Business Mistakes that are costing you a fortune
Are you a businessman who after seeing his profit loss statement realizes that the numbers aren’t really what you hoped for? There are probably many reasons for that and quite a few are explained in this article.
#Mistake 1: Excuses about no time: If you find yourself engaged in much non-productive work, you must reorganize your calendar and how you deal with things. Investing time in low-quality work will limit you and your brain to execute the tasks that matter. Ultimately you end up avoiding the task altogether by giving the excuse of having no time.
#Mistake 2: Workaholism: If you or your company have an employee that stays late in the office, then it might be a problem for you. This workaholism culture negatively impacts the environment. People who work late show that they are doing work, but it only means they are working late. Staying late is not a metric to judge or reward any individual. Instead, it shows that the person is incompetent to perform the designated task within a given time frame.
#Mistake 3: Using products and services you do not need: If you are using services or products of little help or you plan to use them in future stages, you must immediately disconnect them. Spending money now on things required in the future is not a good idea.
#Mistake 4: Waiting to perfect the product: Waiting for your product to get perfect takes time and, spending too much time on it is not wise. Instead, launch the product if it performs the tasks it is intended for and, modify it as you go.
#Mistake 5: Giving up too much equity: If you are looking for outside investment for your business, it is probably not among the best ideas unless you are confident. Giving up your equity means giving up the profits that you might require to reinvest in your business.
#Mistake 6: Meetings: Meetings are the worst. What is the point in attending numerous meetings daily instead of working on the business? Meetings take time and, it is one of the primary business mistakes that harm.
#Mistake 7: Motive to sell the company: If you are building a company, only to sell it in the future. You might want to rethink it. This approach costs the business a fortune. Using this method, you will not be able to give your best efforts and build the best of the company.
#Mistake 8: Fake display: Many companies advertise all those things that they are not. They tend to show all the glamour and fancy things about their companies. This ideology affects your company as you need to maintain this fake persona of yours. This occupies your time as well as money.
#Mistake 9: Piling up work: If you are among those companies that prefer to pile up work due to lack of time, you should clear your calendar and reorganize your activities. This business mistake causes excess burden and does not leave enough room to move from one task to another with a clear head.
#Mistake 10: Long lists of tasks: If you plan too much and make a long list of a to-do list. Stop doing it. The long lists only collect dust. Instead of making a list of 100 tasks, make a 10-micro-list of 10-tasks each. It will give you more motivation and boost the momentum.
#Mistake 11: Documentation: Getting trap in documentation is very harmful. Spending time on documentation and waiting for it to finish, delays your project to a large extent. Try to minimize it. That does not mean avoiding it altogether. Understand the urgency of your project and if the time is not on your side, finish the documentation afterward.
#Mistake 12: Interruption: Constantly getting interrupted between any assignment breaks your workflow decreasing your productivity. If any sort of environment exists within your office that tends to break the attention of your employees, remove it. This business mistake is among the primary candidate responsible for lowering your company’s productivity.
These ideas are adapted from the book REWORK by Fried & Hansson.
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