Time bombs, Landmines & Boomerangs

Top 10 mistakes business owners make

By Dr Thando Sibanda

Lots of times in business we learn what to do. We go to seminars to learn the fastest
way to make money or 10 keys to rapid business growth. While that is great, we don’t
like to take time and learn what not to do – Its almost like we had enough of being
told by our screaming mothers and dads what not to do or touch as kids growing up
such that as adults we have become adverse to any instruction with a do not – on it.

Till today the sign I dislike the most has a DO NOT (Enter, press the button, open the
door, make noise, run, walk on the grass). It just closes my world. Those instructions
still rile a whole lot of us because the ‘do not ‘ word was drilled in to build a keep out
landmine boundary on every inviting opportunity. Yet there is a lot of value we can
still learn from the “DO Nots” of life. I have put together top 10 do Nots for
entrepreneurs that if you do successfully – you will certainly sound the death knell on
your business – but if you fail at doing these and do the opposite – your business will
surely thrive. I’ll do this article in two parts to allow for easier internalization. Sit
back and enjoy.

Part 1
1. Not having a clear vision
Vision is the big picture and driver for any business. It enables business owners to
know what they are doing and where they are going. It is the rallying focal point for
your value proposition in the market place. A business without a vision is like
someone who wants to go somewhere, acquires a GPS but does not enter a destination
on the module. Now a GPS receiver can surely figure out where you are through its
algorithm but cannot chart a course about where you want to go for lack of a
destination point. Why did you get into business? Was it just another good idea that
other people were running with? What’s your vision for the business, where are you
going? What makes you unique? What are you focusing on? What problem are you
solving? Remember if you don’t have a destination, any road will take you there.
Failure to clarify these questions from the onset and have a vision will surely kill your
business.

2. Failure to have a clear win and narrow focus

Renowned Author Andy Stanley in one of his works makes an interesting observation
on effectiveness in organizational function: As a leader, you must clarify the win and
narrow the focus. This is key because in a business, there are a lot of focus areas in
the course of delivering a service or product – it is therefore important to clarify what
you define as a win in your business process – Is it when a customer buys? Or when
they return? Is it when they refer others? Or when you make a profit? What is the win
for you? That clarity then allows you to narrow the focus. All the other ‘good’ things
you may be doing but that don’t speak to the win must be offloaded. You don’t want
to be all over the place. Promote the win and celebrate it when it is achieved.
Focus is an amazing tool for life and business. It is similar to the energy of light
focused through a magnifying glass as author Margie Warrel observes: Diffused light
has little use, but when its energy is concentrated as through a magnifying glass, that
same light can set fire to paper. Focus its energy even more, as with a laser beam, and
it has the power to cut through steel. Likewise, a clear sense of the win and zeroing in
on that enables you to focus on what matters most, compelling you to take risks and
push forward regardless of the odds or obstacles. Business leaders with no clear win
end up all over the place and compromise their unique value proposition. In today’s
competitive world, this could sound a death knell on your business.

3. Failure to grow as an individual

Personal development is the key to growth. People follow you because of three main
traits: Character, chemistry and capacity – Training and personal development
therefore increases your capacity. There is nothing as frustrating as a leader without
capacity. You can have good character but that does not translate to business growth.
Chemistry means that people can relate easy and gel with you but it is capacity that
actually takes people somewhere – Remember you cant take/guide people to where
you haven’t been …When you grow as a leader, you create space for your people to
grow into. Find a mentor, coach or development programme and grow your capacity.
Leaders without capacity end up feeling threatened by competent staff members and
tend to use position instead of persuasion in their management style. Staff turn over is
usually very high and productivity low in these types of work environments.

4. Failure to develop your employees

Many years ago I consulted for an organization whose management and staff had not
undergone any form of training or development in 14 years. No wonder the
motivation and delivery was below zero. Staff members were coming to work late,
intoxicated and no one really cared about the business. Despite having a good
product, the business was hemorrhaging from within. This is because the staff did not
feel valued and cared for. The work equipment was medieval at best and the working
conditions appalling to say the least. There is no quicker way to kill a business than
under developed disengaged employees. A happy staff is a healthy organization.
There shouldn’t be so wide a gap between the leader and the rest of the organisation
to the effect that if the boss is away, the rest of the staff feel lost as no one can even
make a decision on toilet paper. It may feel good to be the centre of everything as a
business owner but the flip side and high risk of losing everything is just as real. A
good leader replaces him/ herself before they have to by making sure that there is a
competency pipeline to appreciate and develop talent. People gravitate towards where
they are celebrated – its just human nature. Failure to develop staff members in
business is a stinging boomerang.

5. Having a Lone ranger Mentality….

In Africa we have a key saying and belief: ‘If you want to go fast, go alone. ‘If you
want to go far, go together’. The days of the lone Ranger, Zorro and Chuck Norris are
over…. No one can exist as an island anymore. Today we celebrate teams like the
Avengers, Expendables, X-men and the like. A business is no different as it is built on
the principle of teamwork and collaboration. A lot of people start their business
because of their high IQ (Intelligence Quotient) but are terrible at relating as they
have a very low EQ (Emotional Quotient). They are good at the task but struggle to
trust, delegate, collaborate – the work place becomes a war zone with such leaders.
The result is silo mindsets that choke the business from within. It is important to
understand that Mind brilliance or intelligence does not automatically translate to
emotional stability or capacity. Business owners need to have a good AQ
(Adaptability Quotient) an addition to other good qualities so that they can adapt,
change and relate well. It is teamwork that makes the dream work after all. Failure to
adapt and collaborate with the rest of the team is an absolute time bomb in business.

Dr Thando Sibanda
Website: www.thandospeaks.com
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