The name of hedge fund billionaire Raymond Dalio triggers emotions of adoration, admiration, and even dislike. That’s the effect success has on people. You do not climb your way up without meeting people who have mixed feelings about you. This should not deter you, and if anything, it should motivate you to be a better version of yourself.
The success, and sometimes, failures of Dalio has made him an inspiration to many. He is on record for saying we make millions of decisions during the course of our lifetime. These decisions, or the logic behind them, determine the quality of lives we lead. While many of us are afraid of failure, Dalio fears mediocrity and boredom.
These are the hallmarks of a true leader, be it in business or politics.
Born in 1949, the American investor, philanthropist, and hedge fund manager is the founder, Co-Chief Investment Officer, and Co-Chairman of Bridgewater Associates, one of the world’s leading hedge funds with a more than $130 billion in assets under management.
With a net worth of $18.7 billion, Dalio started investing at the age of 12 and his life has revolved around finance. There is no doubt that he has lot to teach people and you can learn to be a better leader by imitating how he has managed the investment firm he launched from his apartment in 1975, around the same time that Bill Gates and Steve Jobs founded their tech companies.
Here are five leadership lessons that you can learn from Dalio.
1. Hire people who are better than you
The self-made billionaire is a firm believer in the importance of the people you hire for your business. After many decades of hiring, grooming, and firing people, Dalio says one of the best decisions you can ever make as a business leader is hiring someone who is better than you.
The key to this is the ability to recognize talented employees who bring a particular skill set on the table. This means that if you have people on your team that can perform a certain task better than you, it takes away the need to micromanage them.
This has two advantages. It gives you much time and room to focus on the bigger picture of managing your business. You can spend more time growing the business instead of fulfilling tasks that can otherwise be done by your employees. Secondly, employees are more productive when they are left to their jobs with little to no micro-management.
Real leaders know how to choose the members of their team.
2. No harm in making mistakes
Mistakes are a part of life and there should be no shame in making them once in a while. However, Dalio points out that not correcting them is a big mistake. You have probably heard making the same twice is a choice because you have an opportunity to correct it.
A mistake needs to be identified, analyzed, and lessons learned to prevent the same thing from happening again in the future. A common issue that many organizations face is the lack of courage to personalize mistakes, but more often, generalize them.
At one time in the early 1990s, Ross Waller, the head of trading at the time forgot to place a trade and cost the company some money. Dalio did not fire Waller but instead created a management tool to deal with mistakes and errors.
Dalio learned from the experience that people deserve second chances. He also capitalized on the mistake to develop new methods that can be used to achieve desired goals.
3. Be open-minded
Open-mindedness is one of Dalio’s important lesson yet the hardest. Being open-minded goes hand-in-hand with the ability to evolve fast and learn new things quickly. Some of the techniques that go a long way in helping you to be open-minded are:
Feedback – try to get as much feedback as you can especially from other successful people that are not in your immediate circle of mentors.
Spend around 90 percent of your time on what you don’t know and the remainder putting what you know to good use.
Be an avid reader and on the lookout for new ideas.
Listen to people who don’t disagree with you.
4. Taking risks with humility
Dalio became popular in the early 1980s when he pointed out that American banks were overloading Latin American countries with debt. He was proved right when Mexico’s president announced that his country was not able to repay its debt amounting to $80 billion.
He became the go-to person on financial issues. Analysts and the U.S. Congress sought his advice on what would happen next. He predicted that the American economy was headed towards a downturn.
It didn’t happen. In fact, the opposite happened. Stocks went up and the U.S. economy was in a bull market. Dalio was wrong and lost money for his clients. He had to borrow money from his father to pay the bills.
After recovering, he realized that he was not going to stop taking risks, but was going to do so with humility and a changed mindset. He became more open-minded and diversified his portfolio. He has tried to maintain a perfect balance between what he knows and doesn’t.
