Leadership
Mark Richardson: What Are Your Motivations?
Motivations influence how you think and make decisions. Consider the coach of a football team whose motivation is getting to the playoffs. He’ll use specific strategies or players to do so. But if he is motivated by modeling sportsmanship or teaching his players life lessons, then winning may be secondary. In business, understanding and being aligned with what motivates owners and leaders is very important.
An owner’s motivations are not about right or wrong. They may not even influence the quality of the product, service, or how team members are treated. But motivations do change over time as the business evolves, which is one reason why the leader’s motivations should be understood by all.
I will attempt to outline a few examples in the hopes that you can ask yourself, “What is your motivation?”
1) A Job: Many small business owners prefer to work for themselves. While they may have fantasies about financial rewards, those hopes will be dictated more by the marketplace than by a business plan. Business acumen and growth is not a driver as much as quality work and independence. Having a backlog of projects is generally a sign of success and comfort. At the end of the day, having a good honest job motivates these owners.
2) The Business Person: This person is motivated by creating a solid business. They spend time on the business, not just in it. They realize profit is important and necessary but generally do not sacrifice the future for short-term gains. They invest in team members as assets that need to be grown and retained.
3) The Entrepreneur: The difference between a business person and an entrepreneur is the entrepreneur needs an exit strategy. Very few contracting businesses are sold because they are not led with an exit in mind. The entrepreneur is a change artist; they are always looking for the next move. The good ones are focused on positioning the business for the next move. The weak ones change their motivation or die.
4) The Investor: Primarily motivated by the returns on the business versus energy and risk. A business friend of mine is not very concerned about growth or top-line sales. He focuses on the personal returns and the energy to achieve those returns. For him, this motivation is top-of-mind every day.
5) The Evangelist: This leader is motivated by a cause. The cause may be making sure the industry is perceived in a better light and homeowners are educated properly. These business owners may not be very profitable or growing, but getting the message out is their real measuring stick.
6) The Legacy: This motive puts the next generation as a top priority. Investments into the business are more about the legacy than the needs of the business today.
7) The Ego: Some business people are motivated more by getting an award for a project than by making a profit. This ego fulfillment is great, but many put it above other fundamental motivations.
Most owners and business leaders are a combination of these motives. I am not making judgment on your motivation; however, I am critical of owners who complain about not making enough profits while putting legacy or ego as higher priorities. You can choose whichever direction you want, but the great businesses have the owner’s motivation and the key influencers all in alignment. CB
Mark Richardson, CR, is an author, columnist, and business growth strategist. He authored the best-selling book, “How Fit is Your Business,” as well as his latest book, “Fit to Grow.” He can be reached at [email protected] or 301.275.0208.