Today the people all around are celebrating World Teacher Day. Teachers are difference makers in this world and need to be recognized. Chances are you wouldn’t be reading these words right now if it weren’t for a teacher. Most people have at least one teacher that stands out to them from their school years. A teacher that invested in, supported and inspired them. They were a great example and one you should follow. As an entrepreneur, you have the opportunity to be a teacher to your employees. Here’s how you can use your working capital to do just that:
First things first
The first step in making a change is shifting your thinking. If you are too afraid to teach your employees everything you know there is a problem. Business owners that operate like this do it because they are afraid of their employees taking over or leaving to start their own business. Thus becoming a competitor. Could that happen? Possibly, but the truth is, real leaders are always bringing up new leaders. You should always be investing in your staff and helping them to learn and grow.
Find out what they are interested in
It’s hard to invest in someone if you don’t know what they want to do. When you think back to that teacher whose encouragement meant so much to you, they most likely encouraged you in something you were interested in. Many people try to push you into doing things you don’t want to do with your life. The people that make a real difference in your life are the ones that encourage you to pursue your dreams.
Take the time to find out what goals your employee has in life and in business. Then, take the time to help them pursue it. Look for ways to encourage them in their efforts.
Help them develop confidence
A great teacher helps their students develop true confidence. You should do the same for your employees. Teach them to develop confidence through recognizing their successes each day. Help them celebrate the things that they are accomplishing on a daily basis. By teaching your staff to do this you also benefit by developing a culture of success within your organization.
Invest in their knowledge
Employees appreciate when you invest in them by providing them with training. This shows them that you believe in them and their abilities. Putting some of your working capital towards employee training accomplishes the following:
- Develops the relationship between you and your employee
- Provides your employees with training they can use now and in the future
- Benefits your company by having employees that are more skilled in their area
There are multiple ways to train your employees. You could bring in an outside consultant for a seminar or send them to a training event. You could also provide tuition reimbursement for college courses. Work on putting together a plan that you can follow to provide your employees with proper training.
Allow them room to succeed or fail
The thought of your employees making a mistake or failing is hard to take as a business owner. After all, you are ultimately responsible for what your employees do. However, no employee likes to be micromanaged. If you want to be a better boss you need to teach your employee how to do their job the right way, provide them with the resources they need, and then step back. If you have done the first two steps correctly you can confidently allow your employees to do their jobs on their own.
As you step back and your employees succeed they will build confidence for the future. This will allow them to look at ways to improve and expand upon the job they are already doing. They will have the courage to make suggestions and improvements to processes. If they fail, you can use it as a learning opportunity on how to handle the situation in the future.
How your working capital can help
You need working capital to run your business. And, you can use your working capital to be a better boss. Here are some ideas on how your working capital can help you be a better boss:
- Have the money to pay good employees
- Pay for the necessary background checks and due diligence before hiring someone that you will invest in
- Bring a qualified consultant into your organization to improve processes
- Pay what your employees well
- Taco Tuesday – or bringing in food or meals on any day to show your employees appreciation
If your business is struggling to maintain the working capital that it needs this can be a difficult situation. However, iBusiness Funding can help you get the working capital you need to grow your business and be a better boss. Contact us to see how you can get started today.