The task of owning and operating your own business can be an uphill battle at times. There's the cash flow factor, competitors you have to worry about, managing your personnel effectively. Challenges can certainly creep up on you, which means the last thing you want to be doing is adding to those challenges. Many small business owners, however, do things or act in certain ways and consequently come to sabotage themselves. The three pitfalls below are not uncommon; it's a matter of being aware of them and consciously taking steps to avoid self-sabotage.
1. The fear of change.
Just as with anything else, businesses change. Especially in the digitally driven world in which we live, things change at hyper speed. Your company has to be able to keep up. Getting stuck in one mindset or always playing it safe, isn't going to benefit you in the long run. It really is all about adopting an attitude that embraces change and doesn't run from it.
2. You set too many limits.
Many business owners do in fact get anxious over certain things. That's normal. However, if you let this anxiety and your overall nervousness limit what you can and should be doing for your company, then that is self-sabotage. Not to mention, entrepreneurs often find themselves in the position of questioning their worthiness, the "am I good enough" problem. This again is only going to hinder your forward momentum.
3. Wearing too many hats.
Yes, your business is your baby and as such, you tend to think that only you are capable of performing all tasks as they need to be performed. All this mentality is going to do though is spread you too thin and ultimately burn you out. In fact, not delegating and failing to let the members of your team do their part will inevitably cripple the company in the end.
First Union Lending is in the business of helping small companies thrive and grow. With a number of lending programs, we can certainly do the same for you. Call today!