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Common Weaknesses Many Entrepreneurs Ignore

Common Weaknesses Many Entrepreneurs Ignore

We’re not all perfect. And it is impossible to be the best at everything you try to do. Even if you run your own successful business, you will find that there you have some weaknesses in a few aspects of your job. But you shouldn’t follow the example that some business leaders make, which is to ignore all their weaknesses. If you just ignore them, things will never get better, and you won’t improve as an individual. So which are the most common weaknesses that you need to deal with? Read on to find out which ones you need to be aware of!

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Finance

Not every company owner is good with numbers. And even if you do have a financial department who deals with all the money side of your business, you still need a clear idea of what is going on. Don’t just ignore it all because you think you don’t understand. And it is paramount that you don’t just let people get on with it without you knowing what is going on. If you aren’t big enough to employ a financial department within your company, it is important that you get help with accounting. You need to hire an accountant who can sit down with you and discuss your books with you. All professional accountants will be able to do this without confusing you. There are a number of reasons why you should pay an interest in your company’s financial affair. Firstly, you will have a better idea of how well the business if performing. Secondly, it can help you decide whether now is the right time to employ more staff and expand your operations. It also helps you make sure no one is cooking the books!

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People Skills

So you may be a big hotshot in business and know all about making deals and trading on the markets. But how are you when it comes to interacting with all your staff? It is key that you have fantastic people skills. You need to be able to have good conversations with all your staff. Open communication is key, as this shows all your employees that you trust them. They will also feel that there is nothing funny going behind their backs. But excellent people skills aren’t just important to make your employees feel at ease in the workplace. They are also important when you are having meetings with prospective clients and investors. You need to be able to talk at length and give convincing presentations. The more comfortable and confident you appear, the better you will come across to everyone in the meeting. And that improves your chances of sealing more deals!

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Micromanaging

How do you know if you are a micromanager? There are often signs that are very easy to spot. These include a resistance to delegating work. Once that work has been delegated, you may throw yourself into the work and tasks that have been given to other people. You might try and prevent other managers and employees from making important decisions. Regardless of their knowledge and experience. None of these are good for business. If you think all of this sounds like you, you need to try and stop all this micromanaging. So how do you change your habits? It’s easy once you realize that you are in fact a micromanager. Try to delegate more of your work. Once it is out of your hands, do not pester the employee who has been given it until they are due to deliver. You should also talk directly to employees who you may have micromanaged in the past. Let them know that you are trying to change your work patterns and behavior. Tell them that they should let you know if they ever feel micromanaged by you.

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Only Focused On Cash

It’s true that cash is king when it comes to running a successful business. However, you shouldn’t just be focused on sales to make you money. You also need to consider revenue and cash flow. When you are reassessing your sales next, you need to establish pricing structures that help to create profits. Not ones that only promote more sales. You also need to think about what you can and can’t sell. Do you have a product or service that isn’t flying off the shelves? Then you should ditch it. Instead, think about trying to increase the sales of products that are already great sellers. You also need to focus on your expenses. If your spending is out of control, you simply won’t be making a profit. No matter how great your sales are and how much cash they are bringing into the company.

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You’re Trying Too Hard

All entrepreneurs are overachievers. This is great when you are going through high school and college. To a certain extent, it is also useful once your business is up and running. But you can’t try and achieve everything once you own your own company. Rather than trying to offer a wide range of services, you should slim down your products and services. Aim to be the best at what you do. And to do that, you normally have to concentrate on only a handful of products and services. Another downside of trying too hard with too many different services is that you could get caught up with one. If only one thing in your large portfolio is concentrated on, all the others could end up neglected.

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Too Trustworthy

Once you hand large parts of your business over to managers, you could become way too trusting. Make sure that you are 100% happy that all the top-level managers are competent and have plenty of experience for the role before you hire them. If one person at this level makes a major mistake, it could end up costing you your whole company. And that means you might even end up losing your livelihood. So don’t be too trusting. Be sure to vet everyone before you offer them an important role in your business.

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Kunbi Tinuoye
Kunbi Tinuoye
Kunbi Tinuoye is the founder and CEO of UrbanGeekz. Previously, she worked as a News Correspondent for NBC’s theGrio. Prior, she was a senior broadcast journalist for the BBC in London. Tinuoye currently sits on the SXSW Pitch Advisory Board and CES Conference Advisory Board. She is a key player in the Atlanta tech startup ecosystem and serves as a mentor for Comcast NBCUniversal’s The Farm Accelerator. Tinuoye has received several awards and accolades, including being honored with a Resolution from the Georgia Legislative.
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