5. Don’t build walls in your company
One of the biggest mistakes that companies make is personalizing their departments so much that the employees are isolated from each other.
Dalio suggests that employees should be allowed to mingle as much as they can in order to share knowledge and motivate each other to perform their jobs better. Having no walls allows team members to bond and increase productivity when they work together on projects.
This does not literally mean that companies have to break down walls and have an open office space. It’s all about encouraging communication amongst employees and possibly having an open-door policy where employees can feel comfortable approaching each other with their problems.
Conclusion
One of the traits of intelligent people is learning from the experiences of others. Whether it’s value investing in Singapore or learning a new language, it makes sense to learn from those that have traveled the journey before you.
The investment world is filled with successful figures such as Dalio, Warren Buffett, George Soros, and more. They have made a few mistakes along the way. We should learn from them. These great leaders also teach us what it takes to be a great leader. There is no shame in copying what is right and noble.
https://www.strategydriven.com/wp-content/uploads/iStock_000063976917_Full-1.jpg29124368StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-11-07 16:00:172019-11-07 18:54:385 Leadership Lessons I Learned from A Billionaire Investor: Ray Dalio
When you finally take the plunge to escape the rat race and set up your own business, it’s easy to get ahead of yourself. You have dreams of making lots of money, customers come flooding in and all of your financial worries just melting away. But of course, this isn’t the case most of the time- starting a company is hard work and things probably won’t take off as quickly as you think. Here are some of the reasons why you’re yet to make much (or any) money in your venture.
Be patient
First things first, you might need to just be patient. It can take time to build up a reputation online, for those first customers to start posting reviews and making recommendations. It can take a few weeks for any marketing efforts to show their effects. Try not to panic and give it a little time, as long as you’re sure you’re doing everything else right- you might just need to be patient.
Improve your website
Have you set up a free or cheap website as a way to get your business online but without spending much money? Even if your site looks ok, it’s always going to lack the sleek professionalism that you can only get with an experienced web designer. Customers are picky and have high expectations, it doesn’t matter what kind of business you run. If they think your site looks cheap or amateur, it’s easy for them to assume that rest of your business is run the same way. Your website really is an investment, it’s essential for success and something to consider improving if you’re not making much money.
Better images
Stock images from the internet lack the personalisation that customers will be looking for. You don’t want to look like any other bland business out there, you want to be unique and sand out. This is impossible to achieve when you’re using images that people have seen online hundred times. Invest in good images for your company’s website, this could be things like professional model shots to show clothing or products or photos of your staff on a ‘meet the team’ page for professionalism. Show whatever it is your customer is going to be buying. If you’re a corporate business, photos of your team and office can help give clients that sense of who you are- it makes things feel more personal.
Marketing efforts
If you’re not reaching the right people, it doesn’t matter what your business does or sells- you’ll simply never sell enough to make a profit. Don’t just wait for customers to stumble across you, use a marketing agency or a hire a professional to run things for you since they will have the skills and expertise needed. In many cases, a lack of sales can be fixed by marketing. If you know you’re selling good products or services that people want, it might be a case that you’re just not reaching the people who are likely to buy from you. Marketing can fix that.
https://www.strategydriven.com/wp-content/uploads/brown-framed-eyeglasses-905163.jpg7841200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-11-07 08:00:002019-11-07 04:20:53Why Isn’t My New Business Making Any Money?
Leaders are made and not born. That’s a saying that has stood the test of time and is true whether on the sports field or in the boardroom.
If you don’t consider yourself a natural leader but need to find ways to inspire your team on towards success, you’ve come to the right place. In this blog, we take a look at three great attributes of a leader, attributes you can learn as you go.
Step out of your comfort zone and start making a real difference to your business.
1 Get Organised
With your time, with your paperwork, with your approach and with the details, such as appointing your business immigration attorney. Seeing someone in control and on top of the details shows your team that you take them and their roles seriously.
