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6 Mistakes Smart Bosses Make Which Limit Them From Achieving Their Business Goals

6 Mistakes Smart Bosses Make Which Limit Them From Achieving Their Business Goals

A lot has to come together for a business to work, but at the end of the day, it is usually one person’s decision that impacts the output. And in most cases, that person is the boss. The case is same for both small businesses and large corporations, where there are usually many bosses due to the existence of a hierarchy.

So what are some of the mistakes made by bosses that may prevent businesses from achieving their goals? Let’s find out:

1. Not Hiring Enough People

Believe it or not, there are many businesses that do not have the number of people that they actually need to function properly. There are many reasons why one may shy away from hiring more people, including a lack of physical space, fear of handling more people and an attempt to save money. However, one must realize that not having the number of employees that you need is a business suicide.

Not having enough employees means you will either have to let go of some opportunities or cause unnecessary delays. Plus, it also results in more pressure on your current employees causing demotivation and also high turnover.

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2. Hiring Too Many People

We’re not trying to contradict the first point, but it’s important to realize that having more employees (than you need) is as harmful as having little employees, if not more. If you need fifty employees, then the 51st employee that you hire would be causing you a loss, which you can save by doing away with him or her.

You must know exactly how many employees you need so that you do not end up spending extra money. At times when you feel like there is a burden of work or you start winning new business, you can consider engaging a freelancer until you are sure you can afford a full-time staff.

Not just this, businesses should curb all other kinds of ‘extra expenses’ to improve the bottom line.

3. Delegating Every Job

Bosses love to delegate their work, as it takes the burden off their shoulder, but they often tend to neglect the side effects of doing so. Firstly, if you delegate your own tasks to others, you may begin to lose authority as others would look at you as someone who does not believe in working. Plus, they may not be able to do the job as well as you could, resulting in a poor outcome.

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It is important to lead by example. Do your job the best you can so that others look up to you.

4. Delegating Nothing

Not delegating anything is a mistake that can cause you financial and mental problems. If you’re bombarded with a lot of work, it is important that you delegate. However, this is a decision that must be taken with utmost care.

Always assign duties to someone who is capable of doing the job. Also, guide them so that there is no miscommunication and the outcome is perfect.

Delegating work has other benefits as well. Firstly, your employees would feel appreciated if you assign them ‘rewarding’ tasks. They would feel a part of the business. This can help create a strong work environment and increase loyalty.

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5. Neglecting Paperwork

We all hate paperwork, but it is very important to note everything in the business world. Paperwork starts from the day you get your company registered. From this day you must make sure to record everything, including transactions, contracts and conversations.

A lack of record can cause serious issues. Plus, businesses need written records of all their activities for legal purposes as well. Avoiding paperwork is a mistake that can cause you millions.

By paperwork, we mean all the numbers. Your balance sheets, P&L statements, and all expenses should be properly maintained. Additionally, you should keep an eye on returns so that you can measure the ROI and take decisions in the light of facts.

6. Preventing Creativity

Many bosses like to dictate their employees. While they usually do so to get the job done in an efficient manner, they often fail to realize that dictating too much may curb creativity and prevent employees from performing at their best.

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You should listen to your employees and their ideas as well, and give their suggestions a thought. The ‘boss is always right’ is a theory that isn’t acceptable anymore. Your employee may have a better solution to a problem, and listening to them may save you from a loss. Make it a point to speak to them about every project and provide feedback where necessary.

These simple-on-paper mistakes can prevent businesses from meeting their goals. It is important to identify and rectify them as soon as possible if you want your business to flourish.

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Ahmed Raza

CEO of Samurais.co

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Published on March 25, 2019

How to Find New Growth Opportunities at Work

How to Find New Growth Opportunities at Work

Career advancement is an enticement that today’s companies use to lure job candidates. But to truly uncover growth opportunities within a company, it’s up to you to take the initiative to move up. You can’t rely on recruiter promises that your company will largely hire from within. Even assurances you heard from your direct supervisor during the interviewing process may not pan out.

But if you begin a job knowing that you’re ultimately responsible for getting yourself noticed, you will be starting one step ahead.

Accomplished entrepreneur and LinkedIn Co-Founder Reid Hoffman said,

“If you’re not moving forward, you’re moving backward.”

It’s important to recognize that taking charge of your own career advancement, and then mapping out the steps you need to succeed, is key to moving forward on your trajectory.

Make a Point of Positioning Yourself as a Rising Star

As an employee looking for growth opportunities within your current company, you have many avenues to position yourself as a rising star.

As an insider, you’re able to glean insights on company strategies and apply your expertise where it’s most needed. Scout out any skills gaps, then make a point to acquire and apply them. And, when you have creative ideas to offer, make it your mission to gain the ear of those in the organization who can put your ideas to the test.

Valiant shows of commitment and enterprise make managers perk up and take notice, keeping you ahead of both internal and external competitors.

Employ these other useful tips to let your rising star qualities shine:

1. Promote Your Successes to Your Higher-Ups

When your boss casually asks how you’re doing, use this valuable moment to position yourself as indispensable: “I’m floating on clouds because three clients have already commented on how well they like my redesign of the company website.”

