As a boss, you set the tone for the workplace. Your attitude and management style can either cultivate a productive and enjoyable work environment or an unpleasant and hostile space. In this article, accomplished entrepreneur Adam Ferrari discusses seven ways to be a more effective entrepreneur and boss.
1. Lead by Example
Just because you sign the paychecks, that does not mean that you will automatically earn the respect of your employees. Being an invested leader conveys to your employees that you take personal responsibility for the success or failure of your operation. This will, in turn, help your employees to make a direct connection between the success of the company and the paycheck they receive. Most of your team members will take the same level of pride and concern for their daily work as you demonstrate yourself.
2. Celebrate Positive Outcomes as Much or More Than You Criticize Negative Outcomes
Almost all employees respond to positive reinforcement more than they do to criticism. A good boss develops the skill of looking for praiseworthy events just as much as they do for failures. When you consistently reward a job well done, the times you must provide corrections and further training will be better received. The process of offering comprehensive feedback requires a good deal of effort on the part of the boss, but it is without doubt time well spent.
3. Set Clear and Reasonable Objectives
All small businesses have a never-ending list of long- and short-term goals that require daily attention. A good boss realizes that handling the daily list of action items in any business is almost always more than one person can handle. When delegating tasks and setting goals for members of your organization, always remember to do more than hand over an unmanaged list of things that must be done. Create specific and reasonable goals for your managers and employees and then let them get to work on them.
4. Judge Your Own Performance Publicly
Your management team and other employees will always respect you for offering honest self-critiques when they are necessary. Every time that you are open in assessing your performance when there is room for improvement will add significantly to the respect and trust you receive from your employees when you are successful in moving the company forward.
5. Encourage Verbal Conversations and Be a Great Listener
Emails and chat messages are the typical way that most conversations are held around an office in today’s world. Do not overlook the value of ordinary verbal conversations in building trust with your employees. Even short conversations off the cuff can make employees feel valued and important to your organization. Even for conversations that are not likely to lead to significant management decisions, show your employees that you are actively listening and paying attention to their thoughts.
6. Hire the Smartest People You Can
Effective bosses know that employees with more knowledge and mental ability are always more valuable, and a good boss will not hesitate to hire someone smarter or more accomplished than they are. As long as an employee shares your vision, work ethics, and values, you have nothing to lose and much to gain by hiring the smartest people you can.
7. Emphasize Your Employees’ Personal Development
The best way to retain quality employees is by making them objectively valuable to your company. Let them know that you value them by offering continuing education and certification opportunities. Understand that money you invest in them now will lead to higher retention and employee satisfaction down the road. Become a better boss by showing your employees how much you value their contributions and your dedication to keeping them as part of the company’s long term plans.
About Adam Ferrari
Adam Ferrari is the founder of the Denver-based mineral acquisitions company Ferrari Energy. He is a chemical engineer by degree and is an accomplished petroleum engineer by profession. He also has experience in the financial sector through his work at an investment banking firm. Under his leadership, his company has supported numerous charitable organizations including St. Jude Children’s Hospital, Freedom Service Dogs, Denver Rescue Mission, Coats for Colorado, and Next Steps of Chicago.