The business world is constantly changing, so it is essential to be flexible and ready to face the future.
I had the opportunity to speak with Kosi Stebbs, CEO of Owl Group of Companies. This serial entrepreneur was recently named to Canada’s 40 Under 40. To find out how he navigated the changing business environment and continues to build companies in the seven and eight-figures.
Try to plan.
Stobbs states, “You need to consider how you will position yourself to most take advantage of where the globe is going and how you can take advantage of those changes.” Get feedback from as many people as possible, from keeping up with marketing trends and listening to customers. Do not be afraid to change your mind and adapt as needed. Stobbs points out that “where you think you’re going might not be there.”
Take care who you ask for advice.
You should only seek advice from qualified people. Get advice from people who are successful at what you want to do. Listen to all opinions, but don’t listen to the experts. Stobbs suggests that this is how it should be viewed. “You wouldn’t go to your dentist for advice about a foot problem.” Stobbs cautions that even though people might offer sound advice, they are only brainstorming ideas and not providing any accurate guidance if they don’t have the experience to back up their claims. Experts are the best people to learn from.
Invest in coaching.
Coaching offers one of the highest returns on investment in the world of business. A coach will help you grow as a business owner and coach you on your way to success. Coaches can provide guidance and tools to help you overcome any skill gaps. Stobbs states, “You don’t always know what you don’t understand. A coach can help you.” Coaching can be a great accountability partner as well as providing regular feedback. These are both crucial aspects of growth. Stobbs suggests that you keep your mind open and ask lots of questions to get the best out of coaching.
Hire the right people to help you.
In your entrepreneurial journey, it will come a time that you realize you cannot do everything. This can be hard to swallow, specifically when you are stuck in a limiting mindset that says, “No one else can do the same thing as I can,” or feel lost about how to expand your team. You can bring on new talent by removing your ego from it and being open to the possibility of others doing what you do. Stobbs suggests that you “hire someone competent enough so that your work is less” and that you do not reach a point where you are unable to return to work.
Be prepared when hiring.
“Most of my employees have been friends for over ten years. They are among the most talented people I’ve ever known in my entire life. Stobbs said that they were the most talented people he’d ever met. Stobbs had a vision of what he wanted for his team before hiring his first employee. Stobbs suggests that entrepreneurs take note of people they meet and reflect on how they might fit with the business’s long-term vision. It is an excellent idea to let people know that you consider bringing someone to your team. It’s essential to stay in touch so you can offer them a job when it’s convenient.
Pay attention to what you communicate.
Communication is essential to business. A communication breakdown can cause ripple effects throughout the organization. Communicating in the workplace is a leadership responsibility. It would support if you made it clear that you value every opinion and will not repercussions anyone who shares feedback or speaks up. Stobbs explains, “I communicate in the same way with all employees and shareholders. I also respect everyone the same.” It is essential to communicate with everyone respectfully, regardless of their title. This builds trust and promotes open communication throughout an organization.
Executive teams need to communicate openly and show mutual respect with each other. Stobbs states, “The senior management team of companies must be open to challenging each other.” Although this sounds obvious, it isn’t easy to do in practice. People’s egos can get in the ring and make it hard to challenge one another. This can cause tension in the relationship.
Although change can be unpredicted, you can make the most of it by following these tips, and you’ll be better equipped to weather any storms and come out the other end stronger.
