This week, Forbes featured an article highlighting 15 Decisions That Could Ruin Your Business. Some of the mistakes were more obvious, like being lazy, unethical or ignoring feedback from customers; but other behaviors on the list are probably things many Colorado business owners do every day without realizing that they could be negatively affecting their businesses.
Take a look for yourself at a few of the behaviors that made the list and see if you might have some changes to consider:
Expanding too fast. Forbes suggested that growing your business too quickly before you have the necessary skill set, capital and management in place for success can be a recipe for disaster and leave you in over your head.
Failing to treat building stress. Stress isn’t just bad for your mental and physical health, it can also be bad for your business by affecting your judgment and causing you to implement bad decisions. Forbes said this is why stress management should be a priority for all business owners.
Insisting on doing everything yourself. Forbes pointed out that since your business is “your baby” you might be trying to do everything yourself from the accounting to the contracting to the marketing. However, it’s important to delegate tasks to fully capable individuals so that you can focus on more meaningful work.
Are you a business owner who is making any of these mistakes and potentially putting your business at risk? If so, you might want to create a plan for change. Talking with an experienced business lawyer can also help prevent you from committing a costly error.