“Responsibility equals accountability equals ownership. And a sense of ownership is the most powerful weapon a team or organisation can have.” – Pat Summitt, (a renowned basketball coach.)

I like this quote because it encapsulates the essence of the ownership mindset, highlighting its power in driving results and fostering a sense of commitment within a team or organisation.

We’ve all heard the phrase, “I own that.” But what does it really mean in the context of today’s business world? Ownership isn’t just about having control; it’s about having a mindset that drives results. This mindset can ignite at any level within an organisation and is sustained by passion and commitment.

 

The Essence of Ownership

Ownership means understanding accountability and building trust. It’s about following through and ensuring quality, regardless of your position in the company. Actual ownership means you feel committed to the organisation’s success and take action to impact results. It requires assembling the right team and being accountable for outcomes.

Building a Culture of Ownership

Creating an ownership culture takes time and must start from the top. Here are five steps to foster this mindset, inspired by Forbes:

  1. Support Freedom and Responsibility: Empower your team to drive change and innovate. This builds customer loyalty and intimacy.
  2. Change the Mindset: Shift the focus from control to contribution. Encourage your team to add value and bring fresh ideas.
  3. Embrace Shared Values: Success hinges on shared values guiding employee behaviours and actions.
  4. Focus on Positive Reinforcement: Positive reinforcement encourages discretionary decision-making and better client service.
  5. Support Entrepreneurial Thinking: Promote transparency and focus on sales, cost-cutting, and alternative revenue streams.

Leading by Example

Leadership plays a crucial role in fostering an ownership culture. As a leader, it’s important to embody the ownership mentality. Share your vision and ensure every employee understands the “why” behind decisions. Involve your teams in goal-setting and planning to make them feel integral to the process. Encourage creativity, allowing teams to find their own solutions and processes. By doing so, you not only inspire your team but also set the standard for the ownership mindset in your organisation.

Delegation and Accountability

Delegate problem-solving responsibilities to spread the ownership mindset. Hold teams accountable and recognise positive behaviours. Offer regular feedback and demonstrate your commitment to the process. Remember, underutilised skills are a massive waste—tap into your team’s full potential by encouraging involvement and ownership.

Reducing Bureaucracy

Bureaucracy distances decision-makers from risks. However, reducing red tape can foster an ownership mindset and create a more agile and innovative organisation. Reflect critically, communicate clearly, and manage effectively across your organisation. Learn from failures, and don’t let them halt progress.

Action Points for Business Owners

  1. Empower Your Team: Give your employees the freedom to innovate and make decisions. This will boost their engagement and drive better results.
  2. Model Ownership Behaviours: Demonstrate accountability and ownership in your actions. Your team will follow your lead.
  3. Encourage Continuous Learning: Promote skill development and learning opportunities. A knowledgeable team is more confident and capable of taking ownership.

By instilling an ownership mindset, you will enhance your organisation’s efficiency and create a more committed and proactive workforce. This shift in mindset can lead to increased innovation, as employees feel empowered to contribute their ideas and take risks. It also fosters a sense of commitment, as employees understand their role in the company’s success and are motivated to go above and beyond. Remember, it’s not about how much you ‘own’ but how much you’re willing to share to gain.

So, let’s cut through the bureaucracy, unleash your team’s potential, and watch your business soar! Start by implementing one of the strategies discussed in this article and see the positive impact it can have on your organisation. Remember, fostering an ownership mindset is a journey, but the rewards are well worth it.