Benchmark Business Group

Business Owner Newsletter - Page 22

Set Clear Expectations with Your Team

This month, as we've focused on how to cultivate an employee ownership mindset, you may have noticed that we've focused on what you can do as a leader and not on what your employees can do. This was deliberate. As a leader you can create the foundation for your employees to establish ownership, but they have to be willing to step up to the plate. This week we'll focus on how to ensure your employees know what is expected of them so they can step up to the plate.

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When your team is emotionally invested in your business

Quote: "When people are financially invested, they want a return. When people are emotionally invested, they want to contribute."
Simon Sinek  
 
Question: What does it look like when your team is emotionally invested in your business?

Our Thoughts: Business is complicated. Day to day operations by themselves take a lot of your time and energy and you have to find a way to balance that with business strategy and empowering your team.   Due to the constant distractions, it's very easy for business owners to become laser focused on "WHAT" is or is not happening and not "WHY" it is happening. As we discussed in, "Communication is a Two Way Street", understanding the motivation of your team will go a long way in making sure they are emotionally invested in your business.
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Trust and Loyalty

Last week, we discussed the importance of communicating your vision in order to create employee ownership.   Our next focus on creating employee ownership is to earn and establish trust and loyalty. If your team does not feel like they can trust the company they will not develop a sense of loyalty to achieving the vision and will not take on an ownership mindset.   Establishing trust with your team starts with you and your leadership team. Follow these fundamental truths for building trust with your employees:

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Communication is a Two Way Street

We often hear business owners ask how they can get their team to have more ownership in their work.   Make sure you follow us this month as we focus on how to foster ownership at every level of your business by cultivating an employee ownership mindset. In this article we are focusing on how communicating and engaging your employees in your company vision creates the foundation for taking ownership of their work, and in helping your business achieve its vision.

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Self Check Up

This month we have run a check-up on the business and on the staff in an effort to diagnose symptoms before they become true problems. There is however one area that we have not discussed. YOU! As a business owner, you are likely to fall into the trap of working in the business, rather than on the business. When this happens, you let the Technician take over and his only concern is getting the job done. The Technician tends to lose focus on aspects of time management, the company vision, and leadership.

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Employee Check Up

This month we have been focused on conducting a business checkup so that you and your team are clear on what your business needs in the 4th quarter to finish this year strong and build momentum for 2016. We have discussed analyzing goals, developing next actions, meeting with your Accountant, and taking a critical look at your Marketing Plan and Sales Process. This week we turn the focus to the people that run the systems: Your team. They are active and vital players in your business. This week we will look at three areas to investigate when doing a staff check-up; Tools, Trainings and Measuring Results.

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Prevent Problems

Quote: "Treatment without prevention is simply unsustainable." ~ Bill Gates
 
Question: What actions are you taking to ensure that prevention of problems will come before treatment of problems?
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Marketing and Sales Check Up

Last week we discussed the need to give your business a checkup heading into the 4th quarter and identified three key places to start: Business Goals and Performance Indicators, Next Steps, and Meeting with your Accountant. You may realize by now that these initial checks were just the tip of the iceberg. With a fresh perspective on the original goals that were set for the business, now is a natural time to look at other areas of the business to ensure that they are feeding the overall health of the business.

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Business Check Up

"An ounce of prevention is worth a pound of cure." - Benjamin Franklin
 

Last month we discussed the importance of realizing value from your business. As a business owner, your goal is not only to make your business run smoothly and efficiently, but to design and grow a business that will eventually sell for a price that is worth your time and efforts.   With the onset of September, now is a critical time for you to conduct a checkup on your business so that you can ensure the business is prepared for success in the 4th quarter, into 2016 and beyond. By conducting a review of your business, you will be better able to find pieces that are out of alignment with your vision and correct minor issues before they become major problems.

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Value Realized

What is the point of owning your own business? How you answer that question will definitely depend on your personal desires, but in reality it boils down to one thing: Value. You own a business to realize value.

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