This article was first published at https://businessdoctors.co.uk/the-six-tentacles-of-the-owners-trap/

Many business owners seek freedom when they start their venture, but the reality often differs. After the initial years, a routine sets in, leaving you overworked, responsible for everything, and hindered by slow growth. The Owner’s Trap is detrimental to both you and your business.

Signs of being in the Owner’s Trap:

• Revenue plateau
• Slowdown in your absence
• Customers always come to you for solutions.

If this sounds familiar, you’re not alone. Over 60% of businesses fail within the first three years, many trapped by the owner’s role.

Successful businesses prioritize growth by avoiding common pitfalls. The “owner’s trap” often ensnares entrepreneurs due to:

1. Technical Competence: Competence is a key factor in falling into the owner’s trap. Entrepreneurs often start businesses based on their technical skills, assuming no one else can match their expertise. This leads to a dependency on the owner for customer issues, employee decisions, and supplier orders, hindering business growth. The owner may mistakenly think they’re benefiting the business, but in reality, they might be sacrificing family without creating a truly valuable business.

2. Striving for Perfection: Entrepreneurs in the owner’s trap often strive for perfect customer delivery, causing stress and hindering productivity. Prioritizing timely and good service is more effective than chasing elusive perfection, which can impede growth.

3. Fear of Delegation: Delegation fear stems from owners thinking they outperform others. This mistrust can lead to low employee engagement and high turnover, severely affecting business growth.

4. Customer Satisfaction: Direct owner-customer interactions can lead to overcommitment, as personalized service may prompt customers to request additional services that are typically outside the primary offering.

5. Turnover over Profit: Prioritizing turnover over profit may prompt owners to add services without considering costs, causing cash flow problems as low-margin returns fail to cover necessary working capital for growth.

6. Scale Up Anything more than incremental growth may strain resources and result in a poor customer experience. On the other hand, Scale is about exponential growth in turnover with incremental growth in resources, which is far less risky.

Step out of the owner’s trap and manage yourself out of the business

Find out what’s holding you back

Liberate yourself from the owner’s trap and strategically guide your way out of the day-to-day business grind. Identify the barriers hindering your company’s ability to flourish independently. Participate in our brief 15-minute survey to assess your standing compared to industry benchmarks. Your insights will not only shed light on potential challenges but also unlock a comprehensive 21-page report offering tailored recommendations to break free from the owner’s constraints. Seize the opportunity to take the survey now and pave the way for your business’s unbridled success.  https://score.valuebuildersystem.com/business-doctors-uk/daniel-bugeja