5 Tips for business owners to stay motivated.
Category Investing
Every business, whether a major corporation or small family venture, is a testament to the hard work and dedication of an entrepreneur with a vision. Having the ability and tenacity to work for yourself and create success from that is a feat not all can attain.
All accountability, credibility, and responsibility rest squarely on your shoulders. You must consider your business structure, goals, and even the culture in which your employees work. There are so many considerations; sometimes, even for the best of us, they can become overwhelming.
In a recent interview with Mark Kaminsky from The Alternative Board our Principal Jonathan Broekman asked some pressing questions about what modern business owners face. We summarise the key takeaways from the videocast and offer additional insights for business owners looking for new ideas.
Watch the full Watchcast [here]
About the Alternative Board
The Alternative Board (TAB) is a global organisation that provides business owners and CEOs with advisory boards composed of like-minded leaders. TAB offers peer-to-peer insights, practical business advice, and expert coaching to help members navigate challenges, seize opportunities, and achieve their strategic goals. TAB empowers business leaders to drive their companies towards tremendous success and growth through collaboration and shared wisdom.
Mark Kaminsky is an expert in transforming challenges into opportunities. He quickly adapted and learned valuable lessons from his experience overcoming significant business setbacks.
He then joined The Alternative Board, where he collaborated with several CEOs. Today Mark regularly works with aspiring and veteran business owners, providing them with strategic guidance and support to navigate and thrive in dynamic business environments.
1. Surviving the modern economy
While most business owners understand day-to-day functions' complexities, some issues manifest in specific time frames. For instance, issues that businesses face here and now. The common theme for business owners in South Africa in 2024 is the uncertain economic environment and the political changes they are experiencing.
Business owners often ask, "What do I do? I'm terrified of what's happening in South Africa." "Do I need to expand internationally?" "How do I start dividing it up and moving shares around?"
Mark advises you to ask yourself, 'Is your approach defensive or offensive?'
A defensive approach isn't the best strategy right now. In defence mode, you tend to focus on protecting, saving costs, and building walls around your business. Instead, adopting an offensive strategy to expand and develop your business is advisable, possibly exploring new markets rather than splitting and complicating your current operations.
2. Fostering a work culture of high-performance
Marketing and HR problems are commonplace, especially in this environment where employers and employees share uncertainty about the future of our economy. A high-performance work culture involves creating an environment where clear communication, intentional leadership, and employee recognition are prioritised. It requires setting and communicating a compelling vision, encouraging collaboration, and providing opportunities for professional growth.
In a company, being intentional about communication, reaffirming goals, and having a clear message are foundational to building a high-performance culture.
"We often get stuck behind our computers and forget the importance of intentional communication. That Monday morning meeting where you outline the business's direction is crucial. It's about putting out the vision and reminding everyone of our goals," says Mark.
3. Scaling your business
What are your goals? What overarching achievements are you aiming to accomplish? These are the types of questions a business owner should ask before scaling. Business growth comes with a clear strategy and self-leadership. Scaling isn't just about getting bigger; it's about developing a more effective and efficient approach.
"Leading yourself is about maintaining stability of mind and having a personal development plan, which most people don't have. Only then can you start leading others and scaling your business," says Mark.
Additionally, be prepared to adapt to new challenges and opportunities and consider seeking advice from mentors or joining business networks for support and guidance.
4. Turning managers into leaders
A good staff member occasionally becomes a good manager. So, how do you identify and train for that transition?
According to Mark, being intentional is key. "Helping people develop critical thinking skills is crucial for becoming good managers and leaders. This process helps scale your business effectively."
Moreover, one should clearly define a manager's roles, responsibilities, and performance expectations. Establish measurable goals and provide regular feedback to help them understand their progress and areas for improvement. Be sure to create a system for regular feedback from peers, subordinates, and superiors. Constructive feedback allows managers to identify strengths and areas for development, fostering continuous improvement.
5. Why motivation is key
A business isn't always booming with a profit or celebrating achievements. Completing mundane or complex tasks is a daily necessity. Your ambition will push you through it to keep striving for your goals. Motivations can manifest from several factors, including flexibility, control, and legacy. Understanding your motivations helps you stay focused on your goals and maintain that drive through upcoming challenges.
It is not always easy, but simple strategies such as maintaining a positive mindset, using meditation to reflect and clear thoughts, surrounding yourself with supportive and motivational people, creating a compelling mission statement, monitoring and maintaining your mental and physical health, planning with clear goals, setting a realistic work schedule, rewarding yourself for milestones, and establish a consistent routine to make motivation an automatic part of daily life.
The final take away from the video cast
What are the keys for an entrepreneur to manage consistent challenges?
"Emotions are at an all-time high right now. Managing the emotions of the business owner, staff, and clients is crucial. Managing expectations and emotions effectively is vital. Taking frequent holidays and time away from work is essential for maintaining balance. A business owner who doesn't take breaks sets themselves up for failure," Mark emphasises.
Feel free to contact Mark with any questions regarding your personal business development. Everyone has unique challenges, and not all advice is ubiquitous.
The Alternative Board
Mark Kaminsky
Email: mkaminsky@thealternativeboard.za.com
LinkedIn profile: https://www.linkedin.com/in/mark-kaminsky/
Instagram: https://www.instagram.com/kaminskymark/
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Author: Bryce Anderson
