You can change everything about your business by changing your thinking about your business – Zig Ziglar
There is a lot of weight sitting on the shoulders of business owners, especially as a new financial year approaches: cashflow, annual leave, tax, stock levels and getting your mind into gear by shaking off the desire to throw it all in for a ‘simple life’ at the beach. By now most of us find ourselves back at work with the regular business patterns kicking into place.
One of the key challenges business owners face in planning for the new financial year is their personal mindset. Where do you place your business in terms of a mindset for success? Are you totally committed to the success of your business? Or, do you treat your business more like a hobby? Are you leading your team: in the right direction and at the right pace? Is it clear where you’re going?
Having a business mindset really comes into play when a business grows. Many businesses start as owner-operator set ups and then expand to employ staff and/or take on another business partner. That move from managing your own business to one that employs staff or expands to a shared-ownership model, requires quite a different mindset to that of the solo-owner/operator. Not only is there increased responsibility but there is also a mental shift needed to communicate and share direction, intent and goals with the rest of the team. The following model shows the expanded mindset required:
When we lead others we expand our mindset from Leading Self- where our energy and purpose are a personal battle and how much we focus that on bettering our business is a direct driver of our own success, to Leading Others which is about connecting, influencing and motivating others. The leading-self mindset still applies but it needs to be added to if we are to successfully lead others. The most expansive mindset is Leading Organisation where we need to express our vision, clarify and communicate our thinking and make sound decisions that have a direct effect on others.
Is your mindset driving that expanded behaviour and communication?
I have observed business owners struggling with shared responsibility and shared decision-making. There is a challenge in letting go some control to accommodate someone else’s thinking and goals. Good communication and openness is required. One business partnership I worked with had recently discovered that the original owner was still taking personal drawings from the business account when his personal credit card went over limit. Needless to say quite a conversation was had as they had identified a definite change in mindset was required!
I regularly come across business owners whose business success has ridden on the back of a highly committed, skilled staff and a good product, but who have never shared their vision and goals with the team. These owners often express frustration when staff would come to them with ‘unreasonable’ requests as in ‘they simply don’t understand the realities of running a business’.
My question is DO YOU? Do you understand the realities of running a business? Do you understand that when you employ others you not only gain their expertise but you also take on the responsibility of providing a thriving business environment and maintaining a cashflow that meets all the business commitments and pays a reliable income. Do you understand that when you take on a business partner that means its no longer YOUR business, but one you share with others?
When our business grows and we take on others, either as staff or partners then our mindset needs to change from the self-lead freedom of being the only owner and operator to sharing, leading and guiding others.
Business success relies on the clarity, focus and drive of the business owner(s) and the full engagement of your team. The way you think about your business will change everything about your business.
Did you know: 97% of New Zealand businesses employ less than 20 employees, but those same small businesses employ 30% of the working population and contributes 27% of GDP