Perfectionism could be eating your profits – here’s what to do about it

Close up of Perfectionism text in questionmarks

As a small-business owner, you undoubtedly feel pressured to provide your customers with the best possible experience every single time they interact with your business. This is understandable, and there is no doubt that it is important to maintain our standards, especially in the current tumultuous times.

However, striving for perfection could be costing you time and money. It is also likely to be having a detrimental impact on your wellbeing. Here are some of the reasons why perfectionism could be eating your profits, and what you can do about it.

1. Perfectionism is a handbrake to innovation

History tells us that the businesses that prosper and thrive during uncertainty are the ones who innovate. By definition, innovation requires us to do things in a way that we haven’t done them before.

This means taking a chance on something before it is proven. For the perfectionist, this is daunting.

However, if you are waiting to be sure your new idea or product is going to work, chances are, someone is going to beat you to it.

The best way to get data about how your product or service is going to be received is to actually launch and get feedback from your consumers. Whilst the perfectionist mindset squirms at the thought of putting something to the world that is not yet perfect, the innovative mindset recognises the merits of getting real feedback from real consumers.

As in many areas of life, the 80/20 rule applies: get it 80 per cent right, and integrate feedback from your consumers to enhance it further.

2. Perfectionism is a drain on physical, mental, and emotional resources

Another reason why perfectionism could be eating your profits is the toll it takes on you as the business owner. A perfectionist mindset means that you are constantly striving to achieve unrealistic expectations and, because they are unrealistic, you allocate physical, mental, and emotional resources towards achieving a standard that cannot be achieved. Then, when you fail, you feel bad.

This feeling of failure will result in further feelings of disillusionment, disappointment, and doubt, none of which are aligned with the emotional state you want to cultivate in order for your business to succeed.

Striving for perfection is a waste of physical, mental, and emotional energy. A better allocation of those resources is recognising what is working well, where you are succeeding, and where the opportunities for innovation, creativity, and experimentation lie, even if they carry a risk of not getting it right the first time. 

3. Perfectionism is subjective, so you could be wasting your efforts

If you have ever conducted market research, you will know that every respondent is unique. Whilst there may be common elements in relation to what an ideal customer experience feels like, or what a great product offers, there is always variation. This means that what is “perfect” varies between individuals.

This shouldn’t be confused with excellence. It is entirely possible to offer excellent value, service, or quality without it being perfect, and there is a surprising amount of space between excellence and perfection that can only be accounted for by personal preference.

So, rather than aiming for the elusive and unattainable standard that is “perfection”, focus on what you know is important to your consumers, give them that, add a dash of something extra to make it special, and see how it lands.

Your profit margins and your wellbeing are likely to benefit as a result.

Kate Witteveen, Success & Empowerment Coach, Astute Consulting Services