9 Important Steps To Building Ownership Mindset In Your Small Business

Reading Time: 4 minutes

The key to growth in small business is in creating an ownership mindset in your employees.

The key to growth in small business is in creating an ownership mindset in your employees. Click To Tweet

As an entrepreneur, it is evident that you have it. But, how do you build it in your people? Here’re some steps

#1 Fix the hiring

The first step is hiring the right people. You want individuals who are curious. Who are looking to better themselves and things around them. Who are asking “how does this add value to the customer?” You want people with the entrepreneurial zeal in them. You could look for evidence of this by checking if they had run small jobs on the side when they were young or ran a small business when they were in college. It does not matter if they succeeded or not. That they took action to their impulse is important.

#2 Creating Focus

Once the team is in, you want to bring Focus on what is most important for you and the business. Make sure they are clear of the One Thing they need to focus on. The One Thing, which is absolutely critical for business success. Focus is the number one reason why business succeeds. You want to make sure that each person in the team is working towards one goal which is clear to all.

There should be maximum three things below this one goal. I have seen this coming out right in countless industries and businesses. How do you ensure this? Every day, ask you and your team “what is the one thing which will make the most significant and positive impact on our business? Are we doing it? When? Who is doing it?” This Focus will create the habit of giving priority to the project/item/decision which will have the maximum benefit to the business.

There should be maximum three things below this one goal. I have seen this coming out true in countless industries and businesses. How do you ensure this? Every day, ask yourself and your team “What is the One Thing which will make the most significant and positive impact on our business? Are we doing it? When? Who is doing it?” This Focus will create the habit of giving priority to the project/item/decision which will have the maximum benefit to the business.

Focus is the number one reason why a business succeeds. Click To Tweet

#3 No distraction mindset

Once the team is fully aligned and working towards one goal, give them the freedom to achieve it. Make them focused on outcomes and delivery. Be the example of how to avoid distractions and be focused on delivery. This is critical. There are many urgent items to finish in a day and before you know it, the day is gone. By being laser focused on doing the one thing which matters, you have to train your people to avoid distractions and stay focused. This mindset starts from a small item like limiting the time you spend on social media to bigger issues like giving maximum priority to completing the projects which make the most significant difference to your business.

#4 Communicate, Communicate, Communicate

Communication is an absolute must for every business but truer than ever when installing the ownership mindset. In every situation, let people know how you came to the decision as an owner of the business. Help them decide when they are in similar circumstances. Communicate frequently on what is most important for the business. This will make sure that everyone knows exactly what levers to pull in a given situation.

#5 Make them accountable for their decisions

Accountability management is an essential part of a leadership role. Do you hold people accountable to their promises? Do you hold yourself accountable to the promises you made? An owner of the business operates from the highest accountability given his skin in the game. “This is your business and your actions decide it’s today and tomorrow”. This form of accountability makes sure that your team focusses on action and execution.

This is your business and your actions decide it's today and tomorrow Click To Tweet

#6 Celebrate when they have taken decisions which help the business

The flip side of Accountability is Celebrating good behaviors. Because celebrating good behaviors leads to their consistent application. Consistent behaviors lead to habits and Persistent habits lead to successful business. So, celebrate decisions and behaviors where your team members have demonstrated ownership mindset. This could be just a simple impromptu town hall which celebrates a few instances or a raising a toast to the individuals in your next fun team outing (You have one, I hope!)

#7 Celebrate cost consciousness

This is a no.1 indicator of ownership mindset. Some people are naturally thrifty and there are some who are naturally spendthrifts. And the majority in between the axis. You need to celebrate those who consistently demonstrate cost consciousness. They always look for value in their decisions. They always make sure that the business is getting more value than what they are paying for it. They make sure their travel costs represent the best value decision. They make sure they are getting the maximum value from their agencies and suppliers.

#8 Celebrate customer focus and helping customers win their game

The sole purpose of business is to serve the customer. No one understands this better than the owner of the business. When someone makes that effort in understanding the exact needs of the customer and over delivers the value offered, you must celebrate this behavior. Why so? Think back to when you were buying something and your expectations were over delivered. You were thrilled and you probably mentioned that to your other friends. Over time, you went back repeatedly to this service provider.

It is the same with your customer who is delighted will come back to you. Your team member who over delivered to the customer is the reason behind it. And he has behaved with the ownership mindset.

#9 Lead by example

People will be motivated by your zeal and direction and will start owning the business. Whatever behaviors we have talked about above, you need to live and breathe it daily. You should be the role model to others whenever they wonder how to bring the ownership mindset alive. You should help people understand your actions better so that they are behaving like owners.

 

Build these habits and you know that many eyes are scanning, identifying and grabbing the opportunities which are always there for the business to grow.

