Rapid innovation and change in the industries are both fostering many new business opportunities and creating ever greater competition. One of the strongest ways you can help your MSP business maintain its competitive edge is by empowering your team to take initiative.
Fostering a more entrepreneurial approach among your staff can be both challenging and rewarding. Get it wrong, and the pain can be immense; Get it right, and your business can be stronger internally and externally. Your staff members can enjoy a much greater sense of accomplishment and camaraderie. There are some key points to follow when implementing the entrepreneurial approach.
When it comes to your MSP business, clearly defined goals and metrics are key. This can be particularly important when working to foster the entrepreneurial spirit in your staff.
A big myth about entrepreneurs is that they are rebellious mavericks who ‘go it alone’. Nothing could be further from the truth. Though entrepreneurs do tend to buck trends in key areas, they also tend to be skilled at building and working within teams. So, the first part of our definition is that teamwork is a key aspect of an entrepreneurial business.
By definition, entrepreneurs have vision. They have an ability to see farther than most people and to think outside the box. Perhaps more important, entrepreneurs can see how to reach their vision. They create maps that chart their expected progress. Of course, to draw up a map, you need to know where you’re starting from. So, entrepreneurs know they’re at A, where B is, and how to get from A to B.
Entrepreneurs are also defined by how their fortunes are linked to the success of their visions. They have a vested interest in the performance of their business. They tend to be the key stakeholder.
Empowering Your Team
Fostering the entrepreneurial spirit in your team requires cultivating that same sense in all team members. Here are some effective ways to empower your team:
- Understand Your Team – Bear in mind that as you begin to provide team members with more independence, communication between your team and team members becomes even more important. Roles must be suitably defined. The understanding of what each team and member of that team is doing must be maintained.
- Set A Vision – In order to ensure team members exercise their new-found entrepreneurial freedom, they must understand and share the same vision.
That means that they need to understand their roles properly. Their roles and their vision need to be defined both in principle and using suitable metrics. This ensures that progress can be assessed in an objective manner.
- Get Them Involved – It’s all fine and good telling staff to go ahead and make their own decisions. Although, if your team members don’t feel that they’re part of something bigger and that they have a vested interest in the company’s success, they’re unlikely to derive truly fulfilling long-term satisfaction.
To a certain extent, there is much to be gained from the feeling of a job well done. Simply asking everyone to contribute without recognizing that contribution will leave staff feeling short-changed.
The Final Ingredient
So far, we’ve discussed principles. The key to implementing these successfully is definition. The vision must be defined clearly and done so using metrics against which success can be measured. The stake must also be defined using metrics.
In short, your MSP business must take a form where there can be no argument. It must be objective and there must be numbers. The exact metrics you use will be different depending on the roles involved, but clear metrics will make things so much simpler for everyone.