There are many things you can get away with doing in your business but these 5 things I would mention in this article, you should avoid them like a plague.
Fortunately for us, the Creator designed life such that are only a few actions that we can take that can lead to irreversible domination. Most things can be reversed or at least corrected or made up for. Likewise in business, there are so many things we can do and get away with but in my experience, the five things highlighted here can cause entrepreneurs to lose their business altogether. I encourage you to avoid them like a plague.
1. Running out of cash:
Like blood is to the human body, so is cash to the business. Anyone who drains blood faster than their body can reproduce more blood is dead already, it's just a matter of time.
So you need to get your planning and forecasting game right. Hire an accountant if necessary but never, ever run out of cash.
2. Making decisions without reports or sufficient data.
Have you ever come across entrepreneurs who tell you things like, 'Look, I know my business inside out, nobody can do anything to surprise me? I have met such entrepreneurs and 9 out of 10 times, they never see the inevitable crash that happens to their business. The reality is that if you don't have data or facts backing your decisions, you're guessing at best. The problem with guessing is no one guesses right all the time forever.
While you shouldn't make decisions without data, you also shouldn't be in a place where you're not making a decision. Analysis paralysis is being overwhelmed by too much information, it paralyses your ability to make a decision. Many entrepreneurs will tell you that it's better to make the wrong decision than to not decide at all. This may not be true in all cases but it bears the point.
4. Not addressing the proverbial 'Elephant In The Room'.
Dear Entrepreneur, if there is an issue bothering your team and you refuse to address it, you're going to create anarchy within the organization simply because people love things to make sense even if it's wrong. That a story makes sense is more important to people than if it's right. If your people are unhappy about their salary, address it. Don't allow gist to fester. It's a virus that may be impossible to clean afterwards.
5. Keeping wrong or ineffective leaders.
In one of Jim Collins' classic books, Good to Great, he talked about how the leader is responsible for keeping the right people in the right places within the organization. Too many people keep people because no one else will do it or this is who we can afford. Look, I get it. The problem isn't that you have them but that you keep them.
Before you buy a new Ferrari, hire better people in key positions. Don't tell me you can't afford better people when you're buying champagne in the club every Friday night.
Photo Credit: Google, Getty Images.
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