Empowering team members

November 04, 2019

Learn how effective entrepreneurs lead their employees and continue to grow their businesses.

 

Behind the names of some of the most successful business visionaries — Steve Jobs, Henry Ford and Bill Gates, to name a few — were thousands of smart, hard-working employees that transformed an idea into reality. Every manager and business owner knows the importance of having good employees, but too often, the topic of how to build up and retain employees isn't addressed as often as it should be.

Understandably, many small business owners are focused on issues related to growth, such as developing relationships and meeting targeted goals. Numbers and measurable outcomes are no doubt important, but if you don’t have employees who are invested in your business, who you trust and can rely on, your task will be considerably more difficult.

Because the nature of a small business lends itself to a more intimate owner/employee relationship, small business owners have a unique opportunity to empower employees and make them a truly integral part of the operations and of the company’s success.

 

Provide regular feedback

It’s hard to understate the importance of providing employees with regular feedback, which is worlds apart from merely micromanaging employees. People want to know that they are doing their job right; they want to know that their work is lining up with the overall goals of a company. This is a big part of what employee satisfaction is all about.

Therefore, it’s important to make regular feedback a part of your company culture. Schedule regular, weekly meetings with employees where you address issues, discuss what’s working and what you need to work on. It’s important to listen during these times. Keep in mind that feedback is not a process where you correct someone; it’s a process of bringing them into alignment with your overall business goals, your vision and the process for achieving that vision.

 

Empower through education

It’s been said that successful small business owners seek out and hire people who are smarter than them. It might not be good for your ego, but it’s great for your business!

Because the business world and marketing landscape is changing so quickly, you need employees who can keep up with the latest trends and developments in your industry and the marketplace as a whole. The easiest way to stay current is to actively promote education outside of the workplace. Set up a compensation program where you will pay for an employee to get an industry certification or take a course that will enhance their knowledge of a niche web application that’s making waves.

This is an investment that will have an impact on your business and directly bolster your employees. It shows them that you are invested in their growth and want to encourage them to expand their knowledge and credentials.

 

Challenge team members

Along with providing regular feedback and encouraging your employees to develop and hone their skills, it’s important to challenge them to go above and beyond what’s required of them. Instead of telling them what to do, have them define their duties. Ask them for feedback, and seriously consider their suggestions.

This will help create a sense of ownership, establish that what they say and what they do matters, and convey that they are more than an employee, they are part of the company.

 

Trust them

One of the biggest challenges many small business owners need to overcome is simply trusting their employees. No matter how skilled they are, how well they have proven themselves or how confident you are in their dedication to the company, it is still your company. You’re the one who took the risk and built it up, and it can be hard to let go.

Just remember that at some point, a sign of success is that you have grown your business to the point where you can relinquish responsibilities to your employees. This will not only relieve you of work and stress, but serve as a huge boost to the employees who have been on this journey with you. It gives them a sense of being even more connected with the business, more integral to its success, and more likely to stay at your company.

 

For more resources and information on how to successfully manage your small business, visit usbank.com/smallbusiness.

Learn about U.S. Bank

Evaluating interest rate risk creating risk management strategy

Employee benefit plan management: trustee vs. custodian

5 tips for being a great board member

How I did it: Joined a board of directors

Webinar: CRE technology trends

Real world advice: How parents are teaching their kids about money

Helpful tips for safe and smart charitable giving

Travel for less: Smart (not cheap) ways to spend less on your next trip

How to reward employees and teams who perform well

Allowance basics for parents and kids

30-day adulting challenge: Financial wellness tasks to complete in a month

High-yield bond issuance: 5 traits lawyers should look for in a service provider

Year-end financial checklist

Trends in economics, immigration and mobility policy

Putting home ownership within reach for a diverse workforce

Administrator accountability: 5 questions to evaluate outsourcing risks

Easier onboarding: What to look for in an administrator

Insource or outsource? 10 considerations

4 questions you should ask about your custodian

Refining your search for an insurance custodian

Service provider due diligence and selection best practices

Complying with changes in fund regulations

Business risk management for owners of small companies

Evaluating interest rate risk creating risk management strategy

Webinar: CSM corporation re-thinks AP

Webinar: AP automation for commercial real estate

Addressing financial uncertainty in international business

5 winning strategies for managing liquidity in volatile times

The surprising truth about corporate cards

The future of financial leadership: More strategy, fewer spreadsheets

Choosing your M&A escrow partner

Tapping into indirect compensation to recruit foreign talent

Why other lenders may be reaching out to your employees

High-cost housing and down payment options in relocation

Why retail merchandise returns will be a differentiator in 2022

Work flexibility crucial as municipalities return to office

Overcoming the 3 key challenges of a lump sum relocation program

Crypto + Relo: Mobility industry impacts

For today's relocating home buyers, time and money are everything

Webinar: CRE Digital Transformation – Balancing Digitization with cybersecurity risk

Empowering team members

10 tips on how to run a successful family business

Business tips and advice for Black entrepreneurs

Talent acquisition 101: Building a small business dream team

How to test new business ideas

The role of ethics in the hiring process

8 ways to increase employee engagement

The costs of hiring a new employee

How to hire employees: Employee referral vs. external hiring

Give a prepaid rewards card for employee recognition

Checklist: Increase lead generation with website optimization

Is your restaurant Google-friendly?

3 simple brand awareness tips for your business

How a small business owner is making the workplace work for women

5 principles for avoiding ethics pitfalls on social media

5 tips for helping employees raise ethics concerns

The growing importance of a strong corporate culture

7 uncommon recruiting strategies that you may not have tried yet

Business credit card 101

Meet your business credit card support team

How to apply for a business credit card

How jumbo loans can help home buyers and your builder business

Break free from cash flow management constraints

5 tips for managing your business cash flow

Improve online presence your business

How Shampoo’ed is transforming hair and inspiring entrepreneurs

The San Francisco bridal shop that’s been making memories for 30 years

How Al’s Breakfast is bringing people together

In a digital world, Liberty Puzzles embraces true connection

Celebrity Cake Studio’s two decades of growth and success

How a travel clothing retailer is staying true to its brand values

How to build a content team

Use this one simple email marketing tip to increase your reach

How (and why) to get your business supplier diversity certification

Tips for navigating a medical hardship when you’re unable to work

Tips to overcome three common savings hurdles

5 tips to use your credit card wisely and steer clear of debt

How to stop living paycheck to paycheck post-pay increase

Practical money tips we've learned from our dads

6 ways to spring clean your finances and save money year-round

How to cut mindless spending: real tips from real people

How to increase your savings

5 tips to use your credit card wisely and steer clear of debt

Managing the impacts of appraisal gaps in a hot housing market

How to spot a credit repair scam

5 unique ways to take your credit card benefits further

Disclosures

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.