Ownership Mindset | 6 mins read

The Top Benefits of Maintaining an Ownership Mindset

the top benefits of maintaining an ownership mindset
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By Mary Kate Morrow

The most successful businesses contain employees with high ownership mindset skills.

Introduction

In order to create and maintain a company where every employee has an ownership mindset business owners must develop ownership best practice methods. These methods will not only help the business owner to more productively and effectively manage their employees but will also help to improve overall employee engagement and alignment with business's mission and goals

What is an Ownership Mindset'?

An ownership mindset involves holding yourself accountable for the success and quality of work produced. An ownership mentality helps employees feel trusted, respected, and dependable.

One best business practice to develop ownership mindsets is to always make sure to lead by example, demonstrating to your team members that you are reliable and trustworthy. When team members feel that they can rely on one another and their business owner in the workplace, work will be more effective, productive, and efficient.

The most successful work environments are those where employees feel empowered in their decision making and problem solving capabilities. When every employee is inspired to develop ownership over their work, employees benefit individually and collectively boost your business's bottom line.

As the proprietor of a company, you already have an owner mindset that drives you to achieve and excel in the workplace. You have a direct stake in the profitability and success of your company because you own it.

Your owner mindset likely positions you as a top performing asset for your company. However, you cannot run your company alone. Always prioritize your business's most important asset- your employees. Employee development, engagement levels, and job satisfaction are all crucial elements to address in order to increase workplace ownership mentality.

If your team members do not feel that they are benefiting from the success of your company, they are less likely to develop ownership mindsets. For this reason, it is crucial to find ways to include your team members opinions when you make decisions about your workplace and the future of the company. When your business is succeeding, make sure to provide your employees with additional benefits and perks to increase momentum.

When employees feel valued and heard they are more likely to develop an ownership mentality that benefits your entire company culture. Providing frequent opportunities for employee feedback and encouragement will transform standard team members into team leaders.

How to Encourage Employees to Develop an Ownership Mindset

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One best practice technique for increasing the number of employees who have an ownership mindset at your company is to research the ways that the most successful companies develop ownership in their businesses.

By learning from industry professionals who have successfully created and maintained a high ownership mindset workplace, you can most effectively begin developing your own.

Methods to encourage employees to develop an ownership mentality include-

1. Inspire employees- Words of affirmation go a long way in inspiring your employees. Sometimes the best leaders are people who once were not confident in their work capabilities.

Step up as a mentor to your employee, making sure to provide them with advice, and positive feedback will boost employee engagement levels and make employees feel more secure in their role.

When you frequently provide employees with positive feedback you are communicating to them how important they are to yourself and the company. It is easy to forget to acknowledge all the great things that your employees do when your company is going through a rough patch, but that is the most important time to do so.

When employees are worried about their job security and feeling down, their productivity will suffer. Too often feedback is strictly or mostly negative in nature. However, research finds that people function best if they are given 5.6 positive interactions to offset each negative interaction.

If you notice an employee who is struggling in the workplace, address them quickly and thoughtfully. Consider stepping out of the office for a cup of coffee and providing them with actionable feedback while expressing any concerns.

When employees feel that you care about them as more than just workers and see the potential that they have, they will more likely develop ownership mindset capabilities.

Remember, even employees who appear confident still need to receive encouragement. Top performing employees who do not feel that their efforts are noticed and appreciated may lose motivation quickly.

When promotions or other career opportunities are available in your workplace, make sure to consider your employees before outsourcing. If you see an employee with a lower level position who has exceptional decision-making skills and shows a willingness to grow with your company, invest in them and their growth as much as possible.

2. Keep standards accessible- When employees feel stressed, overworked, and that they are always struggling to stay afloat with their responsibilities, they will not likely develop an ownership mentality.

A common mistake that business owners make is expecting too much from a new employee much too soon. Another common mistake is increasingly requiring more of top-performing employees to the point where they are demotivated and discouraged.

Give new hires plenty of time to adjust to their new role and provide clear expectations about what success in their role looks like. One best practice technique is to set obtainable objectives and slowly raise your standards and expectations over time.

Remember, do not increase work objectives or KPIs to an unobtainable level or you will demotivate employees and their ability to develop ownership over their own work. When you establish attainable goals, your employees will feel successful and be consistently assured that they are performing their role well.

Avoid perfectionism or micromanaging your employees. Employees who are given the ability to take ownership of their own work and processes will be more productive than those who feel their employees do not trust them.

Provide ample opportunities for employees to make decisions about their work processes and company objectives whenever appropriate. Encourage team members to develop ownership skills and remind them why they were a great choice to hire as often as you can.

3. Communicate consistently- Communicate openly and consistently with your team members to make sure they understand exactly what is happening at your business. If you want to encourage every employee to have an owner mindset they must be provided with the information that you know as an owner.

Include team members when you make decisions that are important to the entire company. Transparently communicate information about business objectives, goals, financials, and long term plans with your employees.

Most importantly, show your employees that you yourself are accountable and value communication. Employees must trust in you and your owner mindset to most ideally develop ownership skills of their own.