Benchmark Business Group

Business Owner Newsletter - 2015 Archive

Realizing Value Through Business Ownership

As 2015 draws to a close, we want to take a moment to thank you for all your hard work. Owning a small business can be tough, but it can also be very rewarding.   Small business ownership can enable you to realize extraordinary value. Our days are dedicated to working with business owners and leaders to design the results that enable them to achieve their goals and realize their dreams. Through intentional thought and action our clients craft a business that reflect their values and realizes their vision.

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Why Do You Own a Business?

Get Your Passion On!
For the month of December we are challenging you to remember why you own your small business.

We believe you should be connected to the passion, hope, dreams and desires you had when you became a business owner; to be inspired every day to achieve your vision! Take a few minutes to reflect and recall what you hoped to achieve through owning a small business.

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Intentional Imbalance of the 3 E-Myth Personalities

Planning for Imbalance:
For most business owners/leaders, having an imbalance of Entrepreneur, Manager, and Technician is more the norm than having a perfect balance. Seasonal aspects of your business, employee vacations, and your personal plans can all be taken into consideration as you determine the balance of which of the three hats your business will need you to wear. Since we all know it's going to happen (the imbalance) we suggest you approach planning for imbalance in a rolling 90 day forecast based on your personal needs and anticipated business activity.
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E-Myth Personalities

Quote: "The meeting of two personalities is like the contact of two chemical substances: if there is any reaction, both are transformed." ~ Carl Jung

Question: How do your business personalities react with each other to transform you and your business?

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E-Myth Personalities

Do you ever feel like you're being tugged in multiple directions? Like your business needs you to be multiple people at once? Don't worry, most business owners do! It's completely normal and best described by Michael E. Gerber, small business guru and bestselling author. In his book The E-Myth Revisited, Michael's story of Sarah the pie maker illustrates three personalities every business owner needs to be successful: The Entrepreneur, The Manager, and The Technician.

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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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