The Himalayan Blunders of Entrepreneurs
The life of a business owner involves more than the daily grind or
making money. Behind the moral choices a founder may make in business there is
a much more visceral problem-how the entrepreneurial ego & mismanagement
kills company growth. The average large business can sustain an operational hit
due to its size whereas a small or medium sized enterprise has to remain on the
front line.
The biggest problem small & medium sized business people
encounter isn't capital or equipment, rather its managing people. An enterprise
thrives on the employees &a look at most small business reveal an
enterprise suffering from constant employee turnover & a few extremely long
term staff members that often fit into one of the following:
Stagnant
Ambition:
Knowing how to do things without wanting or ability to progress.
Complacent:
Comfortable sticking to routines & direct instructions of
their manager.
Office
Politics:
Sometimes are effective because of the need to mirror their
superior &is less about output.
Day to
day:
Only looking for short term sustainability & ignoring
long-term plans.
Administrative
Nightmare:
Not concerned with regulatory compliance, bookkeeping &
inventory; software is only used as an invoice generator.
Operational
Chaos:
Fluctuating in the supply chain from over-stock to the need for
immediate inventory; lack of production measurements & staff are adept at
hiding waste from the owner.
This results in a business that is stagnant year after year until
the founder dies or retires. Most businesses have the core competence for
growth to a national & even international level. The root cause of why
small & medium sized enterprises cannot grow is because of two fundamental
business strategic errors.
The Ego Trap:
All entrepreneurs are justified to be proud of the company they
built, but the owner has to differentiate between
strong management andego-driven decisions. The entrepreneurial journey includes
many challenges including managing & motivating skilled employees, an area
that they usually fail in.
Key
Employees:
The truly valuable employees have the intelligence & skills required
for business growth & the expectation is to have their errors corrected,
with accountability for errors. In order to retain key employees, an
entrepreneur must look beyond their ego & consider fair compensation, value
of experience & empowerment to foster company growth.
The
'Cheap Labor' Fallacy:
Most business owners think about labor from an expenditure point
of view rather than an investment. Labor is typically paid the absolute lowest
wages possible & is then expected to perform laborintensive tasks with
limited downtime & sleep. There is no financial justification for supposed
savings when it comes to cheap labor, as the inefficiencies will far outweigh
any gains from paying low wages.
Some hidden costs that occur when paying workers low wages are
Administrative Errors, Waste of Materials, Poor Product Quality & Customer
Relationship problems. Labor cannot be productive when only concerned with
short term sustainability.
The
Solution:
This can only be resolved by developing compensation that reflects
value. Employing & retaining a strong group of well paid, talented
employees & treating employees with respect & a good work-life balance
are the only two elements necessary for growing a business.
This article is by the Author JeevanGopalan:
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