Do you know what the biggest threat to a company is? As soon as the question leaves the lips, there is a flurry of activity. Everything from cybersecurity to employees and lawsuits is thrown out into the ether. It has to be one of the big three, right? There is nothing else as dangerous as unproductive workers or hackers. The answer is yes there is, and it’s you.
Shock and horror usually sweep over people because they can’t believe the truth. The person who has built the company from nothing is harming it in some way. Let’s qualify this by stating that the owner should have a huge impact on the firm. Without the right guidance, no one else will be able to execute such a remarkable job.
However, there are little things which you do that may leave the business vulnerable. In short, the boss is the person who lets the wolves into the chicken coop. If you’re unsure, the reasons below should make it clearer.
Leaders have to be in charge. There needs to be a figurehead who assumes control and leads the company through difficult times. Otherwise, there will be no responsibility or accountability when things go wrong. Plus, too many people with opinions will muddy the waters and no action will be taken. It’s best to have an individual at the helm.
There is a delicate balance between being in charge and being overbearing. Great bosses understand that they need to delegate power for many reasons. The first is to fill gaps in their knowledge. As one person, there are skills and experiences you don’t possess but others do. Also, outsourcing to virtual receptionists and customer service advisors helps to cut costs and boost standards.
Probably the worst drawback to having too much power is stifling employees. They need the freedom to make decisions to enjoy their job and feel challenged. When they don’t, output drops dramatically.
It’s easy to see the similarities between assuming control and being egotistical. Indeed, they dovetail nicely. There is a difference, however, and it’s a subtle one. A healthy ego is what stops bosses from accepting help or working with others. Taking too much control is the desire to be in charge because power is intoxicating.
Let’s take a look at an example. Your business is doing well but there is an opportunity to merge with a rival. Bringing both parties’ resources together will ensure survival and growth. Still, you hate the idea of sharing the helm with a partner. Why? It’s because they have annoyed you in some way.
Or, it may because you don’t want to seem as if they have the better of you. Reputation is important in the industry but so are cash flow and liquidity. Sometimes, you have to work with others for the sake of the company.
Having Money on Your Mind
This is a mantra which plenty of business owners can relate to because they are a slave to the Almighty Dollar. All is fair in love and war when the outcome is a fat stack of Abraham Lincolns. The mind works one way and it centers on making money.
Great, this is how people in positions of power need to operate. Yes, making a living is vital to success, but it shouldn’t come at the expense of others. Employees want a competitive wage and shorter working hours as the job isn’t their life.
Because making money is yours, you cut corners by slashing wages and increasing office hours. People are sure to bounce in this scenario.
Not Making Mistakes
Errors no longer exist according to the person in charge. This is an excellent thing for many people because it implies they are constantly winning. How can it be harmful? The answer is straightforward: you’re lying.
It’s impossible to eradicate all errors because a perfect game is a myth. Instead, bosses learn from their blunders and come back stronger.
People who don’t think applies to them are stubborn and probably blame failures on others. This is a surefire way to plateau and decline.
There’s a lot to do and not enough hours in the day. Still, the buck stops here according to the sign on Harry Truman’s desk. A loss of concentration will result in incidents which may leave the business vulnerable.
For example, not changing passwords on a semi-regular basis as hackers can target weak server spots. Or, failing to see or set up an environment where others report health and safety hazards.
Lawsuits are real. Ask bosses who lost focus and ended up in court as a result. Do you want to be that person?