Six Essentials to Being a Better Business Owner
Are you struggling to grow your small business and can’t seem to “get over the hump”? Many owners run into a wall after starting their business. On the verge of success, they may toil away, unable to make the transition from struggling to thriving.
If you want to grow your business and get out of the weeds, actively work toward being an executive and delegate management and delivery accordingly. While a list of successful management traits could be quite long, these six essentials will help you be a better entrepreneur, business owner, or small business executive. The most competent business leaders cultivate the following strengths and qualities in themselves:
1. A Master at Delegation
Effective delegation and executive leadership are vital to scaling a business successfully. Without it, growth stagnates, and scaling becomes impossible. Generally, there are three roles in any company: executives, managers, and delivery (workers). All too many small business owners don’t understand how to be a good executive; they focus on “baking the bread” instead of growing the bakery.
This is understandable for business owners who have a strong passion for their product or service. They like to stay “in the trenches” and immersed in the creative process. However, for a company to grow and thrive, effective delegation and executive leadership needs to come from you, the business owner.
The best executives resist the urge to do everything themselves. This can be difficult for small business owners and former sole proprietors who have grown accustomed to taking care of all aspects of the business. However, when entrepreneurs delegate day to day responsibilities and business operations, they free up time and energy to focus on growth.
A recent Gallup study found that business owners and CEOs with “high delegator talent” had an impressive average growth rate of 1,751% over three years. This was 112% higher than those with a low level of delegator talent.
2. Great Instincts About Hiring and Team-Building
The best executives and business owners are adept at hiring the ideal individuals for each position on their team. They can anticipate the strengths each person will bring to the business as well as how they might enhance the company dynamic. However, they can also sense raw potential and hire workers who will go on to thrive in the enterprise with proper guidance and training. This differs from how large companies handle hiring. They hire based on testing and credentials. You want intangibles.
Top CEOs are also constantly assessing if the right people are in the right places and reorganizing accordingly. They create new roles within the business if they sense unmet leadership or delivery needs. It takes effort to think in terms of continually optimizing your team, but it can pay off immeasurably.
3. Excellent Communication Skills
As in great relationships, communication is vital to great executive business leadership. The most successful business owners bring out the best in their staff through acknowledging achievements and good performance. CEOs should make effective self-expression and communication with staff at all levels a top priority.
Communicate the right thing. It is really easy to be critical of your staff and managers. If you are focusing on being a delegator vs. an employee in your own business, it is important not to be hypercritical. This is a common issue with new executives who are used to being hands on and not adept at delegation yet. Encourage and coach. If you made a good hiring decision, then you will see dividends and lower turnover.
4. An Inspiring Leader
The best business owners and CEOs serve as a motivating force for their workers. Leading by example, rewarding excellent work, and communicating the company’s mission, values, and challenges are key to keeping staff inspired. Your team wants to belong to something bigger and better. Preach your mission, be your culture, and your team will line up to over perform.
5. Have a Vision for the Future
The best business leaders also effectively create, refine, present, and communicate a detailed vision for the future. Great leaders always have an eye on the big picture and are able to convey it. Whether related to an upcoming product line, projected growth, business expansion, or long-term goals, keeping employees in the loop allows you to leverage both their ideas and enthusiasm.
The benefits of being a good delegator and leading like an executive are exponential. Business owners who can break out of the tendency to remain heads-down working on a product or service open their enterprise to unlimited growth and potential. Delegating operations to talented staff allows CEOs to innovate, seek out new opportunities, and craft a dynamic vision for the future.
6. Stay Focused on Your Thing
What does your business do better than anyone else?
Steve Jobs was famous for a lot of things, but one of the most effective decisions he made involved refocusing Apple’s business strategy. When he was became CEO of Apple, for the second time, he drastically cut the product line by 70% and in doing so transformed a company on the brink of insolvency to one the most successful companies on the planet. Do what you do best.