The 7 Ps to Think Like An Owner!
Updated: Apr 9
Have you ever wondered how well your management skills are developed and what areas of emphasis may need focus to become a better leader? Owners, investors and senior executives depend upon strong managers and developed leaders to help guide an organization and execute their vision, goals and objectives.
To be an effective manager or leader within an organization, one must cultivate the ability to see the bigger picture and develop strong management skills to stand out from the crowd able to deliver consistent, high performance. Managers can sometimes struggle "thinking like an owner", especially when they may have received their promotion after serving in another role for a period of time. "The 360° Leader Course" provides instruction, guidance and a self-assessment toolkit experience sharing insights, ideas and concepts to excel, thrive and grow. Learning how to see and interpret the world of business circumspectly is a key element for engaging and guiding with a forward thinking perspective. The self-assessment toolkit is designed to help managers develop their ability to see from a 360° perspective and learn the 7 Ps to "think like an owner".
Think Like An Owner
“Excellent managers not only possess the skills to lead their teams to success but embrace the characteristics of thinking like an owner taking responsibility for the organizational performance with a 360° view.” by Timothy Osborn
The 7 Ps to think like an owner.
#1. People Planning - One of the more important roles that managers have in an organization is building and developing strong teams. People planning includes recruiting candidates to fill vacant or new roles, developing the skills of current team members equipping them to excel, and leading the team with a forward thinking approach. People planning skills are essential to managing effectively and fulfilling the responsibilities of leading a department, organization, shift or initiative. Planning, anticipating, developing and growing a team purposefully demonstrates the quality of leadership necessary to be entrusted with more opportunities in the future. What is your people plan? How many people do you need right now, in 30 days, or in 6 months to build your perfect team? What are you doing to attract, recruit or acquire the talent you need on your team? Do you have a bench plan or succession plan for growing the team members you currently supervise? What are the weaknesses of your team? How are you training, equipping, developing and cultivating future success? What is the state of your people plan?
#2. Promotions & Experiences - Every manager will be given responsibilities that include promoting the organization and managing the experiences of customers, interactions with others working in the organization, and communicating with vendors, partners and affiliates. Interaction with your specific department or location is a direct representation of your leadership and service skills. Promotions can include limited time offers to customers, a special event, or a service offering from your team. Experiences can be defined as the measure of what others think, feel or encounter when they interact with your services. What is it like to do business with your team? Does everyone cringe when they know they are going to have to work with your department? How does your team create engaging experiences that promote the key values of the organization in a positive manner? How do you measure the touch points and interactions that occur between those who interact with your team? How do you determined whether your team delivers on your promise and provides an exceptional experience?
#3. Profitability - Managers are often delegated specific budgeting authority and accountability. The best way to impress the boss is to make money, keep customers happy and retain, train and develop a strong team. If any of these elements are missing, a manager will suffer from the critique and analysis of senior executives, owners or investors. Do you make a profit for your organization? In what ways do you manage, control and reduce costs for the organization? How well do you control spending? Do you overspend or blow budgets regularly? Learning to manage the profitability factor will be a significant contribution to cultivating a "360° Manager's View" and "Thinking Like A Boss!"
#4. Public Relations - Managers must be keenly aware that the public is always watching, observing and documenting the actions of the team they supervise. In the day of live social media forums, a manager's team can be tossed into a PR nightmare over night. Let's say, for example, the team has experienced a wonderful success and the manager invites the team to the local pub for a drink and celebration. Every team member participates and the manager is excited and proud to share in a moment of accomplishment. But, Johnny gets in to a brawl with another pub member and the team gets kicked out for "inappropriate behavior". The whole event is recorded on "Facebook Live" and now you have a "public relations nightmare". How does a manager effectively coordinate the actions, behaviors and motivations of a team to facilitate and promote the good will of the organization and foster a positive effort toward public relations? What methods of training, developing and educating your team members are being implemented to address responsibilities where public relations are concerned? Have you executed a plan to safeguard the public relations image of your organization? How do you have fun, but promote good will?
#5. Policies & Procedures - Every organization should have a specific policies and procedures manual that outlines the resources available for managers to follow, review and implement. Effective policies and procedures will coordinate the flow of work tasks and provide the methods for delivering excellent, accurate and sustainable results. Managers need to have fluency regarding the policies and procedures they oversee, and they need to understand the motivations behind why they are needed. Enforcing policies uniformly and equally should be a way of guiding, developing and cultivating clear expectations within the team being managed. How are policies and procedures being followed? Are policies and procedures clear, concise and communicated? Do policies and procedures lay the foundation for the work of your team? What policies or procedures are understood but not written? Are policies and procedures enforced in a fair and just manner?
#6. Productivity & Performance - A high performing and productive team is priceless in any organization. Managers who lead such teams are often worth their weight in gold and dollars. Productivity is the measure of the output of a team with respect to timelines, deadlines, completion of job tasks, assignments and doing it all with accuracy. Productivity is getting the job done, on time, and in the most efficient or thorough way. Performance is how you do it and productivity is getting it done right and on time. What measurements of productivity are being tracked to assure your team is meeting expectations? What is your productivity rate? Do you meet deadlines and timelines? Is your work accurate and professional? How do you add the wow factor to your performance and productivity efforts? What methods of feedback are utilized to improve your results? How do you measure up to the expectations of senior leadership and customers? What makes your team priceless and worth their weight in gold and dollars?
#7. Positive Culture - Culture defines the atmosphere and environment of the workplace that you manage. Positive cultures are genuine, real, transparent, engaging and authentic. Building a strong team is one thing; but, building a strong and happy team in a positive work environment that promotes longevity is another. Do your team members consider your management methods as positive, engaging, fair and authentic? Do you struggle with turnover and friction within your team? What efforts are being made to reinforce a positive culture? Do you have a fair, just and equal recognition programs?
The "7 Ps to Think Like An Owner" are key insights written to help develop, promote and build "The 360° Leader". The ability to see and think circumspectly is directly opposite of tunnel vision and the trench mentality. Being able to see the whole picture enables a manager to gauge, identify and locate areas for improvement and development.
(C) Copyright 2021 - The Osborn Group, LLC - All rights reserved. Sharing is permitted and appreciated.
About the Author - Timothy G. Osborn is the Founder/ Sr. Partner & Management Consultant at The Osborn Group, LLC where " we empower and equip emerging entrepreneurs, founders, c-suite executives, intrapreneurs, and corporate teams through three pathways designed for strategic impact - challenges, courses, and consulting."
Challenges are created to nurture and inspire personal and professional business development. Courses provide structured curriculum and utilize proven process models to fuel strategy formation and harness results. Consulting capabilities provide deeper insights across a wide array of industries, by our expert consulting team, customized specifically toward your needs and engagement objectives identified by your initial free consultation, deep-dive analysis.
The Osborn Group, LLC serves SMEs and BigCos as a Certified LGBTBE company participating in supplier diversity initiatives and request for proposal inquiries. Every client receives our 100% service guarantee.
We put the wow in business! ™