COMMON MISTAKES IN BUISNESS
- 17 Nov, 2023
- 242 views
COMMON MISTAKES BUSINESS OWNERS MAKE
Business owners would sure like to read this and see if it's true or not! Lol.
Don't worry, there is a long list of mistakes "we" business owners make. The frequency of occurrence and / or the multiplier's effect may be different. But if we think deep and retrospect, then we will find out that some of the things I would say here are there.
Some of the common mistakes, from my 50 most recent interactions with CEOs include:
1. Lack of personal care. We work so hard and ensure that everyone and everything is okay and in order except us! Check: some of the cars of our CEOs are in better conditions than their owners, health wise.
2. We live in the illusion that "without me" it can't go well. We either refuse to teach or even delegate some jobs because of trade secrets. Some can't even send a representative for an important appointment they cant keep because of what they insinuate as "brand dilution". This is more commonly seen in churche settings where the pastor or general overseer must take all messages for the 5 or 6 services even in the face of obvious exhaustion.
3. Absence of a clear succession plan. Many business owners do not realise that this is important from day one of conceptualising the business. They either don't think of it or erroneously believe that they still have time. Succession planning is not saying that you are dying or transferring your rights of control, it is simply being deliberate in creating options for continuity when sudden needs arise.
4. Most business owners hire just to fix a problem; not to become a solution to the business. Now, if you think deep, you will know that there is a difference. But I can help if you would reach out.
5. Many business owners do not hold business review sessions to appraise performance and provide direction. They are navigated by the plans of others and respond to market behavior as the need arises.
Like I said, there are many more.....but I hope this helped?
As a Business Consultant and heading one of the leading consulting firms in Nigeria, Excel & Grace Consulting, we have become very deliberate in building the capacities of clients. We can and would love to connect with you anytime.
My name is Dr Festus Odigie-Erewele, and I am worth listening to.
- Dr Festus Odigie Erewele
- Oganisation Name:
- Excel&grace conglomerate