Yesterday in British Columbia there was a statutory holiday called Labour Day. Most offices and businesses took the day off. It’s a nice break from all the hard work everyone has been putting in this year.
I wanted to take a moment and appreciate the labour that goes into your organization and how you can reward everyone involved for their hard work— in more ways than a day off in September! This includes you, your team and your family.
First, there’s you.
There would be no organization without you, the small business owner. You’re working hard every day, balancing many tasks while also thinking strategically about your business. You’re not afraid to dive in, get creative, sweat and struggle to see this business to its full potential.
What’s your reward?
There’s a chance your business has taken over your life. You are stressed, lonely and tired. You have less time to do what you want than before you started your business. To change this narrative, you need to have time away. Time away for your health. Time away to think and enjoy the rewards of your hard work.
There are lots of systems you can put in place so that you have the time away you need to happily and healthily run your company.
Reward yourself for your efforts with what matters most to you.
It is possible to reward yourself AND build a profitable company. It could start with something as simple as taking every Friday afternoon off to hang out with your kids or go golfing with your buddies. Maybe it means raising prices or lowering other non-essential costs so that some of your hard-earned revenue can actually land in your wallet for you to do whatever you please with it.
Next, your team.
Your team is vital to the success of your business. They take tasks off your plate, come up with innovative ideas, support your vision and help build your company. Their contribution can’t go unnoticed!
What’s their reward?
The goal is to create an environment where people are supported in bringing their strengths or their best selves to the work. They are rewarded and recognized for continuously improving on the job and have a sense that what they are doing is bigger than them.
Be aware of compensation.
The currency we use called money has emotional connections far beyond its value at the bank. How your employees feel about the amount of money they are making can significantly impact their motivation. It’s not the amount of money as much as it’s how that person feels about the amount. Compensation can include cash, benefits, bonuses, education or time off.
Employees need to know the impact of their actions on the financial stability of the company. When they do well, be sure to reward them with something that matters to them. When you see waste or lost productivity, work with them to create a better system, then reward them for positively contributing to a better outcome.
Finally, your family.
You owning a small business has an impact on those closest to you, especially your family. Family is defined as the people in our lives with whom we are connected. You may or may not live together or even be biologically related. Chances are your family is doing a lot to help your business, it’s just not as obvious as an employee completing a task. Your family is your support system.
What’s their reward?
“Behind the success of every small business there is family.” – Unknown
A great way to reward your family for the labour they put into supporting you and the business is to be appreciative. You can make a habit of letting others know what they are doing well. Use your words to give praise and your wallet to share the wealth when things are going well. A simple “thank you for your support” can go a long way.
Another thing you can do is set goals together. Even when your family does not work in your business, they are impacted by the business. You need not just business-related goals but also family goals. Having family work together means that, as a cohesive unit, you all need to be working together for the same goals.
It’s all about creating a business that serves both you and your family.
There’s a reward for your labour!
The small business spirit makes a difference in this world. That’s the reason we start our own companies in the first place! The same drive that led us to create a business leads us to continue to help others once the money rolls in. And small business owners don’t do this in a vacuum. We get our family and friends involved, too. And our staff. Helping others becomes a company-wide endeavour.
Small business owners are the hardest working people I know. Take time to pause, reflect and reward yourself and the people around you for all the labour you put into helping others and growing your business. Your tenacity and generosity amazes me!
Until next time, enjoy your Entrepreneurial Journey.