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Tell your supervisors about any and all successes. Securing a new contract or signing a new customer should be a cause for celebration. Be sure to let your bosses know.

2. Cultivate Excellent Listening Skills

Listen well, and ask great questions. Realize that people love to talk about themselves.

But if you’re a superb listener, others will confide in you, and you’ll learn from what they share. You may even find out something valuable about your own prospects in the company.

If others view you as even-minded and thoughtful, they’ll respect your ideas and, in turn, listen to what you have to say.

3. Go to All Office Networking Events

Never skip the office Christmas party, your coworker’s retirement party, or any office birthday parties, wedding showers, or congratulatory parties for colleagues.

If others see you as a team player, it will help you rise in your company. These on-site parties will also help you mingle with co-workers whom you might not ordinarily have the chance to see. For special points, help organize one or two of these get-togethers.

Take the Extra Step to Show Your Value to the Company

Managers and HR staff know that it can be less risky – and a lot less costly — to promote from within. As internal staff, you likely have a good grasp of the authority structure and talent pool in the company, and know how to best navigate these networks in achieving both the company’s goals and your own.

The late Nobel-Prize winning economist, Gary Becker, coined the term “firm-specific,” which describes the unique skills required to excel in an individual organization. You, as a current employee, have likely tapped into these specific skills, while external hires may take a year or more to master their nuances.

Know that your experience within the company already provides value, then find ways to add even more value, using these tips:

4. Show Initiative

Commit yourself to whatever task you’re given, and make a point of going above and beyond.

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Position yourself so that you’re ready to take on any growth opportunities that present themselves. If you believe you have skills that have gone untapped, find a manager who will give you a chance to prove your worth.

Accept any stretch assignment that showcases your readiness for advancement. Stay late, and arrive early. Half of getting the best assignments is sticking around long enough to receive them.

5. Set Yourself Apart by Staying up on Everything There Is to Know About Your Company and Its Competitors

Subscribe to and read the online trade journals. Become an active member in your industry’s network of professionals. Go to industry conferences, and learn your competitors’ strategies.

Be the on-the-ground eyes and ears for your organization to stay on top of industry trends.

6. Go to Every Company Meeting Prepared and Ready to Learn

A lot of workers feel meetings are an utter waste of time. They’re not, though, because they provide face-time with higher-ups and those in a position to give you the growth opportunities you need.

Go with the intention of absorbing information and using it to your advantage — including the goals and work styles of your superiors. Respect the agenda, listen more than you speak, and never beleaguer a point.

Accelerate Your Career Growth Opportunities

A recent study found that the five predictors of employees with executive potential were: the right motivation, curiosity, insight, engagement, and determination. These qualities help you stand out, but it’s also important to establish a track record of success and to not appear to be over-reaching in your drive to move up in your company.

Try to see yourself from your boss’s position and evaluate your promote-ability.

Do you display a passion and commitment toward meeting the collective goals of the company? Do you have a motivating influence with team members and show insight and excellence in all your work?

These qualities will place you front and center when growth opportunities arise.

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Use these strategic tips to escalate your opportunities for growth:

7. Find a Mentor

With mentorship programs fast disappearing, this isn’t always easy. But you need to look for someone in the company who has been promoted several times and who also cares about your progress.

Maybe it’s the person who recommended you for the job. Or maybe it’s your direct supervisor. It could even be someone across the hall or in a completely different department.

Talk to her or him about growth opportunities within your company. Maybe she or he can recommend you for a promotion.

8. Map out Your Own Growth Opportunity Chart

After you’ve worked at the company for a few months, work out a realistic growth chart for your own development. This should be a reasonable, practical chart — not a pie-in-the-sky wish list of demands.

What’s reasonable? Do you think being promoted within two years is reasonable? What about raises? Try to inform your own growth chart with what you’ve heard about other workers’ raises and promotions.

Once you’ve rigorously charted a realistic path for your personal development within the company, try to talk to your mentor about it.

Keep refining your chart until it seems to work with your skills and proven talents. Then, arrange a time to discuss it with your boss.

You may want to time the discussion around the time of your performance review. Then your boss can weigh in with what he feels is reasonable, too.

9. Set Your Professional Bar High

Research shows that more than two-thirds of workers are just putting in their time. But through your active engagement in the organization and commitment to giving your best, you can provide the contrast against others giving lackluster performances.

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Cultivate the hard skills that keep you on the cutting edge of your profession, while also refining your soft skills. These are the attributes that make you better at embracing diverse perspectives, engendering trust, and harnessing the power of synergy.

Even if you have an unquestionably left-brain career — a financial analyst or biotechnical engineer, for example — you’re always better off when you can form kind, courteous, quality relationships with colleagues.

Let integrity be the cornerstone of all your interactions with clients and co-workers.

The Bottom Line

Growth opportunities are available for those willing to purposely and adeptly manage their own professional growth. As the old adage says,

“Half of life is showing up.”

The other half is sticking around so that when your boss is looking for someone to take on a more significant role, you are among the first who come to mind.

Remember, your career is your business!

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Featured photo credit: Zach Lucero via unsplash.com

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