“I wish my guys would think more like owners,” is a phrase I hear often from contractors. This usually comes from frustration about one of the many aspects of running a contracting business. The reality is that the owner is feeling alone and in many cases he’s not even thinking like an owner. And, you can’t teach your people to think like owners when you don’t. When building a stronger contracting business, it’s important that you think like an owner.
Today I am going lay out a few ways I believe true owners think. You be the judge of your own mindset and make adjustments if needed.
Thinking like an owner will mean you set goals
Sales goals, lead goals, production goals, profit goals. Thinking like an owner will require you to know where you are and choose where you want to go. Owners have a vision, set goals and measure their progress regularly.
Owners learn to lead
Some of you may have been born to take charge, but none of us are born leaders. Being a leader will require you to be self-aware. Being a leader is the result of many bloody noses, stressful days and hard knocks. These things mold you into a leader if you pay attention.
Good owners don’t get lost at 10 feet
Regular employees are in the trenches. We need them and without them we’re hosed. Thinking like an owner will cause you to elevate you gaze and see the bigger picture from 30,000 feet. If you’re not careful you’ll end up stuck with your eyes on the 10′ stuff.
True owners embrace accountability
Owners want to be the guy. They want the credit win or lose. That’s how owners think. I want to be accountable for my actions and welcome it. Sometimes it’s hard to take it on the chin, but true owners do and don’t make lame excuses.
Owners Think in Terms of 1000’s Not 100’s
Thinking like a winning owner means setting higher expectations for earnings. You won’t change your life or business if you’re dealing in $100’s. That’s small thinking. Owners need to scale. They need to grow by leaps and bounds. This growth doesn’t just mean top line sales, but more importantly, profits.
Set your sights higher and train yourself to think in terms of 1000’s.
Thinking like an owner means making decisions that are best for the team
Should you give that guy with the drug problem another shot? Should you keep the employee who’s a really good painter but he’s a cancer on the team?
These are sometimes tough choices. Not everything is black and white. I kept a guy on my team 3 years too long because I was scared to cut him loose. When I did it ended up being the best thing for the team.
Thinking like an owner will mean learning the numbers
Many employees are trained to show up and produce. They check their brains at the door and are rarely expected to strengthen their brain muscles. Thinking like an owner will mean becoming a student of the math of your business.
Cost of Goods. Gross Profit. Cost per Sale. You know, all those questions you hear them ask on Shark Tank!
It’s not just your accountants job to know the numbers. It’s yours too.
Owners ask “How can we continue to get better?”
A good leader will celebrate often, but will not allow the team to grow complacent. If you are going to think like an owner you will need to continue to examine all the processes in the business and make small improvements regularly.
How did you do? does thinking like an owner come naturally to you? If you need help becoming a better owner click the red button below to set up a time to see if we have a program that’s right for you.
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