The fear of making mistakes is tough because as a business owner, we want to do our best for not only ourselves but everyone around us. We have the fear of the responsibility, the fear of financial consequences, the fear of damaging our reputation and the fear of are we really there for our team.
In business, decisions make things move forward and grow. Every choice you make, from the smallest daily tasks to the most significant moves, this will shape the way your business runs. It’s scary to own a business, but what’s even scary is when you make the wrong decision. When you make the wrong decision in your business, it can be paralyzing and an anxiety inducing experience. I don’t know about you, but when I make the smallest mistake, even when it’s not going to make or break, it still freaks me out.
Like oh no, I made a typo in that social media post, then decided to delete it and fix it. But come on, no one notices. I know I don’t, especially if I am reading fast, but also there are going to be those decisions that will ultimately cost you money and in my case, I ended up hiring a coach that was too much money that did nothing for me.
So it all depends on what’s going on, but you still need to figure out what needs to be done to get to the right decision.
In this post, we’ll explore the reasons behind the fear.
The Weight of Responsibility of being a Business Owner
Financial Consequences as a Business Owner
Damage to Reputation as a Business Owner
Impact on your team morale in your business
The Weight of Responsibility of being a Business Owner
Well, let’s just start with this: you started your business because you wanted to venture out on your own, which is great and that comes with a great responsibility. And sometimes this comes with the fear of making the wrong decision.
Therefore, one of the primary reasons why making the wrong decision in business is so scary is the weight of responsibility. The decisions you make impact not just the business itself but those involved, such as your team, your financial status and your clients.
With all this being said, the fear of making a wrong decision is understandable. When you’re making a decision, you need to look at everything from every angle to ensure you’re going the right route.
Financial Consequences as a Business Owner
Money talk is difficult, I get this but when you make a wrong decision regarding money, this can cause so much headache. Of course you want to make a living and provide for your team, but you need to make sure you have everything set in place so that you’re not losing money. Sure, when you first start, your mind is all over the place because you hit the ground running. One thing that can help is talk with a professional such as a bookkeeper, CPA, Accountant, etc.
When it comes to hiring or buying something for your business, you need to look at the long haul, not just what’s in front of you. Example. So let’s say you hire a full-time team member. That team member is going to cost you an average of $50,000. And this is why you must be careful with your hiring rate and turnover rate. (Don't forget this is something I can help you with)
Money is a vital part of your business, so you need to have everything set up from the get go. I do have some recommendations for professionals, so please reach out and let me know what you’re looking for.
Damage to Reputation as a Business Owner
There have been many times when I have said that good talk is great talk. But when it comes to bad talk, that’s what I call “WORSE” talk. Your business reputation is one of the most important assets. Making the wrong decision can tarnish that reputation. This will lead to loss of trust from your clients, your business partner (if you have one) and your team. And to be honest, building that reputation backup is going to be a long process.
You need to make sure you’re holding up to your word.
Impact on your team morale in your business
I have talked about this in another blog post: 3 Tips to Build Trust with your Team. You need to build trust with your team because if you don’t, then you will lose them. Your team is the backbone of your business. They are helping you grow and bring in that profit. Imagine this: You have an amazing team, there’s support all around.
Then you decided to invest in something for the business they have no knowledge about and now you’re behind on payroll. You just lost trust. Then what happens? Your team doesn’t trust you and they leave.
MAKE YOUR TEAM WANT TO STAY!
When you make the wrong decisions, big or small, it can lead to a lot of losses which will directly affect their livelihoods. Not only will you lose your team but those that decide to stay, you’ll see a drop in productivity and a negative work environment.
Lost Opportunities in Business
Another reason the fear of making the wrong decision is important is because you miss opportunities. When you make a poor decision, you can miss out on the path you’re wanting to go down. You’re missing out on more clients and so much more. You need to take on the opportunities that mesh with your business and vision so that you don’t miss out on these opportunities.
DO NOT let fear stop you but make the right decisions!
There will always be some sort of fear. It is normal. Remember, you can’t always avoid making mistakes, but you should take that as an opportunity to grow from it. You handle that because if you don’t, then you’ll miss out. You will become a better leader, a better business owner and great better opportunities for your business.
Adopt a growth mindset, learn from it and always ask for help.
The goal here is not to be afraid of making mistakes but to take every opportunity to grow and get out there!
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