September 25, 2019 0 Comments Business

Habits to Change to Keep Your Business on a Good Growth Track

A Greek philosopher in antiquity once said that 95% of everything you do is the result of your habits. While some entrepreneurs have the potential to succeed in the long-term, many others may find that sustaining success can be challenging. Most leaders are heads down on running their venture with little focus given to their negative traits, which ultimately can derail their business.

As an entrepreneur, the key to staying afloat does not rest only on adopting the right strategy, but rather on unlearning detrimental habits. Having all the positive traits required to run a booming business can be good, but it only takes a few damaging habits to undo the progress you have made. To succeed as an entrepreneur, make sure to put these following growth strategies into practice.

Stick to Unbiased Opinions 

Are your colleagues and supervisors taking the time to give you enough feedback? Constructive feedback is critical for business success and its sustainability. Unfortunately, some personality traits are often overlooked and identifying them is a struggle in itself. Yet, entrepreneurial actions can be improved if timely feedback is taken from people like supervisors, colleagues, and friends.

A former Starbucks CEO developed an effective solution to collect productive feedback. He allowed both users and employees to express their honest thoughts without any hesitation using email or telephone. This helped in gaining access to unbiased and honest opinions. The information, in turn, helped the CEO in discovering negative traits sooner and addressed them before they harmed the business.

Keep the Ego in Check 

Ego can be a major success inhibitor. Confidence is a major component of being a successful entrepreneur. However, too much self-praising can be factors in the demise of your business. A study conducted by the London School of Economics and Political Science confirms that over-optimism can impede useful judgment. Entrepreneurs who tend to distend their skills are more likely to assume that they cannot suffer a business failure. This type of egotistic mindset can have disastrous results on your business success.

It is recommended that leaders turn to collaboration as much as they can. Encourage a goal-oriented mindset within organization. In addition, exhibit an organizational culture that values teamwork. Reward those employees who help other team members achieve their common goals. The more collaboration you facilitate, the more you prevent your own ego from making miscalculated decisions.

Foolproof Your Goal Settings 

Often, entrepreneurs establish unrealistic standards for themselves and members around them. As a result, team members gear towards setting the wrong objectives. However, the best trick is to build and execute achievable goals. Avoid setting goals with forthcoming deadlines as this can add more stress to the team. I

It is more preferable to create audacious, yet achievable goals. Successful companies such as Burger King and Kraft Heinz have been using an effective goal setting approach known as FAST, which has helped them in developing achievable growth goals with realistic strategies.

No one can run a business completely without the risk or chance of failure. However, there are certain elements and habits you can change to ensure your business has the best chance of thriving. In some cases, setting high standards, lofty goals, and having a large ego can be valuable to countering unproductive attitudes. 

The key part of managing these habits is to create a stable foundation at your business that allows your team to maximize their potential. By utilizing the aforementioned tips, you can adjust potential detrimental habits and create an environment that fosters a successful business in the long-term.