Not being up to speed on their annual leave requests and so on, sends out a signal that you’re not interested or don’t care about the small details that mean a lot to them.
Instead, show them that you’re the kind of person who leads by example. Who is able to prioritise and who pays attention.
2 Lead, not Boss
This is where so many managers fall down. Quite simply you will get the best from your staff if you lead them, if you’re in the thick of it with them. Gone are the days of the boss sitting several floors up in a glass office away from the hub-bub. Now, you need to be available and to be involved.
Demonstrate your tenaciousness by driving forward sales and working to the best of your ability but also back your team. It’s true to say that sometimes things go wrong and people get things wrong but that doesn’t mean you then have to start throwing your weight around along with blame.
Instead work together to look for solutions and to move the situation forward. This is the kind of behaviour that will inspire loyalty and hard work.
3 Respect Boundaries
When work is over for the day, it’s over. Your team members should see you leading the way by leaving work at a consistent time and making it a priority to spend time with your family. Respect the home lives of your team members too and try to avoid having them spend too much time working late but instead encourage a healthy work/life balance.
You might even give them the option to work from home when childcare is an issue or the trains are not working as they should.
Being in charge is a tough role and a lot of responsibility lies on your shoulders, so give yourself time to grow and relish the role of becoming a leader. Treat your staff as your best asset and find ways to motivate and inspire them as they give their all and help you to achieve your business goals.
As you grow into your leadership role, your team will respond with even greater good will, so work together and become the leader you know you’re capable of becoming.
https://www.strategydriven.com/wp-content/uploads/smiley-1041796_1280.jpg7201280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-11-07 07:00:412019-11-07 04:11:04Three Ways to Become a Better Leader
The right talent is essential for the success of any organization. However, sometimes it can be difficult and even time consuming and expensive to find the right people to work for you. Choosing the wrong person for the job can ruin your reputation and bring your profits down. Thus, no matter what it takes, you have to do your best to find the right talent. One of the steps you can take to make the recruitment process more successful is to use a human capital management (HCM) system. Such a solution can be helpful in five key ways
Job Posting
An HCM system can simplify the process of sending out job posts or Ads. With most systems, you can share the post to job forums and even social media directly from the platform. You will also get an option for employee referrals. Referrals from your employees have higher chances of turning out right because they are like recommendations from people you know. However, you still need to do thorough screening for the referrals, just like you would for the other applicants.
Applicants Experience
Another key benefit of using an HCM system is that it can give the applicants a great experience during the entire process. As a business, you should strive to build a good reputation, not only with your customers but with potential employees as well. You can make a good impression on potential employees by providing a smooth application process and proper communication after one has submitted their application. When you offer something short of that, applicants will have a bad impression about your business and may leave before completing the application or getting feedback. By investing in a good system, you can avoid losing top talent along the application process.
Timely and Personalized Communication
Generic messages aren’t good for both the employees and the applicants. With a good system, you can send personalized messages to all your applicants. A personalized message shows that you appreciate the effort of your applicants. And with such appreciation, the applicant may be disappointed if they don’t make it but they are less likely to walk away bitter.
One Dashboard
Another benefit of having an HCM system is that you can track everything from one dashboard. With one dashboard, you can avoid duplication and repetition. Also, when everything is being coordinated from one centralized place, there will be better collaboration among the parties involved in the hiring process.
Background Checks
HCM software (also referred to as human capital management) includes background checks. Examples of checks you can complete using the software include criminal record checks, identity, and employment checks. However, note that while these checks are useful, they may not be comprehensive. You will have to do more checks by yourself before making a decision to hire someone.
With the right HCM software, you will be able to recruit and hire the best talent without spending so much time or going through so many struggles. However, it is important to remember that not all systems have the same features. The benefits you get will depend on the features of the system you choose. Thus, check the features well when shopping for software for your business.
https://www.strategydriven.com/wp-content/uploads/board-3683740_1280.jpg8531280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-11-05 16:00:092019-11-05 15:07:065 Ways HCM Can Improve Talent Recruitment
For some people, motivation is a difficult thing to possess on the job. As a business owner or manager, there will be many times that you need to get your team motivated.
