THE BUSINESS OWNER

Over the years, I have been privileged to work with some small business owners or what is generally termed “One-man Business” especially where everything about the organization revolves around one man, the business owner. The experiences have been mixed depending on the traits and leadership style of the owner and the reactions have been mixed. The experiences of most of the people who have or are working in similar establishments were unpleasant and one tends to believe all small businesses are the same.

 

Crossing over from a structured organization with well-defined processes, organogram, job description, reporting lines, etc. to a firm where ‘everything’ is at the wimps and caprices of the owner could be quite daunting and the integration could be very difficult.

My post, “Things to note in running your business” on www.bizadvisory.tk highlights the general pitfall that business owners should avoid. The following are some of the negative traits exhibited by such promoters:

1.     All knowing: nobody is disputing the fact that you know your business well and it’s good to flaunt it if you have it. However, won’t it be better if you listen a little to other opinions and consider them honestly? Never under-estimate the opinion of other no matter how stupid it may sound to you. Remember, nobody has monopoly of knowledge.

2.  The Bully: there are various theories on motivation and everybody has a choice and obviously you prefer Douglas McGregor’s Theory X where employees are coerced and push to work or do what is needed. Don’t you think a little pat on the back, encouraging words, listening ears, patience, empathy and pro-employees policies would achieve a better result? Treat other as you want to be treated, learn to communicate more and know that not everybody can move at your pace.

3.     Promote mediocrity: we all need our egos to be pampered once in a while but should not be the order of the day. This will only promote mediocrity and employees will focus more energy and effort in pleasing the ‘Boss’ and who can suck up the most.  rather than doing the jobs that they are being paid.  Performance and Reward should be the motto.

4.    Growth and initiatives are stiffed: we know that you had your vision and how you want your things done. Your employees are made up of different personalities with different backgrounds, experiences and exposures which can be a PLUS for the business if well harnessed. Employees become more creative and use their initiatives more if allowed which eventually enhances growth company wide.

5.     Blame other for his mistakes: we are human and we are not infallible and we are bound to make mistakes. Accepting responsibility for your mistakes does not reduce the respect that your employees have for you but rather enhances it and shows that you have integrity.

6.  Deliver on your promise: your promises whether verbal, written or as stated in the employees handbook should be binding on all and no exceptions. Don’t be like the pastor who does practice what he preaches. Non adherence causes distrust and creates discord within the employees which will eventually lead to demotivation and reduced productivity. Your words should be your bond and don’t be seen as a liar.

7.   Defined structure or process: non-existence usually and the employees just flows with what the day brings and adjust accordingly. No reporting lines, employees are allowed direct access to the promoter, direct supervisors are not respected and subordinates feel they can discuss directly with the decision maker, responsibilities are not backed with the necessary authority to carry out the assignment and you are expected to “multi-task” i.e. take up any responsibility he assigns to you even if it was not part of the supposed schedule.

8.   Difference between company and owner: it is a known fact that you own the business, both assets and liabilities. However, effort should be made to separate personal from official (finances, time, assets, interpersonal relationships, etc.). it would make for easy assessment and determination of the strength and capabilities of the business.

9.  Managing Success: inability to management success effectively can lead to collapse. Attaining success is not as difficult as maintaining it. Don’t let pride distort you judgement and willingness to accept advices, adapt to the changes and save for the raining days/expansion is the determining factor in maintaining success. Encourage those that assisted in and excelled in the journey to success and do what is right in the sight of the law and GOD.

The ability of the company to remain a going concern is dependent on these traits highlighted and the willingness to make necessary changes. It’s your business and the choice to survive and grow or close shop is also yours. Research has revealed that up to 80-90% of new businesses collapse in their first 5 years. Don’t be a number in that group! Make amends!

We’ll appreciate your comments and contributions or experiences as this is aimed at helping and sharing with knowledge. Please feel free to contact us!