Confessions of a FOMO business owner

Being a successful business owner today is no small feat. The economy has changed. Your competition has changed. Customer demand has changed. And there’s a good chance your margins have changed.

Help for you to adapt to these changes is … everywhere. As you navigate your path to long-term sustainability, rabbit holes abound, and FOMO can lead you to decisions that are expensive, inefficient and ineffective.

Here are four steps to avoid FOMO and move your company forward profitably.

1. Deploy your people to their highest purpose

Stop doing tasks that are driven by habit and don’t require human perspective. Take a fresh look at your processes, and automate the straightforward activities, like your card processing and payroll. Your employees (and even you) may resist some of these changes but remember Darwin’s Theory: It’s not the strongest who survive, but those most able to adapt to their environment.

2. Grow

If you’re growing you can afford to make small mistakes, try new things and still survive less than optimal outcomes. Plateauing performance (getting the same revenue year after year) limits your ability to leverage opportunities. Make your growth two-dimensional. That means increasing both market share (new customers) and share of wallet (deeper relationships with current customers).

3. Fight fraud with fire

Cybercrime is exploding and old-fashioned fraud is still flourishing. According to the Association of Certified Fraud Examiners, organizations lose 5% of revenue to fraud each year. A typical fraud case causes loss of $8,300 per month and lasts 12 months before detection.

A tool called Positive Pay can help catch fraudulent checks before they clear and do the same for ACH transactions. Make it a priority to investigate how it can work for you.

4. Get a FOMO coach

Balancing efficiency, growth and fraud protection is a tall order. At VeraBank, serving local businesses is our wheelhouse. We have a team of local, experienced and dedicated specialists who will help you deploy steps 1, 2, and 3. And they’ll help you do it economically and without delay.

The result? You won’t miss out on what’s new and awesome in your industry and for your customers you will be able to focus on doing more of what you do best.

Call us. We’ll get into your business so you can get more out of it.

Rasheedah Quarles is the treasury management officer with VeraBank, located at 1111 W. 6th Street, Bldg B, Suite 200, Austin, TX 78703. Contact her at 512-218-2650 or rquarles@verabank.com.

This article has been republished with permission. View the original article: Confessions of a FOMO Business Owner.