Building business equity is about far more than building a loyal and recurring client base. It’s about more than finding the right marketing strategy that works on its own to reach your ideal target audience. It is far more than looking at the right investment opportunities.
Building equity in your business boils down to one internal business component…building equity among members of your team! Why do companies fail to thrive? Is it because nobody needs their product? Note: Sales of the bottled water industry topped 13 billion dollars in 2014! The point of that is that people will buy anything…even if the alternative is simply turning on the faucet. So do businesses fail because the business owner simply isn’t passionate enough? Let’s face it. It’s great to love what you do…you’re more likely to close your business if it has run its course for you…and you are probably more likely to make poor choices with your team and your finances if the spark has died out.
Building equity (truly reaping the benefits of a successful company) starts from the inside and reveals itself on the outside! About 70% of American workers are disengaged at work. They aren’t invested. If they’re not invested in you…your company won’t see a great return on its own investments.
Why aren’t workers invested? Likely, because you haven’t sufficiently invested in them. No, I’m not talking paychecks here. We work and expect to be paid for our work. Yet we work for so much more: accomplishment, belonging, appreciation to name a few.
How can you build business equity in your team?
To foster accomplishment, increase delegation (according to each person’s strengths…set them up for success), ask for ideas (and seriously consider them), and above all promote an atmosphere of risk-taking, not an “I’ll just keep my head down and get through the day” environment.
To promote belonging, get the team together. Share the expectations for each department and/or position. Be transparent. Be clear that each member of the team is as valuable as the next for the business to be successful.
Finally, build equity by appreciating your team members. A paycheck just doesn’t cut it anymore. People want words of encouragement (some public, some private). They want you to be interested in them…their wants, goals, families, friends, and personal interests…not just what they can do for you on the job.
What if you’re failing to build equity in your business?
Don’t blame it on your product. Don’t blame it on a lack of passion. Most importantly, don’t blame it on your “people.”
Build equity by fostering a workplace atmosphere of accomplishment, appreciation, and belonging!