7 pitfalls to avoid in your business

May 22, 2023 | Business

1. Not having a plan (business plan)

Not having a plan is like getting on a ship whose captain doesn’t know where he or she is going, just letting the waves, wind, and weather decide where the ship will end up.

2. Not setting goals

Only about 3 percent of adults have clear, written goals. These people accomplish five to ten times as much as people of equal or better education and ability but who, for whatever reason, have never taken the time to write out exactly what they want. Here’s one of my vodcast episodes dedicated to this topic:

YouTube video

3. Avoiding help (not working with a coach)

The most successful people all work with a coach. Athletes and sports teams all have several coaches. Without their assistance, they wouldn’t be at the top of their game. This same concept applies to running a successful business.

4. No schedule

Not having a schedule is like putting out fires all day long, being reactive instead of proactive. At the end of the day, you will be exhausted and frustrated. There’s no sense of accomplishment and fulfillment and most likely the to-do list is not getting shorter but longer.

5. Inability to say no

When Warren Buffet was asked about his unbelievable success he said it was his ability to say no to anything that did not move him towards his goals—as such, saying no and setting boundaries are critical to business success.

6. Not knowing how to prioritize

As a business owner, you have lots of responsibilities. Which ones are the most important? What should be your focus and what should be done first? If you don’t prioritize you might be working on the wrong items, usually the ones that are easier and less challenging. But do they really bring you the results you want?

Brian Tracy recommends this method:


7. Not delegating

It’s impossible to do everything yourself, trying to do this leads to overwhelm, 100-hour weeks, and burnout. Also, most likely, things will get left out, forgotten,  or missed. As such, part of the above prioritizing method, recommended by my mentor and trainer Brian Tracy, talks about delegating.

Written by Christoph Nauer.
Christoph is a Brian Tracey certified Time Management Master.
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