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There are so many traits of good entrepreneurs. They desire high levels of success and have amazing ideas. They want to be very involved and use their decision-making powers fearlessly. They are interested in many different things that influence their company and its operation. These are necessary attributes for successful business owners, but they can also get in the way.
Your strong business traits are blessings but might be a curse too. No one wants to self-sabotage their business or their livelihood, so keep your eyes open for these five signs that you might be your own worst enemy of your franchise.
1. Great Ideas Are Going Nowhere
You have amazing ideas—new ways to be efficient, new ways to deliver service—but they don’t happen. If you're like most business owners, you're risk averse. Yes, the stereotypical entrepreneur is a risk taker, but just as many (maybe more) aren’t. Perhaps it's a feeling that “the way we’ve always done something” is good enough holding you back. But if you keep coming back to discussions of the same idea and it’s not getting off the ground, you may be the reason it stays grounded. Successful franchises keep evolving their processes. Don't become so stuck in what you're doing that you can't advance to what should be next.
2. You Haven’t Invested in Technology
Customers are so savvy and quick with their news feeds, online comparisons, and purchasing, that you will wither if you forget to expand your technology. From contact to final payment, every interaction with clients must allow for flexibility—in communication, changes, profile management, you name it. Lucky for you, your franchisor can be of great help in this area.
3. You Think Your Achievements Are About You
It's been said that "Successful entrepreneurs are givers and not takers of positive energy." Growth occurs when customers perceive you as focused on your their needs. If that is always at the forefront, then growth numbers will speak for themselves. Celebrate your victories, but keep your customers first. They're a big reason you have the successes.
4. You're Strong-Arming Decisions Often
The ability to be decisive is a much-needed skill for business leaders. The fault comes when decisions aren't executed with fair consideration of all alternatives. The team around you that you espouse as important is very aware when their ideas are not valued. When you make decisions mostly because you are “the boss,” then chances are that many of them will be the wrong decisions.
5. Fact and Fiction Are Getting Blurred
Sometimes, we want to believe what we want to believe, right or wrong. This can be deadly to a franchise business. Facts and figures matter. When confronted with a need for information, get it right away. Use surveys and collect data, but trust the numbers and facts rather than just your intuition. Intuition may have gotten you this far, but it won’t get you where you want to be. See the facts and act accordingly.
When your franchise seems to be stalling but you have an entrepreneur’s skills, take a moment to consider how your skills could be the cause of your own demise, and don’t let those amazing business traits you have cause you to become your own worst business enemy.
Anne Daniells is a co-owner of Enterprising Solutions, a professional services firm specializing in corporate communication and financial improvement for businesses where she shares decades of corporate and entrepreneurial experience—including franchise ownership—in her writings on business culture. She has authored hundreds of articles for publications including AllBusiness.com, TweakYourBiz.com, and MSN.com. Reach out via her website for more on where corporate culture, communication, and human architecture collide.