Getting your team ready and motivated to work together is a skill you can learn and practice along the way.
Keep reading for our five tips on how to get your team motivated.
1. Set Goals and Celebrate Them
One of the best ways to get your team motivated is to set goals and have a way to celebrate them. Have a meeting with your team and see what your big goals should be. You can then come up with a reward for reaching these goals as well whether it is a personal reward or something that they all get at the end of a quarter.
OKRs are a great way to set goals and track them along the way. They can help you to figure out what your objective is as well as the key results. This is an awesome program you can use in many different areas of your business.
2. Lead By Example
As a business owner, all eyes will be on you so make sure you’re leading by example. This means that you should do your best to promote productivity and happiness in the workplace. When your team sees that you’re a motivated and productive boss, then they will be more likely to be motivated as well.
You also need to come into work every day with a smile on your face even if you don’t feel like smiling. No one likes to be around a negative Nancy so try and make aspects of your day good. Even when there are downfalls in business you need to try and put a positive spin on them so your team doesn’t get bogged down by the negatives.
3. Good Communication
Another way to get your team motivated is to communicate with them and see what they need. Good communication comes from both ends so as a business owner you need to make sure that your team knows you’re willing to communicate with them.
Sit down in a small group or one on one and ask your employees what they need to stay productive and do their job well. It could be that they need an extra day off for some self-care, or maybe they feel like they aren’t getting paid enough. Do your best to try and fix any issues that they have.
4. Recognize Your Team
As we mentioned earlier you can’t focus on the negatives so make sure that when someone does something good on the job you recognize them for it. This could mean just saying ‘thank you’ in person to recognizing them for their hard work in a meeting.
One of the best ways to get people motivated is to appreciate them for the work that they’re already doing. When employees know that they’re appreciated for the work they do, then they will want to continue doing as best as they possibly can.
5. Don’t Micromanage
As a business owner, you may be more tempted to micromanage your team but this is the worst way to get them motivated. You have hired each of your employees based on their skills so you should know that they can do the job.
Try to take a backseat when it comes to big projects that your team is completing. If they ask for your help, then you’re more than welcome to assist but try not to butt in when not needed.
How to Get Your Team Motivated
When it comes to figuring out how to get your team motivated there are going to be a lot of trial and error. You will just need to figure out what works best for your team when it is time to get them motivated.
If you’re interested in learning more business strategy, then sign up for our newsletter for more advice.
https://www.strategydriven.com/wp-content/uploads/Wondering-How-to-Get-Your-Team-Motivated-Here-Are-5-Helpful-Tips.jpg8001200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2019-11-05 07:00:382019-11-05 03:18:02Wondering How to Get Your Team Motivated? Here Are 5 Helpful Tips
A VETERAN OWNED SMALL BUSINESS | Call or text now for a FREE consultation: +1 (770) 765-3692 | Website Login
Business Programs
5 Leadership Lessons I Learned from A Billionaire Investor: Ray Dalio
/in General, Management & Leadership/by StrategyDrivenThe success, and sometimes, failures of Dalio has made him an inspiration to many. He is on record for saying we make millions of decisions during the course of our lifetime. These decisions, or the logic behind them, determine the quality of lives we lead. While many of us are afraid of failure, Dalio fears mediocrity and boredom.
These are the hallmarks of a true leader, be it in business or politics.
Born in 1949, the American investor, philanthropist, and hedge fund manager is the founder, Co-Chief Investment Officer, and Co-Chairman of Bridgewater Associates, one of the world’s leading hedge funds with a more than $130 billion in assets under management.
