What are Your Business’ Biggest Handicaps?

No matter how big your business is, it will encounter problems. While issues like revenue and employee morale can stifle growth, those can usually be solved by a few simple tweaks. However, other issues, like the ones listed below, have the potential to handicap your business for years. Make sure you aren’t falling victim to these amateur mistakes.

Not Acknowledging Weaknesses

While we would all like to think that our company has zero flaws – from management style to inventory control – the truth is, every business has areas that could be improved on. Unfortunately, some companies prefer to gloss over their perceived weaknesses, highlighting their strengths and ignoring holes in their operations that could be costly. Instead of looking at your business through rose-colored glasses, use a critical eye to see things that need to be improved.

Not Embracing Technology

No one really uses a Rolodex anymore. The efficiency of a software program that can quickly call to attention important names, dates, and info is invaluable. This is just one example of how burgeoning technology can aid your business. If your company is stuck in the stone age, consider different software solutions to work around manufacturing and inventory as well as employing various IT services to help improve communication with clients and customers.

Inefficient Meetings

The average employee spends 35% of their working time in meetings, and 50% if you’re in upper management. The worst part? Almost all those hours are wasted by poorly run conversations that achieve very little. Amazon founder and CEO Jeff Bezos practices the “two-pizza rule” in order to make his meetings more productive: no meeting should have more attendees than two large pizzas can feed. Any more people than that, and you’ll have too many voices in the room.

 Veering Off Company Strategy

What is your company’s core value? What is its mission statement? What are you trying to change in the world? Answering these questions can be the difference between a company that achieves its goal and a company that gets involved in a lot but doesn’t grow. Developing a mission statement for your company can be difficult, but once you craft it, make sure your employees stick by it. Otherwise, you’ll waste resources on activities that won’t enrich your company.

Never Updating Strategy

The way your company ran when it was a three-person operation is much different when you have 20 employees, so adjust your company’s operating procedures accordingly. If you’re still acting like a small company, not only will you never grow, but you’ll waste an incredible amount of manpower on the most minute tasks. As your business grows, make sure your plans grow with it.

Make sure your business has a plan. Getting stuck in old methods or processes can severely impact your work and handicap your company.

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