The most important asset contributing to a company’s productivity is the energy and efficacy of its employees. More than financial figures or public-image potency, employee productivity is crucial. The importance of keeping your workers focused and dedicated can’t be emphasized enough — so how are you, as an employer, able to motivate your employees? The key element to remember is the idea that happy employees are motivated employees. You don’t need to throw money at people to motivate them; in fact, there are far more powerful inducements in the workplace.

Recognize and utilize individual strengths

Pay attention to your employees’ work, and note the areas where individuals tend to shine. Perhaps you have a writer on your team, or a creative thinker, or an organizer. Note the specific areas where people stand out, and put those skills to good use with individual assignments. Your employees will know that you have paid attention to their work and feel encouraged to take pride in that recognized work. Targeting their individual skill sets tends to increase their satisfaction in the work they’re doing — and from your standpoint, it’s just good business sense to maximize the “resources” you identify among your team members. 

Natural leadership is one of the assets you should assess among your employees; do you have a worker who tends to rally the team, keep meetings or projects on track, or focus problem solving in the group? All too often, people who display leadership skills are promoted out of the jobs where they shone and into “management” positions. Consider, instead, how you could harness a natural leader’s talents without removing that individual from the job in which they perform so well. A “peer leader” (as opposed to a manager”) can strengthen a team from within rather than from above.

Positive interpersonal interactions

Never underestimate the power of a smile, a personable conversation, or a sincere compliment. People who feel valued and appreciated, and who know that their good work doesn’t go unnoticed, will continue to take pride in their work and do it well. Pleasant behavior can “go viral,” spreading through an office or work environment; a person who has just been complimented may walk away smiling and say something pleasant to another person. Be aware that negativity can go viral just as easily, and have devastating effects on workers’ morale.

Compliments on an employee’s work should be specific and individual. A blanket statement such as, “Good job, everyone,” does not tell individuals that their contribution has been noted or appreciated. Additionally, if someone in the group has not contributed significantly, such a sweeping statement can actually foster resentment among those who did work hard on a project, and see the non-contributor equally recognized. Generally speaking, workers are more likely to remain devoted to a job — even with lower pay — where they feel valued rather than in an environment where they feel their work isn’t appreciated, even with higher pay.

Foster a sense of pride and ownership in employees

When your employees become personally invested in a project or product, they will be more motivated to give it their best effort. Share goals and outcomes with your team members — let them see the “big picture” and the results of their work. When you make the work meaningful to them, they’ll be more satisfied doing it. 

Consider also the possibility of allowing some latitude in the execution of a project. Presumably, you have hired people who really know what they’re doing, and you may be surprised by the creative ideas they bring to the table. Set up the parameters for a project, clearly communicate your expectations regarding the outcome, and let your team members contribute their own ideas about how that might be achieved. Once again, if they’re personally invested in the process — as well as the outcome — that sense of ownership on their part will benefit you and your company.        

Steven R. Brown is the CEO of Johnston, Iowa–based Quality Communication Solutions. This article was provided by and is reprinted with the permission of Liverpool–based Contemporary Personnel Staffing, Inc.

Are you between the age of 45 and 55? Have you owned your business for 15 to 30 years? Is your personal net worth tied to the value of the business as a going concern? Does your company enjoy a strong reputation in your industry and in your community? Have you received inquiries from buyers? Have you investigated the exit-planning process and all that it entails?

The answers to those questions will help you to build your “seller profile.” They answer “the who” part of the equation. But it is more important to know “the why” of deciding to exit your business. In an earlier article, I talked about “the how” fact that there are 34 ways to exit your business. For practical purposes however, we can reduce that number to just a few — sell, give, liquidate. But now, let’s take a look at why owners tell us they want to exit their business.

When we reach a certain point in our business and personal lives, we may start to feel that our energy bucket has a little leak in it. Vince Lombardi said that, “fatigue makes cowards of us all.” I think he probably meant that when we get tired we don’t want to take as many chances or that our risk tolerance is at low ebb. Fatigue can rob us of the willingness to take on new competition, or fight through another economic down cycle. It doesn’t mean that all we want to do is sit around or take naps. Quite the opposite, in fact. We probably are looking to re-direct our activities from the business to our avocations or maybe even to a new business. 

We hear from owners that it may be time to take some chips off the table. We have a mantra in our firm that you must be financially independent of your business or striving to get there. It’s a lot easier to roll the dice with the economy or new competition or needed credit for growth when you are secure in the fact that you can retire when and how you want. Many times, the owners who want to take some chips off the table are less than financially prepared and are hedging their bets. This is an important situation — maybe the most important — to solve.

What if it’s time to take the company to the next level but the debt or equity that is required is just too much? Many times that comes coupled with a management team that may have grown stale or feels frustrated that we, as owners, will not pull the trigger. Either way, it is a strong reason why owners want to exit their business. If family is involved in the business, and hasn’t the skill or desire to grow the business, may also dictate your exit plans. 

How about spousal pressure? How many times have you heard recently that your spouse is asking you to take more time, be more relaxed, and enjoy the fruits of your labor a little more? It is a powerful influence. The best answer for this “why” is that you have a well-drawn plan with the right people in the right seats on the bus and your financial house in order. This pressure may go along with health issues or other family issues. In any event, it is a strong reason owners give us for why they wish to exit their business. 

The single best way to handle all the above “whys” is to have an exit plan. A plan that will include all of your personal and business goals, an awareness of your company’s worth, a knowledge of all of your exit scenarios, and methods of protecting your wealth.                

Bruce Grieshaber is a certified business exit consultant and senior consultant at Grenell Consulting Group, specializing solely on exit planning. Contact him at bruce@grenell.com