With a net worth of $18.7 billion, Dalio started investing at the age of 12 and his life has revolved around finance. There is no doubt that he has lot to teach people and you can learn to be a better leader by imitating how he has managed the investment firm he launched from his apartment in 1975, around the same time that Bill Gates and Steve Jobs founded their tech companies.
Here are five leadership lessons that you can learn from Dalio.
1. Hire people who are better than you
The self-made billionaire is a firm believer in the importance of the people you hire for your business. After many decades of hiring, grooming, and firing people, Dalio says one of the best decisions you can ever make as a business leader is hiring someone who is better than you.
The key to this is the ability to recognize talented employees who bring a particular skill set on the table. This means that if you have people on your team that can perform a certain task better than you, it takes away the need to micromanage them.
This has two advantages. It gives you much time and room to focus on the bigger picture of managing your business. You can spend more time growing the business instead of fulfilling tasks that can otherwise be done by your employees. Secondly, employees are more productive when they are left to their jobs with little to no micro-management.
Real leaders know how to choose the members of their team.
2. No harm in making mistakes
Mistakes are a part of life and there should be no shame in making them once in a while. However, Dalio points out that not correcting them is a big mistake. You have probably heard making the same twice is a choice because you have an opportunity to correct it.
A mistake needs to be identified, analyzed, and lessons learned to prevent the same thing from happening again in the future. A common issue that many organizations face is the lack of courage to personalize mistakes, but more often, generalize them.
At one time in the early 1990s, Ross Waller, the head of trading at the time forgot to place a trade and cost the company some money. Dalio did not fire Waller but instead created a management tool to deal with mistakes and errors.
Dalio learned from the experience that people deserve second chances. He also capitalized on the mistake to develop new methods that can be used to achieve desired goals.
3. Be open-minded
Open-mindedness is one of Dalio’s important lesson yet the hardest. Being open-minded goes hand-in-hand with the ability to evolve fast and learn new things quickly. Some of the techniques that go a long way in helping you to be open-minded are:
4. Taking risks with humility
Dalio became popular in the early 1980s when he pointed out that American banks were overloading Latin American countries with debt. He was proved right when Mexico’s president announced that his country was not able to repay its debt amounting to $80 billion.
He became the go-to person on financial issues. Analysts and the U.S. Congress sought his advice on what would happen next. He predicted that the American economy was headed towards a downturn.
It didn’t happen. In fact, the opposite happened. Stocks went up and the U.S. economy was in a bull market. Dalio was wrong and lost money for his clients. He had to borrow money from his father to pay the bills.
After recovering, he realized that he was not going to stop taking risks, but was going to do so with humility and a changed mindset. He became more open-minded and diversified his portfolio. He has tried to maintain a perfect balance between what he knows and doesn’t.
5. Don’t build walls in your company
One of the biggest mistakes that companies make is personalizing their departments so much that the employees are isolated from each other.
Dalio suggests that employees should be allowed to mingle as much as they can in order to share knowledge and motivate each other to perform their jobs better. Having no walls allows team members to bond and increase productivity when they work together on projects.
This does not literally mean that companies have to break down walls and have an open office space. It’s all about encouraging communication amongst employees and possibly having an open-door policy where employees can feel comfortable approaching each other with their problems.
Conclusion
One of the traits of intelligent people is learning from the experiences of others. Whether it’s value investing in Singapore or learning a new language, it makes sense to learn from those that have traveled the journey before you.
The investment world is filled with successful figures such as Dalio, Warren Buffett, George Soros, and more. They have made a few mistakes along the way. We should learn from them. These great leaders also teach us what it takes to be a great leader. There is no shame in copying what is right and noble.
Why Isn’t My New Business Making Any Money?
/in Online Marketing and Website Development/by StrategyDrivenBe patient
First things first, you might need to just be patient. It can take time to build up a reputation online, for those first customers to start posting reviews and making recommendations. It can take a few weeks for any marketing efforts to show their effects. Try not to panic and give it a little time, as long as you’re sure you’re doing everything else right- you might just need to be patient.
