Progress vs. Perfection: 5 Hidden Costs of Perfectionism in Business (And How to Overcome It)

Perfectionism might sound like a positive attribute, but in business, it can be an expensive trap. Pursuing flawlessness can slow progress, drain precious resources, and leave you stuck in toxic cycles of revisions and changes. 

If you want to take these invisible brakes off your business pursuits, check out these five hidden costs of perfectionism in business, and how to overcome them: 

1. The ‘Posh Office’ Illusion

So many business owners think they need a prestigious office space or a flashy warehouse to impress potential clients. In reality, most clients want exceptional customer service and reliability much more than they want to see you have an impressive address or premises. 

Instead of burning through cash signing up to expensive leases, embrace professional and cost-effective solutions like self-storage units or 3PL warehouses for your stock. For meetings and your professional base of operations, you can choose between serviced and virtual offices that offer a host of additional services (often including perks like free drinks and gym membership) for one low monthly fee. 

2. Overcomplicating 

One common result of perfectionism in business is extra steps added to processes, each of which ultimately eats up time and money. Excessive meetings to discuss things, excessive analysis of figures, endless reviews—the list goes on and on. 

Detail is important, but not when it comes at the expense of progress. Obsessing over every little thing can cause your growth to be choked while your resources are used up at speed. If you feel like you’re spinning your wheels without much to show for it, you may be stuck in this perfectionism trap as we speak. 

To claw your way out, you’ll need to streamline, delegate, plan, and most importantly, give things time to work. By giving your business breathing space to move forward, come what may, you’ll have lots of real information to utilise for your next steps. 

3. Analysis Paralysis

Perfectionists can suffer from issues with decision-making, obsessing over each and every detail before making any moves. Is preparation the key to success? Absolutely. Nearly half of all businesses fail within five years of starting, and a common reason for that is not having a solid business plan. However, you can only measure risk to some degree. 

There will always be risk and the potential for failure. But with those scary things comes the ability to learn from your mistakes. It’s all part of the peaks and troughs of building and growing a business. 

Embracing measured risk, learning from your mistakes, and being adaptable is how you drop that need for perfectionism and start to benefit from both the wins and losses of your entrepreneurial journey. 

4. Fear Of Visibility

One of the most surprising side effects of perfectionism is the hesitancy it causes business owners to have when it comes to putting themselves out there. Around 65% of entrepreneurs suffer from anxiety, and one of the things that causes that anxiety is a worry that the brand is ‘not perfect enough’ to be shared. 

This hesitancy is a mistake. 

Yes, you should be well-prepared, but holding out for perfection will only lead to missed opportunities. Have faith that showing up—even imperfectly—is still showing up and setting the wheels in motion for your entrepreneurial goals. 

5. Burnout

One of the worst results of perfectionism for business owners is burnout. Unrealistic standards, stress, burning the candle at both ends—these perfectionistic habits can derail even the strongest business owners. Even worse, your quest for perfectionism can impact employees, causing the team to never feel good enough. And that’s one of the quickest ways to destroy motivation. 

A happy, healthy business owner and a motivated team can only lead to better results for the business. Focusing on wellbeing, communication, and problem-solving are just some ways you can build a healthy business approach, avoiding burnout and instead driving yourself, your team, and your business to a place where you’re all thriving. 

Perfectionism really is the enemy of progress. Using our tips above, you can ditch it, make progress, and watch your business grow from strength to strength.