In 2014, StatisticBrain released the list of leading business management mistakes among business owners; mistakes so big that they often caused the business to fail entirely. We want to combat these type of mistakes; we know that management is tough, but we are here to give those taking the plunge every chance at success. Take a look at the most common mistakes in management, and how to avoid them.
1. Going into business for the wrong reasons
This is the foremost management mistake made by those that found their own companies, and it can come back and bite them further down the line. Many people start their own business because they believe they’ll be able to work less hours, they’ll earn more money and they’ll have no boss. The demands of management often mean working many more hours and earning less money, unless you really do hit the big time. The only thing worse than having a boss is being the boss, and being solely responsible for everything that goes wrong within a company. If you’re going into business for the above reasons, reconsider your options.
2. Advice from family and friends
They are incredibly well-meaning and they only want to see you succeed, but taking advice on business matters from family and friends can quickly be a recipe for disaster. Maybe your uncle did a booming trade one summer selling things on eBay, or perhaps your sister has managed a café for a few weekends while her boss was away and think they are qualified to give you advice on how to run your own business. Unless they are a bona fide expert, politely decline their tips. The only people you should be taking tips from are business experts, mentors and coaches that offer an impartial eye and advice stemming from years of experience.
From the outside looking in, it may seem that managers are incredibly proud people, surveying the business they have created from the ground up and doing it all their own way. In reality, the most successful managers are the ones that are always seeking to improve, in personal terms and in professional terms. Having too much pride is a managerial sin, whereas knowing when you need to ask for help and advice from the experts is a valued quality among the business elite.
ABP offers a range of ways to support management in business; all targeted to get your business growth strategy aligned and your business more successful than ever before – this includes our hands-on management consultancy service. See what others have had to say about it here and get in touch today.