Improve your website
Have you set up a free or cheap website as a way to get your business online but without spending much money? Even if your site looks ok, it’s always going to lack the sleek professionalism that you can only get with an experienced web designer. Customers are picky and have high expectations, it doesn’t matter what kind of business you run. If they think your site looks cheap or amateur, it’s easy for them to assume that rest of your business is run the same way. Your website really is an investment, it’s essential for success and something to consider improving if you’re not making much money.
Better images
Stock images from the internet lack the personalisation that customers will be looking for. You don’t want to look like any other bland business out there, you want to be unique and sand out. This is impossible to achieve when you’re using images that people have seen online hundred times. Invest in good images for your company’s website, this could be things like professional model shots to show clothing or products or photos of your staff on a ‘meet the team’ page for professionalism. Show whatever it is your customer is going to be buying. If you’re a corporate business, photos of your team and office can help give clients that sense of who you are- it makes things feel more personal.
Marketing efforts
If you’re not reaching the right people, it doesn’t matter what your business does or sells- you’ll simply never sell enough to make a profit. Don’t just wait for customers to stumble across you, use a marketing agency or a hire a professional to run things for you since they will have the skills and expertise needed. In many cases, a lack of sales can be fixed by marketing. If you know you’re selling good products or services that people want, it might be a case that you’re just not reaching the people who are likely to buy from you. Marketing can fix that.
Three Ways to Become a Better Leader
/in Management & Leadership/by StrategyDrivenIf you don’t consider yourself a natural leader but need to find ways to inspire your team on towards success, you’ve come to the right place. In this blog, we take a look at three great attributes of a leader, attributes you can learn as you go.
Step out of your comfort zone and start making a real difference to your business.
1 Get Organised
With your time, with your paperwork, with your approach and with the details, such as appointing your business immigration attorney. Seeing someone in control and on top of the details shows your team that you take them and their roles seriously.
Not being up to speed on their annual leave requests and so on, sends out a signal that you’re not interested or don’t care about the small details that mean a lot to them.
Instead, show them that you’re the kind of person who leads by example. Who is able to prioritise and who pays attention.
2 Lead, not Boss
This is where so many managers fall down. Quite simply you will get the best from your staff if you lead them, if you’re in the thick of it with them. Gone are the days of the boss sitting several floors up in a glass office away from the hub-bub. Now, you need to be available and to be involved.
Demonstrate your tenaciousness by driving forward sales and working to the best of your ability but also back your team. It’s true to say that sometimes things go wrong and people get things wrong but that doesn’t mean you then have to start throwing your weight around along with blame.
Instead work together to look for solutions and to move the situation forward. This is the kind of behaviour that will inspire loyalty and hard work.
3 Respect Boundaries
When work is over for the day, it’s over. Your team members should see you leading the way by leaving work at a consistent time and making it a priority to spend time with your family. Respect the home lives of your team members too and try to avoid having them spend too much time working late but instead encourage a healthy work/life balance.
You might even give them the option to work from home when childcare is an issue or the trains are not working as they should.
Being in charge is a tough role and a lot of responsibility lies on your shoulders, so give yourself time to grow and relish the role of becoming a leader. Treat your staff as your best asset and find ways to motivate and inspire them as they give their all and help you to achieve your business goals.
As you grow into your leadership role, your team will respond with even greater good will, so work together and become the leader you know you’re capable of becoming.
5 Ways HCM Can Improve Talent Recruitment
/in Talent Management/by StrategyDrivenJob Posting
An HCM system can simplify the process of sending out job posts or Ads. With most systems, you can share the post to job forums and even social media directly from the platform. You will also get an option for employee referrals. Referrals from your employees have higher chances of turning out right because they are like recommendations from people you know. However, you still need to do thorough screening for the referrals, just like you would for the other applicants.
