As the owner of your company, you have an obligation to yourself and your employees. Here are six business strategies I believe will help you create the results-driven organization you deserve.
For over a year now, I’ve been writing articles for Forbes on best business and employee management strategies. I help business owners succeed and grow in their organizations. Based on these articles, I’ve put together six helpful strategies that I believe would help owners gain greater strength from within their staff.
As the owner, you set the example for those within the company. You have to conduct yourself in a manner where folks want to follow, grow, and develop with you. Offer a pay-for-performance compensation plan to encourage exceptional results. Make working for your business a place to grow and become a leader by offering development and training programs to build careers internally. Lastly, don’t hire anyone who doesn’t have a crystal-clear understanding of the goals of your business; you’ll be setting them up for failure.
Everyone has an ego, it’s a normal emotion to have. However, as the owner of your business, you should be aware that ego is not going to always work in your favor. An owner with a large ego may have trouble recognizing their own faults and mistakes. Some even lose interest in the business itself, solely focusing on their self-interests. If this sounds like you, I implore you to take a step back and think about how your unchecked ego may be impacting your business’s bottom line.
Four days of working hard from the moment the office doors open to the second they close do not excuse your employees for their lackadaisical attitude on Friday. As the owner, you need to keep your employees feeling a constant stream of urgency no matter the time or day of the week. Provide your employees a consistent workload that keeps them busy when the Friday sun rises. Develop a plan of expected deliverables for the week, with an eye on what’s to come in the weeks that follow. Instill a disciplinary system that rewards extraordinary results and discourages poor ones.
Protect and safeguard your customer base by building a relationship with them, one that exists outside the one they share with your sales reps. Your sales reps are responsible for procuring customers, they should not be depended upon for customer retention; that’s your job. Your sales reps should be rewarded via a pay-for-performance program but you should protect your base and yourself by having them sign non-compete and nondisclosure agreements. Because, at the end of the day, those customers are yours.
Opening your financial books to your employees might sound like a positive move for your business, but you should know the dangers that may disrupt your company. Going fully transparent means you have to properly educate your staff how to read financial results. Think about the time, energy, and money it would take for an educational course and the time, productivity, and esteem that would be stripped away from daily activities. You’re also opening up your business for scrutinization, running the risk of having to justify cash flow and profitability to your employees.
Some owners may feel that creating a succession plan is a bit premature. However, you as the owner should always have the best interests of your business and yourself in mind. How do you want your business to look in five-years time? The last thing you want is to hand the business over to some stranger, or someone plucked from your family tree to come in and potentially ruin what you worked so hard to build. Treat your succession plan, or exit strategy, like you would conduct a business plan and focus on where you want to be, how you want to be involved, and what you really want to get out of it as the architect of your business.
You can read more about succession planning in my six-page whitepaper here.
As the owner of your business, you have to take the necessary steps in order to lead and manage a successful team, while also instilling a culture that keeps employees happy. By implementing these six tactics into your management repertoire, you will achieve the results you deserve.