How should I lead my team to grow company revenue and retention?
I received this question from a small business owner with 50 employees, and he has been struggling to get his employees on board with a new company direction.
Without the right plan, process and actions, leadership can be exhausting for the business owner. More importantly, it can be detrimental to the business by impacting morale,
productivity and sales.
Here are five important considerations business owners should do to be a strong leader.
1) Identify and share desired business goals
It's imperative to share your overall goals with the very people who are going to help attain those goals. How can you arrive at success if you haven't told the people what your plans are and what success looks like to the company?
Lack of effective communication can be a problem for achieving company goals. If employees are not clear on the goals, they are confused when the results aren't what was expected.
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2) Align the business goals with the goals of stakeholders and employees
This can be a challenge for many business owners because they think the goals of the business, or the ideas of the business, are generally most important. However, people instinctively have their own interests in mind. Effective business leaders are able to identify those goals and dreams, not only for the business and for themselves, but also for employees.
Your responsibility as a business owner is to understand your employees' goals, your team members' goals, and other stakeholders' and align them with company goals.
For example, it's important to understand what a colleague really cares about. If they care about more money, maybe you can create an opportunity to earn more by improving the bonus and compensation structure.
Identify your employees’ goals first before aligning them with the organization’s goals.
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3) Recognize the staff and people who work for you
Everyone wants to be appreciated and recognized in some capacity. Sometimes, a thank you is enough, and other times public congratulations may be in order. Whatever it is, learn how they receive information and praise. If not, it's your responsibility as a leader to understand how your employees and team members receive praise and understand what makes them feel appreciated.
When they feel appreciated, they'll be more excited to come to work and happier because they know what they're doing is being acknowledged. This greatly improves productivity and company revenues.
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4) Interact with team members frequently - daily or weekly meetings
Frequently interact with team members. Not just for specific projects but consider having daily or weekly strategy meetings. Part of being appreciated is knowing you're acknowledged, and for an employee to know you care about who they are and what they do.
It doesn't mean you must meet with every single person you work with. Many sales teams have daily meetings to encourage and inspire the sales staff to dominate the day. These strategy meetings allow you to revisit individual employee goals, the team's goals, and the company's goals.
Spending time with the people who help build your business reminds them their contribution matters. Also, it allows you to learn a little bit more about the people who work for you.
5) Create a positive and enjoyable culture
This doesn't mean that you must play video games or pool like a tech start-up. Foster a jovial work culture.
People understand what the culture is, and know how they fit in the culture. The last thing people want is to work in a contentious or difficult situation. You still need to have hard conversations if warranted.
Encourage team building activities and group experiences that build camaraderie and trust. Some of the best companies I’ve worked for had an amazing internal culture. This will increase productivity and profitability in the long run for your business.
As the business owner you're responsible for the health of the business and the growth of your employees. Ever had a great experience at a store or restaurant? If you have, chances are the culture and leadership of the business are in sync. That leads to better customer interactions, service and eventually, a healthier bottom line!
Ebong Eka is no stranger to the world of personal finance. As a certified public accountant and former professional basketball player he offers a fresh perspective to smallbusiness planning and executing. With over fifteen years of accounting, tax & small business experience with firms likePricewaterhouseCoopers, Deloitte & Touche and CohnReznick, Ebong provides practical money solutions tailored to the everyday person, the aspiring entrepreneur or the small business owner.
Ebong is the founder of EKAnomics, a sales, pricing and leadership firm. He is also the founder of Ericorp Consulting, Inc., a tax and management consulting firm. Ebong is the author of “Start Me Up! The-No-Business-Plan, Business Plan.”
Ebong is also the founder of The $250 Tax Pro, which provides tax preparation and consulting services in the Washington, DC area.
Bank of America, N.A. engages with Ebong Eka to provide informational materials for your discussion or review purposes only. Ebong Eka is a registered trademark, used pursuant to license. The third parties within articles are used under license from Ebong Eka. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
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