Applicants Experience
Another key benefit of using an HCM system is that it can give the applicants a great experience during the entire process. As a business, you should strive to build a good reputation, not only with your customers but with potential employees as well. You can make a good impression on potential employees by providing a smooth application process and proper communication after one has submitted their application. When you offer something short of that, applicants will have a bad impression about your business and may leave before completing the application or getting feedback. By investing in a good system, you can avoid losing top talent along the application process.
Timely and Personalized Communication
Generic messages aren’t good for both the employees and the applicants. With a good system, you can send personalized messages to all your applicants. A personalized message shows that you appreciate the effort of your applicants. And with such appreciation, the applicant may be disappointed if they don’t make it but they are less likely to walk away bitter.
One Dashboard
Another benefit of having an HCM system is that you can track everything from one dashboard. With one dashboard, you can avoid duplication and repetition. Also, when everything is being coordinated from one centralized place, there will be better collaboration among the parties involved in the hiring process.
Background Checks
HCM software (also referred to as human capital management) includes background checks. Examples of checks you can complete using the software include criminal record checks, identity, and employment checks. However, note that while these checks are useful, they may not be comprehensive. You will have to do more checks by yourself before making a decision to hire someone.
With the right HCM software, you will be able to recruit and hire the best talent without spending so much time or going through so many struggles. However, it is important to remember that not all systems have the same features. The benefits you get will depend on the features of the system you choose. Thus, check the features well when shopping for software for your business.
Wondering How to Get Your Team Motivated? Here Are 5 Helpful Tips
/in Managing Your People/by StrategyDrivenGetting your team ready and motivated to work together is a skill you can learn and practice along the way.
Keep reading for our five tips on how to get your team motivated.
1. Set Goals and Celebrate Them
One of the best ways to get your team motivated is to set goals and have a way to celebrate them. Have a meeting with your team and see what your big goals should be. You can then come up with a reward for reaching these goals as well whether it is a personal reward or something that they all get at the end of a quarter.
OKRs are a great way to set goals and track them along the way. They can help you to figure out what your objective is as well as the key results. This is an awesome program you can use in many different areas of your business.
2. Lead By Example
As a business owner, all eyes will be on you so make sure you’re leading by example. This means that you should do your best to promote productivity and happiness in the workplace. When your team sees that you’re a motivated and productive boss, then they will be more likely to be motivated as well.
You also need to come into work every day with a smile on your face even if you don’t feel like smiling. No one likes to be around a negative Nancy so try and make aspects of your day good. Even when there are downfalls in business you need to try and put a positive spin on them so your team doesn’t get bogged down by the negatives.
3. Good Communication
Another way to get your team motivated is to communicate with them and see what they need. Good communication comes from both ends so as a business owner you need to make sure that your team knows you’re willing to communicate with them.
Sit down in a small group or one on one and ask your employees what they need to stay productive and do their job well. It could be that they need an extra day off for some self-care, or maybe they feel like they aren’t getting paid enough. Do your best to try and fix any issues that they have.
4. Recognize Your Team
As we mentioned earlier you can’t focus on the negatives so make sure that when someone does something good on the job you recognize them for it. This could mean just saying ‘thank you’ in person to recognizing them for their hard work in a meeting.
One of the best ways to get people motivated is to appreciate them for the work that they’re already doing. When employees know that they’re appreciated for the work they do, then they will want to continue doing as best as they possibly can.
5. Don’t Micromanage
As a business owner, you may be more tempted to micromanage your team but this is the worst way to get them motivated. You have hired each of your employees based on their skills so you should know that they can do the job.
Try to take a backseat when it comes to big projects that your team is completing. If they ask for your help, then you’re more than welcome to assist but try not to butt in when not needed.
How to Get Your Team Motivated
When it comes to figuring out how to get your team motivated there are going to be a lot of trial and error. You will just need to figure out what works best for your team when it is time to get them motivated.
If you’re interested in learning more business strategy, then sign up for our newsletter for more advice.