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How not to run a business - micromanage everything
The Micromanaging Trap
So you have a new business. What's next?
Many new business owners fall into the trap of micromanaging their business, become overwhelmed and then fail. In this hub I will outline 4 major micromanaging traps that new business owners should watch out for and avoid. For each trap I will also give 3 strategies on how to better manage your business and life and avoid falling into that trap. Today I will be sharing Trap 1. Look out for the other 3 traps over the next few days. I hope you can benefit from my opinions.
Trap 1 - I need to be there every minute
The business is new and so you may think, "Hey, I have to work here 80 hours a week at least!". This is the fastest path to burn out. Even the most dedicated business owners still need time during their day when they are not thinking about their business.
Strategy 1 - Turn off your phone after work. If you have a business phone you need to turn it off when you are not working so that your mind can be free from the demands that your business requires.
Strategy 2 - Set solid work hours. If you do choose to work 10, 12, or more hours per day make sure that those hours are set in stone. If you have set your work to end at 8PM then stop all work activities at 8PM, not 1 minute longer. If you are not solid on your work hours then your work will slowly, but surely displace your personal free time.
Strategy 3 - Hire someone to manage your business part-time. If you are worried about your business during the busy hours of the day then hire someone to work during the slow hours. Then you will be able to still manage the business during the critical period of the day, but will be able to better use your time during the slow business hours. Use your new found free time to relax or to further grow your business in a more effective way.
In conclusion, trap 1 is a sneaky but deadly trap that new business owners set for themselves. If you do not set boundaries then you will slowly be dragged into working more and more hours until you literally break down. So relax, follow the strategies above, and be a happier business owner.
Comments
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dipless and charmike4 both great comments! I agree that the agency problem or trust problem is a big issue. I have learned that I need to trust people to do their jobs properly. When I do this I free up more of my own time to further grow my business.
Great hub Dream Inventor. Some great tips here if you are running a small business. One of the issues in any busines is the 'Agency Problem' - small business owners and large stock listed firms all experience this. This is when you have to trust the employee or the CEO to run the business as if they owned it and it doesn't always happen this way. One way of fixing this is through franchising.
This is very true, if you employ people, then trust them to do their job, otherwise why would you employ them.
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