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What Does It Mean To Be a Responsible Business Owner?

By: Ed Smith

 

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The first thing you need for your business to succeed, is to consistently be a responsible owner. This involves many different skills. From keeping a stern eye on finances to communicating and understanding employees, a responsible owner has many different areas to focus on. Below, we explore how you can become a responsible business owner.

Listening to your employees

Most employees are interested in helping your business grow, and they’ll have tangible ideas on how to achieve this. As such, it can be worth asking your staff for advice on any changes that need to be made to the business at any level. Employees can have insights into areas of the business that you rarely interact with and may be able to offer constructive criticism on where you’re going wrong and compliments on what you’re doing right. One way of discovering these ideas is by carrying out business-wide surveys, or by requesting innovative ideas.

Ensure your employees see you implementing changes that come from their feedback and give them credit if their idea helps make the business a better place to work, or more profitable. Not only will this show staff that you truly are listening, but it may encourage others to come forward with their ideas.

Implementing and overseeing training

Training can improve different parts of your company – from health and safety; to making efficient use of any software. But there are other benefits too. Training can boost employees’ motivation, knowing that the company is investing in their future. In turn, this can help improve productivity and the quality of work from your staff. To implement training you can source external help or ask existing employees to lead courses. Either way, encouraging self-improvement is key to being a responsible owner.

Holding yourself accountable

A responsible business owner will tackle issues head on. Hiding away from problems will only see them grow and cause greater problems down the line. The responsible decision is to hold yourself accountable and resolves issues as they emerge. One way you can do this is by having clear business goals. If the company begins to stray from this plan, you can take action to get things back on track. It can work both ways too: if the business meets its targets, its worth celebrating to reward everyone.

Being involved in finances

Obviously, you’ll have your finance department working on this day-to-day. But by involving yourself in the finances of the business, you can gain a greater insight into the company. With this approach you can consider open banking solutions: for instance, insurance pay-outs can be streamlined, and you can ensure wages are paid on time.

Being a responsible business owner involves varying skills. From listening to your employees, to taking a hands-on, accountable approach, there are always options for improving your management style.

Published: November 11, 2021
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Ed Smith

Ed Smith developed a keen understanding of business through his studies and early business ventures. He now looks to advise start-ups and is extremely keen to make sure every entrepreneur gets the advice which could make their business venture a success. He has been a guest author on various high authority business sites.

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