The Future of Your Business: Part 2

                                                                           Photo by Andreea Avramescu on Unsplash

Own Your Business

When you think about your role as a business owner, it’s important to ask yourself: What kind of leader do you want to be? This isn’t just a question of management style; it’s about the legacy you want to leave behind and the impact you want to have on your employees, customers, and community.

Your leadership style will shape your company’s culture, influence your team’s motivation, and ultimately determine your business’s success. If done right you will be more than a business owner, you will be a leader who takes ownership of every aspect of their business and teaches others to do the same. 

Part 2

Welcome to the second blog in this series titled, "The Future of Your Business", which is about planning for the future of your business. I'm diving into the importance of four key focus areas so that you can be confident that the future of your business is on the right track. 

1. Set Your Finish Line.
2. Own Your Business.
3. Establish Your Role in the Business.
4. Execute the Plan.

It’s my desire to help you create a pathway for your business so that you can make it whatever you want to for as long as you want to.  

Now, let's dig into how to properly own your business. 

Empowerment vs. Management

One of the fundamental choices you’ll make as a leader is whether you lean more towards empowerment or management. While both are necessary, they represent different approaches to leadership. 

When done correctly, management is about daily oversight, organization, and ensuring that everything runs smoothly. It involves setting clear expectations, monitoring performance, and making sure that tasks are completed on time and within budget. A good manager ensures that the day-to-day operations of the business are efficient and effective. 

When done incorrectly, management becomes oppressive and constrictive. In other words, micro-management. This can cause your team to dread coming to work and the “fire” of your business vision can be snuffed out and very hard to rekindle. 

Empowerment, on the other hand, is about inspiring and enabling your team to take ownership of their work just like you do as the owner, as much as possible anyways. It’s about giving them the autonomy to make decisions, encouraging creativity, and fostering an environment where everyone feels valued and capable of contributing to the company’s success. Empowerment leads to innovation, higher job satisfaction, and a stronger, more resilient team.

The best leaders strike a balance between these two approaches. They provide the structure and guidance that their team needs while also creating space for individual growth and innovation so that they can “own” their areas of responsibility.

How Do You Want To Be Known?

Your leadership style will also affect how your team perceives you. So, do you want to be… 

• Respected? 
• Loved? 
• Feared? 

These aren’t just abstract concepts—they have real implications for how your business operates.

Respect is earned through consistent integrity. A respected leader is one who leads by example, gives respect, and stands by their personal and company values and principles. Respect fosters a culture of trust and loyalty, which is critical for long-term success.

Being loved as a leader might seem appealing, but it can be a double-edged sword. While it’s important to have positive relationships with your team, focusing too much on being liked can lead to poor decision-making and a lack of authority. A good leader is compassionate and empathetic, but also willing to make tough decisions when necessary.

Fear as a leadership tool might get short-term results, but it’s unsustainable in the long run. A fear-based leadership style can lead to high turnover, low morale, and a toxic work environment. Employees may perform out of obligation rather than passion, which can stifle creativity and innovation. This style typically leads to a high turnover rate which wastes a lot of time, effort and money.

In the end, the most effective leaders are those who are both respected and trusted but not necessarily always loved. They create an environment where employees feel valued and motivated to do their best work and want to be a part of the growth of your business.

Focus on the Most Important Things

As a business owner, it’s easy to get bogged down in the details. However, the best leaders know how to stay focused on what’s most important. This means setting clear priorities, aligning your team around common goals, and not getting distracted by every new challenge that arises. This goes into the consistent integrity that I just mentioned in the previous section. 

One way to maintain focus is to regularly revisit your business’s mission and vision. When you do, ask yourself these questions. 

• Are your company’s daily activities aligned with your long-term goals? 
• Are you investing your personal and company time and resources in the areas that will have the biggest impact? 

These questions will help you keep your focus on the most important things of your business. You’ll also be better equipped to guide your business through challenges and success, no matter the marketplace environment.

Developing Your People for Now and the Future

One of the most important responsibilities of a business owner is to develop their team. This means not only equipping your employees with the skills they need to succeed now but also preparing them for future challenges. 

Investing in your team’s development is a win-win situation. Employees who feel that their growth is supported are more engaged, more productive, and more likely to stay with your company for the long term. Additionally, a well-developed team is better able to adapt to changes, take on new responsibilities, and contribute to the company’s success in meaningful ways.

Training and Development Programs: Consider implementing ongoing training and development programs that help your employees build new skills and advance in their careers. This could include formal training, mentoring, or even providing opportunities for cross-departmental experience.

As a former college baseball coach, it was in my best interest to always develop and empower my team so that they could perform to the best of their abilities. This created a win-win situation because they knew that their personal success would lead to team success. Which would open up more doors of opportunity for everyone in the near future. It’s no different in business. 

Succession Planning: Another key aspect of developing your people is succession planning. Identify potential leaders within your organization and provide them with the guidance and opportunities they need to grow into those roles. This not only ensures continuity within your company but also motivates your team by showing that you value their potential.

In my journey to the C-Suite, I was identified as a top performer and also as a potential executive leader. Small but significant investments were made in my development so that I could ultimately help my organization grow. 

In my opinion, it’s a good idea to create a leadership development plan for potential managers and executive leaders in your business. This will help your employee retention and motivation. Also, if you have an open and fair succession process it will not catch your organization off guard if you hire a manager or executive outside of your organization. Everyone will have had a chance to prove themselves through the process prior to it, which will ultimately lead to a more smooth transition.

Creating a Win-Win Environment

All of these pieces of the “leadership puzzle” lead to creating a win-win environment and will motivate your team and grow your business. A win-win environment is one where both the company and its employees benefit. It’s about creating a culture where everyone feels invested in the success of the business and where success is shared. There is no better place to work!

To further create a win-win environment, start by ensuring that your employees are fairly compensated and recognized for their contributions. It takes both, it’s not just about money—acknowledge the value of work-life balance, provide opportunities for growth, and create a positive, supportive work environment. However, you also need a compensation and benefit plan that incrementally grows with your employees production and loyalty. 

When your employees feel valued and supported, they’re more likely to go the extra mile for your business. This leads to higher productivity, better customer service, and ultimately, a stronger, more successful business.

Conclusion

As a business owner, the kind of leader you choose to be will shape the future of your company. Whether you lean towards empowerment or management, aim to be respected more than loved. Also, aim to help others become “owners” so that they grow to their full potential along with the business. 

The key is to stay focused on what’s most important: developing your people, staying true to your vision, and creating a win-win environment for everyone. By doing so, you’ll not only grow your business but also build a lasting legacy of leadership. When this happens, everyone wins and you will be a leader who truly owns his business. 

In Part 3 of this blog series, we’ll discuss the different types of owners and how to determine which one you want to be.

Enjoy the Process!

Grow more. Risk Less

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