The Faulty Mindsets That Could Damage Your Business

To succeed in business, you need to correct any harmful ways of thinking. 

Your faulty mindsets could undo all of your hard work, and place your business on the road towards failure.

However, by turning your thinking around, you might just save your business and prosper as a result.

Consider the following mindsets then. Can you relate to any of them?

#1: It won’t happen to me

Now, there are all kinds of risks you face in business, many of which you will be well aware of. We are thinking of the threat of your nearest business rivals, for example, or the natural weather conditions which could harm your business premises. Chances are, you will have considered these risk factors already and taken steps to stand out against the competition and strengthen your defences. 

However, you might assume you are safe in other ways. 

Especially if your business is small and in a sector that isn’t risky, your mindset that ‘it won’t happen to me’ might seem like a logical one. 

Let’s take a compensation claim, as just one example. 

After all, if you aren’t working in construction, there will be fewer health and safety issues to worry about. And if you aren’t working in healthcare, you might assume there will be little need to take out the equivalent of medical indemnity insurance for doctors. You assume you won’t get sued, so you don’t take the necessary precautions. 

But here’s the thing. With this mindset, you might forget that there are health and safety issues in every business, even within an office environment. You might also assume your customers  and employees are safe from harm when, in actuality, your business premises or the product you provide might have faults that could cause injury.

So, you do need to turn this mindset around. Think: It could happen to me. An accident could happen, and you might get sued. And knowing this, take the necessary precautions.Risk-assess every part of your business, and consider even the smallest eventuality of  harm. And take out business liability insurance to protect your finances. 

Then think of the other business disasters that could occur, no matter how slim the possibility, and do whatever else you need to do to protect your business. You will safeguard your future if you do. 

#2: It’s not my fault

When your employees don’t work productively, you might pin the blame on them. When you start to make losses, you might pin the blame on changes in the marketplace. When you feel the effects of burnout, you might pin the blame on the mountain of work you have to contend with. You point the finger at everything but you, because you’re innocent, and the blame doesn’t lie with you.

But here’s the thing. With this mindset, you are distancing yourself from the changes you need to make. Because, let’s be honest, you could be to blame!

You see, if your employees aren’t working productively, it could be because their morale is low. If your business is making losses, it could be because you haven’t taken steps to move with the changing face of the marketplace. And if you are reading this from your bed right now because you’re ill with exhaustion, it might be because you didn’t put your trust in your employees or outsourced firms to help you manage your workload.

So, change this mindset around. Consider the faults that lie within your decisions, and then instigate change. Your business will prosper if you do.

Thanks for reading!