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
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- #1 Fix the hiring
- #2 Creating Focus
- #3 No distraction mindset
- #4 Communicate, Communicate, Communicate
- #5 Make them accountable for their decisions
- #6 Celebrate when they have taken decisions which help the business
- #7 Celebrate cost consciousness
- #8 Celebrate customer focus and helping customers win their game
- #9 Lead by example
#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.