2013-02-19 00:00:00 General English https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/15448075_s1.jpg Kick these Habits Now

Kick these Habits Now

3 min read

Habits play a defining part in people’s perception especially for business enterprises. Strangely, bad habits are picked up faster than good habits. For a business enterprise, bad habits can be quite harmful as they may put the goodwill, functioning and the credibility of a setup at stake. For a small enterprise, here are a few habits that entrepreneurs should nip in the bud: Waiting: Entrepreneurs tend to delay work matters, finding faults with the time, external factors or even self made obstacles. To start working and establishing a business venture, the perfect time might never arrive. If an opportunity were to be present, entrepreneurs should make the most of it rather than anticipating what to them would be the right time. Failure to delegate: Small business entrepreneurs may want to work on all aspects of the business functioning. This may overwhelm the entrepreneur in a short span of time. Delegating work activities can bring about effectiveness in the running of a set up. This streamlines the process without overburdening an individual. Delayed decisions: Often small business entrepreneurs keep the final decision-making authority to themselves. This could lead to delays, hampering the speed and functioning of an enterprise. A team of trusted people should be allowed to make decisions on behalf of the entrepreneur. This will not only speed up activities but also instill confidence amongst employees. Having a reactive approach: Small business entrepreneurs feel the need to establish themselves at the earliest. Because of this, their focus remains on short-term tasks at hand and they lose vision of the long term goal. A tactical and calculated plan can help entrepreneurs follow their vision while staying on the right track. The key to a successful business venture is to strategize and think long term. Over planning your social marketing: It is important to know what kind of marketing activities are most likely to benefit your business. Social media sites like Facebook, Twitter and Pinterest may benefit small enterprises immensely but can be very time consuming and also depend on the nature of your business. Understand the requirements of your setup and plan your social media activities accordingly. Fear: The fear of failure is probably the most dangerous. While most entrepreneurs fear being unsuccessful, many are scared of making decisions or taking risks. Conscious efforts need to be made to overcome these fears, since they affect companies adversely and are road blocks towards your goal. Saying no to Marketing: Small enterprises tend to forgo marketing activities due to the misconception that marketing is expensive. Different marketing strategies should be tried depending on the size and budget of the enterprise and definitely not be ignored. Sidelining financial matters: Financial and accounting activities form the crux of any enterprise. Entrepreneurs may not necessarily be financial wizards but it is required to know the basic fundamentals. Accounting software is now easy to learn and it is advisable to gain knowledge on this at an early stage. Listening to the wrong people: Small business entrepreneurs feel the constant need to consult experienced personnel. Here, more than often, entrepreneurs land up taking help from the wrong people. With core advisory services available for specialized areas, it is best to approach people who possess expertise in their domain. Budding entrepreneurs should form a strong network amongst like-minded entrepreneurs to enhance their knowledge and growth. In order to be successful at a business venture be it a small or a big enterprise, it is necessary to overcome one’s shortcomings. With conscious efforts, a positive attitude and careful attention to rectify the bad habits, this can lay the foundation to a strong and solid enterprise.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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