Scott Cathcart

Entrepreneur | Impact Investor | Triathlete

How To Avoid Killing Your Business

Creating a company that will thrive on sustainability is a goal that every entrepreneur should have. But, while on the pursuit of sustainability many entrepreneurs counteract their growth with little unnoticeable things that seem to add up and hinder necessary growth and attainable success. Although it can be argued that the little things don’t matter, they will add up and eventually have a large impact. It is up to you to decide if it will be a good impact or a harmful one. Here are 3 small but powerful ways to avoid killing your business.

Don’t Be a Perfectionist
Being a perfectionist can be a very successful trait to have as an entrepreneur, but it can also be a huge deterrent as it makes decentralizing power almost impossible. When an entrepreneur is a perfectionist they often their focus on the minuscule parts of their business, which eventually begins to take away from the big picture– growth. It’s okay to be a perfectionist, but you must know what is worth focusing on and what can be toned down in order to be most effective.

Hire on Strengths
Everyone knows that human capital is key, but not everyone knows how to shape their workforce effectively, this means looking beyond resumes and experience. When hiring people don’t focus entirely on the person’s resume and what they have done in the past. Focus on what they can do in the future. This means identifying the person’s strengths, weaknesses and how they will translate into your business. For example when hiring a sales manager, don’t look for people with just managerial experience, look for people some experience and outstanding personal skills that is where the success lies.

Avoid Keeping Investment Capital
When an entrepreneur starts to see their business become profitable they immediately look for the first way that they can benefit personally. Avoiding this urge to cut out a gain in a financial standpoint is crucial because those funds must be reinvested if you want the company to grow. This doesn’t mean you have to entirely cut out your salary or pay, it just means that toning down the unnecessary costs to your business can will promote growth and success.

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