How would you build this mindset in your business? If you want a checklist for this, then, check out just released book

If you want a checklist for this, then, check out just released book: Stop Reset Start.

Now Available on Amazon
Now Available on Amazon

 

56 thoughts on “9 Important Steps To Building Ownership Mindset In Your Small Business”

  1. Hi there! I could have sworn I’ve been to this site
    before but after reading through some of the post I realized it’s new to me.
    Anyhow, I’m definitely glad I found it and I’ll be bookmarking and checking back often!

    1. I am glad you are here too! Thanks for the bookmark.

      If you sign up for the free newsletter, I will keep you posted when the new posts come up.

      Best wishes

    1. Thanks for the kind words. Pls share it freely to whoever you feel will benefit from it. Do consider signing up for the free newsletter which will deliver these posts straight into the comfort of your inbox.

  2. Oh my goodness! Impressive article dude!

    Thanks a lot, However I am just dealing with complications with your RSS.
    I don’t understand the main reason why I can’t sign up for it.
    Will there be anybody else getting similar RSS issues?
    Anyone that knows the perfect solution would you like
    to kindly respond? Thanks!!

    1. I am glad you loved it. I have not activated the RSS option. You may consider joining the updates list so that the latest posts come straight to your inbox.

  3. Good post. I learn something totally new and challenging on websites
    I stumbleupon everyday. It will always be helpful to read articles from other authors and practice a
    little something from other web sites.

  4. Hello, i feel i saw you visited my web site so i came to return the prefer?.I am
    wanting to find issues to improve my web site!I suppose its adequate to
    make use of some of your ideas!!

  5. Hello there! This is my first comment here so I just wanted to
    give a quick shout out and tell you I really enjoy reading your articles.
    Can you recommend any other blogs/websites/forums that deal with the same topics?
    Thanks for your time!

    1. Glad you enjoyed it. There are many out there but I like Malcolm Gladwell for his thorough work and Brian Johnson’s Philosophers Notes YouTube channel

  6. Excellent post. I found myself checking constantly this web site and
    I’m impressed! Very helpful information specially the very last part :
    ) I look after such information much. I found myself seeking this certain info for the
    number of years. Thanks a lot and best of luck.

  7. Its like you read my mind! You appear to know so much about this, like
    you wrote the book in it or something. I think that you can do with
    some pics to drive the message home a bit, but instead of that, this is fantastic blog.
    A fantastic read. I’ll certainly be back.

    1. Thanks for the kind words and for the suggestion. Glad you liked it. Do consider signing up so that you will get the updates straight in your inbox.

  8. I’ve been exploring for a little bit for virtually any
    high-quality articles or blog posts about this kind of house .
    Exploring in Yahoo I eventually stumbled upon this site.
    Studying this info So i am happy to convey that I’ve an extremely perfect uncanny feeling I discovered exactly a few things i needed.

    I a whole lot surely can make certain to usually do not
    put away from your mind this internet site and present it a peek
    on a constant basis.

  9. Great weblog on this site! Additionally your website loads
    up fast! What hosting company are you presently the application of?
    Can I have your affiliate link in your host? I desire my website loaded up as
    fast as yours lol

  10. Appreciating the dedication you put into your website and in depth information you offer.
    It’s great to come across a blog every once in a while that isn’t the same old rehashed material.
    Fantastic read! I’ve saved your site and I’m including
    your RSS feeds to my Google account.

    1. Thanks for the kind words. Do consider becoming part of the subscriber for early updates and also special benefits like book previews.

  11. I really like the helpful information you provide with your articles.
    I am going to bookmark your blog and appearance again here
    frequently. I am quite sure I’ll learn many new stuff here!
    Better of luck for the next!

  12. It’s the truth is very complicated in this filled with activity
    life to listen news on TV, so I simply use the world wide web
    for your reason, and obtain the latest information.

  13. Good day! Do you know if they make any plugins to help with SEO?
    I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good
    gains. If you know of any please share. Cheers!

  14. It’s actually a cool and helpful component of info. I’m glad that you just
    shared this useful information with us. Please keep us informed
    such as this. Thanks for sharing.

  15. I believe that is one of the so much vital info for me.
    And i am glad reading your article. But wanna observation on few general issues, The web site
    style is wonderful, the articles is actually nice : D.

    Just right process, cheers

  16. Does your blog possess a contact page? I’m having a tough
    time locating it but, I’d prefer to send you an e-mail.
    I’ve got a bit of recommendations for your blog you could
    be interested in hearing. In any case, great website and i also
    look forward to seeing it grow with time.

  17. I simply want to say I am newbie to blogging and site-building and seriously liked your page. Probably I’m want to bookmark your blog post . You certainly have impressive articles. Appreciate it for sharing with us your web page.

Leave a Reply

Your email address will not be published. Required fields are marked *