge failing to recognize the achievements of their employees, resulting in dissatisfied employees who deserve to be recognized for their accomplishments. If you’re too focused on trying to make everything perfect you can also set goals too high, setting yourself (and your employees) up for disappointment.
Pouring Too Many Resources into Lost Causes
Not every cause is a good one, even if they seem so at first.
It might be a marketing campaign, a product launch or even an employee that you think deserves just one more chance to turn things around. Regardless of what it is, many business owners find themselves pouring too much time, money or other resources into trying to make a bad situation work out for the best. Sometimes you just have to cut your losses and move on because holding on is just going to take resources away from other things that deserve them more.
Focusing on the Little Things
Many employees appreciate a boss who’s not afraid to step up and take care of things when the need arises.
This can be an admirable quality in an employer, and it also helps you get a better understanding of the day-to-day operation of your business. It can even save on labor costs, especially if you regularly schedule yourself in an hourly shift or have certain tasks that you take on for yourself.
There’s a difference between stepping in and doing some work and trying to do (or at least control) all of the work, though. As a business owner, you’ve got a lot on your plate… and if you feel the need to be involved in every single step of the process, you’re going to take on way too much and wind up with employees who feel they’re being micromanaged.
Dwelling on the Past
It’s important to learn from both past successes and past failures. You can take the positives and use them to improve your business in the future, and those negatives will show you what not to do the next time you’re in a similar situation.
It’s not good for you or your business if you’re too obsessed with the past, though. Not only does it prevent you from truly learning from the past and applying what you’ve learned to the present, but it can also make your business less adaptable in the future. Dwelling too much on the past leads to a “it’s the way we’ve always done it” mentality that can hamstring your business in the face of new and more adaptive competition.
This is another bad habit that a lot of business leaders share: Focusing too much on your business and not enough on yourself.
If you don’t take care of yourself, you may force yourself into early retirement because of damage to your mental and physical health. This stress is especially problematic if you’re heavily involved in the operations of your business, because if you go out of commission then your company will be missing one of its greatest assets.