Employees Thinking Like Owners

by Richard Avdoian

Regardless of the size or longevity of your business, experts agree that the more involved and engaged employees are, the greater the success. Getting them to think like the owner or a member of the board of directors leads to greater productivity and profitability.

This is most important when a company faces obstacles, decreased revenue and new standards/regulations.

The degree of commitment and level of enthusiasm of the workforce are key to getting the company through the challenges, adjusting to decreased revenue, and complying with new standards and regulations.

Employees who are well-informed and understand the company’s basic financial status, impact on ROI and challenges are more likely to be more invested and cooperative working with management to endure during difficult times.

As the business owner or member of the administrative team, you are in the driver’s seat and can direct, encourage and rally employees to not only think but also act like owners and leaders.

Meet with all employees or small groups routinely.
• Make these meetings a priority
• Give employees a platform to express concerns and needs, which can lead to them offering sound suggestions to minimize accidents, improve procedures and ultimately increase both production and profitability.

Be a transparent leader.

• Avoid being a leader who shares information only on a need-to-know basis.
• Sharing your vision and expectations will further contribute to employees feeling they are worthy and valued and part of the inner circle.
• Keep them up to date ASAP when circumstances change (tell them why and how they will be handled and ask for feedback) particularly if it directly affects them or their job responsibilities.

When possible, offer opportunities to shake up  their jobs.

• Work routine can be relaxing but can also lead to boredom.
• Challenge employees by offering additional tasks that can stimulate their minds and positively impact the company.
• Acknowledging personal talents and skills can strengthen their commitment to the company and increase their personal contribution.

Injecting humor and fun into the workplace can bring joy and enhance a “We” culture.

• Employees understand that there are expectations and work that needs to be completed.
• Adding a professional level of humor and random acts of fun can booster camaraderie.
• Every day employees are faced with stressful situations, challenges and disappointment. A dose of laughter can make a significant difference in morale.
• Forming an employee “We” culture task force with appropriated funds and giving authorization to use the funds to stimulate and reward employees can further emphasize their sense of ownership. The by-product is employees stimulating and acknowledging the workforce.
Employee at large.
• Select a few employees or ask each department to select a representative to participate in quarterly and year-end company reviews and yearly planning sessions to identify the company’s strengths, weaknesses, opportunities and goals. Representatives would be responsible for disseminating information and bringing feedback.  This would further strengthen employees’ voice in leading the company. This will help minimize employees’ grumbling, discontentment.

When employees feel valued and have a voice, they are more likely to see the company through the eyes of the owner or a member of the board.  In the end, all will benefit. A “We Own” culture is more powerful and productive than an “Owner” culture.

Richard Avdoian is president/CEO of the Midwest Business Institute Inc., a business consulting and training firm.  For information about training and seminars, contact Richard at 618-972-8588 or Richard@RichardAvdoian.com.