A blind spot is an unrecognized issue that has the potential to impact all areas of a company. Whether it’s stalling growth or high staff turnover, failing to recognize a blind spot can have significant implications for your business plans.
Here are the five most common blind spots you should look out for in your business.
1. Poor Communication
Leaders tend to overestimate their communication skills. This causes a disconnection between what they think they have communicated, and the message employees actually receive.
Communication blind spots cause leaders to send unintended signals that lead to unfavorable outcomes. Look out for these common communication errors.
- Communicating with an attitude of superiority: A condescending tones make leaders unapproachable. This leaves employees feeling they can’t seek clarification.
- Shutting down conversation with employees: There should always be time for conversation to ensures mutual understanding of important messages.
- Deflecting responsibility: Blaming others is a defense mechanism for leaders who lack confidence. Over time, the blame game becomes second nature. This can lead employees to distrust management.
2. Neglecting to Outsource
It’s tempting to retain as much cash flow as possible, particularly in a business’s growth phase. However, if you take on too much, you can lose track of your top priorities. Your clients, employees and operations need your attention. This is why it’s best to avoid spreading yourself too thin by taking on jobs outside your area of expertise that you could easily outsource.
Accounting and marketing are two activities that are often perfect for outsourcing. They are highly specialized fields, and they’re rarely the top skillsets of a business team.
- Accounting includes more than budgeting, taxes, and keeping your books up to date. An accountant can also help you with key issues you face in growing your business. Leaving your accounting to a professional should provide peace of mind and a more efficient business.
- Marketing is crucial for long-term, sustainable growth. In today’s hyper-competitive world, there is no room for laid-back marketing. It’s all or nothing. Marketing firms spend 100% of their time bringing customers to your business. Sure, it’ll cost you, but the revenue and business growth will be worth it.
3. Lack of Goal Setting
Goals help monitor progress and encourage employees to work together to achieve common targets. Goals should be clearly outlined in your business plan and communicated to staff to ensure your organization is on the same page.
With a clear path towards achieving your goals, you can continuously move your business into the next growth phase.
4. Inability to Adapt to Change
With new technologies constantly on the horizon, change happens rapidly. It’s easy to find comfort in the status quo and consequently ignore industry advancements. Unfortunately, this is a sure-fire way to lose customers and let your competitors overtake you.
Leading a business through change should be part of your business plan. This will help you embrace change. Seeking a business coaching professional is an excellent way to stay one steps ahead in your market.
5. Lack of Employee Appreciation
You can’t run your business without your employees, so do what you can to retain them. From creating a healthy workplace culture to promoting higher productivity, valued employees positively impact your business. The happier your employees, the more loyal they will be and the less likely you’ll have to undergo the time-consuming and costly effort of hiring new staff.
Here are some easy ways you can regularly make your employees feel more valued:
- Recognize and reward achievements.
- Offer a work-life balance.
- Have an open-door policy and encourage conversation.
- Ask for employee feedback.
- Offer professional development opportunities.