INTRODUCTION

It is tough to have a successful business. It is near impossible and what makes it even harder? Bad habits.

As they say; Success is 80% behavior and 20% aptitude. Well, the same goes for your business. If a successful business is the goal, there is need to make sure that there is no self-sabotage with bad habits.

In this article, we will take a look at some of the most common bad habits that business owners fall into, and we'll provide some tips on how to break them. 

Poor Time Management

As it is popularly said; ‘time is money”. One of the most common habits that business owners fall into that can kill their business is poor time management.  Most people who manage their business time poorly may realize that they are doing so. If proper care is not taken, the time wasted becomes enormous and nothing can be done. Poor time management coupled with procrastination is a sure recipe for business disaster and ultimate failure

The avenues through which businessmen and women engage in time wastage include:

• Checking social media repeatedly throughout the day
• Leaving emails unread
• Jumping from task to task without ever completing any of them

If there is proper time management, there is a high rate of business success.

Refusing to Network and Collaborate

networking is key to success. One of the overlooked facts is that networking is a two-way street. Not only should you be looking to build relationships with other professionals, but you should also be open to collaboration.

Collaborating with others can take many forms, from working on joint projects to simply sharing resources and knowledge. It's a great way to get your name out there and strengthen your connections.

collaboration is not just beneficial for your professional network; it can also help you learn new things and grow your business. 

This pegs the question; why are so many people hesitant to collaborate? Often, it is because they're afraid of what the other person might want in return.

In all, collaboration should be approached with an open mind and without any expectations as the rewards can be unexpected and fruitful as the case may be as it presents an opportunity to bring a wealth of experience that may not have been.

Lack of Customer Information

One of the biggest habits that can kill businesses is not knowing your customer. It is essential to know their needs, desires, and what drives them. If these are not known, you'll never be able to serve them in the best way possible and satisfaction becomes a big problem.

The only way to know all of this is by talking to customers. Ask them questions, and find out what they like and don't like. Figure out what makes them tick. The more you know about them, the better you'll be able to serve and satisfy them.

Over Dependence on Technology

Technology is a great tool to help manage businesses and make it run more efficiently; however, business owners can become too reliant on it, leading to poor decision-making and hampering business growth. Technology should be used at an optimum level as a way to enhance and support decision-making and not replace them.

Efforts should be made to ensure that decision-making is based on instincts and expertise. It should not be forgotten that however beneficial it may appear, technology is fallible and prone to system errors.

Above all else, technology cannot replace common sense. There are plenty of situations where technology is not the solution. Decisions should not be based solely on the advice of a computer algorithm. It's important to think critically before any action is taken to avoid harming your business in the long run.

Ignoring Financial Planning and Management

Having a good financial plan and understanding the numbers involved is essential when it comes to running your business. A well thought-out financial plan is the only way to ensure that happens. Many entrepreneurs often let their passion for their business get in the way of good financial planning and management. They might be so focused on creating a great product or service that they forget about how much money it costs to create that product or service, or how much money they need to pay their employees. 

Financial planning and management take time but it is an investment in your success and can help prevent the business from failing due to poor cash flow management.

Proper research should be made to discover what needs to be done for proper financial planning and management for your small business. Thinking long-term will help the success of the business in the long run in the long run.

Apathy and Ignorance of New Ideas & Techniques

Openness to change is essential when it comes to running a successful business. If a business is not embracing change, new ideas and techniques, the business is at risk of becoming obsolete.

Take, for example, mobile technology. This is something that has become increasingly important for businesses in the last few years, yet many companies have failed to embrace this technology and instead have stuck with the same old marketing strategies that are outdated and just don’t work anymore.

If you want to remain competitive, it is critical to stay on top of all the latest trends and technologies. Take time to research the newest trends in your industry and talk with experienced professionals who can help you understand what changes need to be made in order to keep the business moving in the right direction.

By embracing new ideas and techniques, one can ensure that his/her business stays ahead of the competition and continues to be successful in an ever-changing market.

Many habits can destroy a business. It is advised that proper care should be taken to efficiently manage the business. Proper planning and consultations should be made before the start and during the lifespan of the venture because he does not plan, plans to fail.