5 Bad Habits All Entrepreneurs Must Avoid At All Cost

Entrepreneurs want their businesses to succeed, but only 80% of startups survive after one year. This is due to a lack of leadership.

Leaders who cannot inspire and motivate their employees cannot be expected to succeed if they do not have a plan in place.

Digital Resource, the leading Miami SEO company, advises you to avoid the following five bad entrepreneurial habits in your company:

1. Accepting and Encouraging Procrastination

You've made a list of things to do. But it's just a list until you realize that all 23 tasks you've put off must be completed simultaneously.

Some people are more prone to procrastination than others. According to a survey, approximately 20% of people are chronic procrastinators. This means that it's not always easy to break the habit of procrastination.

On the other hand, delaying tasks can lead to more problems in the future as an entrepreneur.

Try to improve your time management skills to break the habit of procrastination.

RELATED: 6 Essential Productivity Tips to Help Your Small Business Succeed

That leads us to our next bad habit:

2. Making Poor Use of Your Time

To be a successful entrepreneur, you must master the art of effective time management. You're juggling a slew of responsibilities while also trying to grow your business. Furthermore, working long hours may not be a viable long-term strategy.

If you have a bad habit of wasting time, it is time to break it.

Start with the simplest tasks. They are, without a doubt, necessary. However, if you're spending time on tasks you could finish faster, you're probably mismanaging your time.

You may be able to break the habit of mismanaging your time efficiently. As an entrepreneur, you can improve your time management by doing the following three things:

• Delegate tasks to your employees.
• Make use of office software to help you automate your tasks.
• Use other tools to streamline your tasks.

When it comes to delegating tasks to your employees... always remember to avoid:

3. Delegating Your Tasks Poorly

When running a small business, some owners believe they can do it better than anyone else, regardless of how big or small it is. However, to advance in your career, you must learn to delegate.

Many entrepreneurs begin their businesses with 80-hour workweeks, but this is not sustainable in the long run. Try these three simple steps if you're having trouble delegating tasks:

• What can you remove from your plate? Consider tasks performed regularly, such as once a week, once a month, or at the end of each project. Before entrusting someone else with these responsibilities, ensure they are necessary and will benefit your company or your clients. Tasks that don't add value should be eliminated.
• Who is best suited to handle this project? In either case, ensure the person you're entrusting the work to has the qualifications, motivation, and abilities to do it well. Make sure you don't delegate to the person closest to you or with the least amount of work to do.
• How will you keep track of the project's progress and ensure accountability? In any delegation situation, be clear about the outcomes you want and provide a realistic time frame for the work to be completed. Large projects with many moving parts may benefit from regular check-ins and smaller, more manageable milestones to ensure they stay on track. Always be available to answer questions or provide direction as needed to keep the lines of communication open.

There's nothing wrong with starting small and gradually increasing your responsibilities as you gain the trust of your contractors.

RELATED: 5 Common Leadership Mistakes You Might Be Making Right Now

4. Not Securing Critical Business Documents and Data

Small business owners frequently fail to recognize that they, too, are vulnerable to significant data breaches.

The Securities and Exchange Commission (SEC) says cybercriminals like small and medium-sized businesses (SMBs) because they are more vulnerable having fewer resources to stop attacks.

Even if you have a limited budget, you can still do the following:

• Ensure that strong passwords are required for all programs and devices used to access company data.
• Use cloud-based systems for your accounting, in particular, that handle backup and security updates regularly.
• Use cloud-based software to keep your software and operating systems up to date, and don't put it off until the last minute.
• Install a free firewall program or use your operating system's built-in firewall.
• Secure Wi-Fi networks and restrict physical computer access.

Remember to get a hold of all necessary documents, whether they're physical or digital.

5. Choosing the Lowest-Priced Contractor or Employee

Everyone enjoys a good deal. It is critical to get a good value for your money. However, there are times when saving does not always translate into a good deal. Do you eat at the most affordable restaurants?  

What about the car you drive every day? Did you get the cheapest model you could find?

For most people, businesses are their most significant investments. The cost of hiring an employee should not be the primary decision metric when considering how to improve on that investment.

If you need someone to strategize and make decisions, you should hire for quality rather than price. Consider hiring good people who fit the culture of your small business.

Better yet, think about hiring the best Miami SEO company to help you promote your business online. Not only do you get the best, but you also get good value for your money.

Always remember that while a cohesive team is not always easy to find, it is critical for small businesses where people collaborate closely.

Is Your Bad Habit Affecting Your Company's Growth?

Even if you only have one or two of these bad habits, they can devastate your company's ability to make a profit.  

Your chances of achieving exponential growth in your business will significantly improve if you proactively identify and eliminate these habits.

If you need help in managing your startup, don't hesitate to reach out to Digital Resource. We'll help you grow your business quickly!

Contact us today for a free consultation.