Investing In Your Team
Why should a business owner invest in their team?
Having a high calibur leadership team and employees are essential to selling your business. A buyer will want to know that after the owner leaves, there is reputable leadership to keep the company moving in a successful direction going forward.
Three Tips on How to Invest in Your Team
Hold One on One Meetings
Meet with your team individually on a weekly basis if you can. At a minimum bi-weekly. Ask them questions about their professional path. Seek to understand them. What do they want to accomplish at this job? What motivates them? Do they see this job as a stepping stone? If you're trying to grow value you are going to want long term employees. Make sure to offer internal advancement opportunities to retain good talent. You can offer advancement in compensation or responsibilities. Ask them about their employment goals and how you can help them advance within your business.
Educate Your Employees
Within your weekly individual one on one meetings with your team, teach them something valuable weekly. Provide valuable education to them in small bits on a weekly basis. Leverage your team members if they have knowledge on a specific topic that the entire team can benefit from hearing. Have them teach others. Ask employees what you can do for them. Ask them how you can help them grow professionally within your company.
Encourage Professional Development
Provide employees with educational opportunities and try to advance their knowledge base as much as you can. What standards are you holding your employees to? Don't let them settle for lackluster performance. Teach them new things during your one on one meetings. Send them to conferences, seminars, or training sessions. Be willing to spend money on them! If you are unwilling to spend it, it's unlikely they will spend it on their own. This is how you grow leaders within your business.
If you enjoy this content, check out the "Business Exit Success" Podcast! We'll bring you episodes bi-weekly on topics laser focused on how owners can grow the value of their business and position themselves to exit successfully on their terms.