As an entrepreneur, you don't have to worry about the competition sabotaging your business; you may be doing it yourself before they even get a chance to. Here are four ways you're sabotaging your biz growth without realizing it and what you can do to change them.
Overthinking
When it comes to overthinking, we often realize and know exactly when we're doing it. Our thoughts spiral completely out of control. We make something so simple, so hard, and then we feel end up feeling overwhelmed and defeated. As an entrepreneur, this pattern can do a number on not only our psyche, but also our bottom line. Once you've entered the state of overthinking, you become stuck and can stay there. Of course, I could say, that you should "Keep It Simple, Stupid!" in order to avoid overthinking. I don't do that because I've found that to avoid overthinking, having my goals clearly defined and readily accessible helps nips it right in the bud. If you truly know what you're trying to achieve and it is broken down into achievable steps, you can remind yourself (out loud, like I do) what it is you said you needed to do and actually do it.
Overthinking comes from a lack of clarity and confidence. Are you confident that you can accomplish the goal? If not, why? What resistance do you feel? Try breaking down your goal a bit more, so that why it feels more attainable. Do you have the desire to write a book, but the task seems daunting? Make your goal to write 2 paragraphs a day. Okay, that's easy. Then move up to 2 pages a day. Then up to 2 chapters, and then boom, before you know it, a book is born.
Shiny Object Syndrome
I've had this problem and you've probably been a victim, or still are. Are you easily distracted by "shiny" new ideas? Are you constantly starting new ideas only to move on to the next one as soon as it gets hard? "Shiny Object Syndrome" is causing many small business owners to become distracted by too many ideas or the latest fad. It causes them to go off in a million directions without ever completing anything.
We've all been there before-easily distracted by things we think we need before we can get going or things we need to do next, but really don't. For example: a fancy new website, a new program or tool, a professional photo shoot, or a new learning/development course. Unless these are an absolute necessity to your current momentum (and most likely they aren't), you will find yourself off track from what you're supposed to be doing.
This loss of focus is costing you and leads to you overspending without realizing a true ROI on your investments of time and/or money. You tend to jump from one thing to the next before you are truly able to implement what you've invested in. Taking things a step further, what happens is that that everything always gets started, but nothing ever gets finished. In addition to countless hours and dollars being wasted in pursuit of the new, shiny object, you haven't once taken the time out to determine without whether this new item, technique, service, or product is even "right" for your business.
So, how do you overcome the lure of the "shiny objects" that seem to always get you going in a different direction? Strategy.
If you don't have one, you'll spend your life chasing the shiny objects around trying something new while ignoring the task at hand. Your strategy should help you determine the best way to accomplish your mission. If the shiny new object doesn't fit with the strategy, ignore it.
Indecisiveness
Indecisiveness stems from fear-the fear of making the wrong decision and being blamed for the decision or feeling STUCK because of the decision.
The inability to decide can hinder your productivity and your ability to continue to move your business forward. The failure to make decisions is often followed by procrastination, which leads to even more procrastination. Making decisions is part of being an entrepreneur. It has to be made. This decision can be to move forward with an idea or opportunity, or to put it on the shelf-either way a decision is made. You can move forward rather than procrastinating or simply leaving everything up to chance (which can be costly and disastrous). Make your decision and own that decision. Regardless of the decision that is made, you can always improve and adjust going down the line. Without making a decision, you are not allowing for progress to happen.
Lack of Attention Management
Many entrepreneurs believe their biggest problem is time management. I have come to realize that the problem isn't necessarily the inability to manage time efficiently, but there is an issue with a lack of attention.
The key to getting things done and being productive is deciding what your priorities are and focusing your attention on them. Just like time, attention is a resource. You can't make more time or get it back. It can be very difficult to manage when you look at it that way, but you can control your attention and what you focus it on. It is important to understand what your priorities are. Be sure to distinguish between what is urgent and what is important. Important activities are those that are beneficial and should be accomplished, if not right away, then eventually. Urgent activities are those that have a time sensitive element to them, but are not necessarily crucial to your bigger goals. Now ask yourself, where do you want to spend your attention?
Kimberly J. Taylor is a business and success coach for women entrepreneurs. She shows women entrepreneurs how to infuse luxury into their business, so that they can create an amazing customer experience from the first touch a potential client has with their brand, leading to increased cash flow, visibility, and long-term brand loyalty. If you're struggling to stand out in a crowded marketplace, check out her free guide: Luxury Infusion