By: First Union
Are You Holding Your Business Back?
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Only U.S.-Based Businesses are Eligible
Am I holding my business back? What am I doing that is limiting my business from growing? Do I have the right mindset to help grow my business? What methods and beliefs can I implement to help launch my business in a positive direction? Is society's evolution holding back my business, or is it me?
It's a very simple question you need to ask yourself as a business owner: Are you holding your business back? Chances are, in one way, even in the smallest fashion, you could be. As a business owner or even department manager/head, when trying to grow your business or department, take a step back and look at how you operate. Think about what is considered right versus wrong, what is safe and what is not, and importantly, what traits, actions, and beliefs are going to work for the long haul.
Studies show that three prominent limiting beliefs hinder business growth:
1. If you want something done right, do it yourself.
As a business owner, you do not need to do everything yourself - in fact, you then are stretched out too thin and have less time to allocate to each project you're working on. Often, this may seem to surface from personal pride, but often, it truly comes from fear. Trust others with keeping your books, managing the people who run your business, the design and build of your website and/or software, and even work and travel schedule. Feeling as though you need to do every aspect of the job is holding not only your business but you back from growth and deeper levels of success. Another thing to keep in mind - you're not supposed to juggle every responsibility that exists within your business!
Consider reviewing what you are best at and genuinely require your attention, then hire, hire, hire! This will help you "buy back your time," so you can take the time to enjoy the fruits of your labor, and further your investment.
2. Working longer and harder hours will get me where I want to be and will result in higher earnings.
False! Of course, when you're starting your business, your entrepreneurial spirit must have a hustler's mindset. You once took on every client you could realistically handle, continued to accept opportunities that come your way, worked long and exhausting hours, and hit a point of stability. But when your business continues to grow, you need to expand your mindset.
Create standardized processes and make sure what you can do can be transferred to a new hire. Working long hours can only realistically last for so long - you most likely have responsibilities outside of your job. Work smart. Work efficiently. Take a few extra minutes on each project to document the process, so you can transfer responsibilities. Stay focused and you will not need to work harder to earn more - optimize your time!
3. I have to accomplish my first dream/goal before I move onto the next.
Once again, try again. Dreams and goals expand, they change, they evolve - because that's what society does. Seven years ago you could have started a business to utilize technology from that time - but the industry evolves and your practices need to change. Three years ago you could have started a business with the intent to take on government contracts as an accountant, but over time, you may have found that your clientele evolved into privately owned business people and that's what makes you happy. There's no shame in changing your path or even the overarching goal of your business. Listen to not only what your heart is telling you, but listen to the industry and what society calls for.
Let go of the life you planned and accept the one that is waiting for you. If you thought your life would be surrounded by copy presses and printing, you may find your business evolved into mass copying paper content and providing digital copies instead. Once again, no shame. Go with the flow. Grow. Evolve. Optimize.
Not to mention, the younger version of you did not know what you know now. Life has a way of changing all plans. Develop five and ten-year plans, but be ready to change your developments, based on business and worklife balance needs.
At the end of the day, most businesses that fall into hard times based on business owner reasons are often a result of stubbornness. Be better. Be reflective. Learn from not only from the people around you but through your own experiences. Your business can grow by opening up your mindset. Hire help. Take responsibilities off your plate. Accept that life changes everyone's dreams. Learn to grow with your business in our ever-evolving society. Work hard, but efficiently, and you will see fewer obstacles in your way of success.
Do You Want to Look at Your Financing Options?
If you find yourself needing to find funding for your business, First Union Lending is here to help.
We have nine different business loan types to choose from. This means that we're uniquely qualified to help you find the perfect loan to open your small business.
Applying for a business loan doesn't affect your credit. Better yet, your business loan may be approved as soon as the same day.
To discuss our business loans with one of our lending experts, click here or call 863-825-5626. We'll talk about our various business loans and help you find the right plan for your business.
Get started with the process now by learning more about our business loan types.