Dave Ramsey On Business

Dave Ramsey On Business
Issue 14 // 3rd Quarter // 2016 Category:Business By: Dave Ramsey

Empowering your team

One of the first steps to becoming a true EntreLeader is recognizing that your team members are your most valuable resource. The sky’s the limit with a good team, and a workplace environment where team members are happy and thrive professionally and personally doesn’t happen by accident.

Some small business owners have bought into the notion that developing that kind of atmosphere is impossible. But I can tell you from personal experience that it’s not only possible, it’s fun to create. The key is empowerment. Here are four steps that will help you create and mold a team that is not just willing, but eager, to share the dream and take your business to the next level.

Cast a vision 

Let your team know often exactly where you want the organization to go. There will be changes in your vision from time to time, so keep your entire team updated as you make adjustments to the target. The Bible in Proverbs 29:18 begins, “Where there is no vision, the people perish” (KJV). This holds true for your business, too. Once your team knows where you’re going and what’s going on in other areas of the company, they’ll become excited about hitting—and exceeding—their goals.

Don’t micromanage

A micromanager is someone who doesn’t have the confidence in team members to release tasks or concepts to them, even when competency has been proven repeatedly. Remember, there is only one good time to micromanage, and that’s when they’re new to the team. After they’ve been trained and have proven their competency and integrity, it’s time to let them fly.

Expand and enhance skills

You’ll see an incredible ROI when you put time and money toward your team’s professional and personal growth. Try developing a mentorship program where team members can work closely with leaders to improve their skills. You might also offer “lunch and learn” classes, where guest speakers talk with your team during their lunch break.

Compliment them often

Everyone around you, from the janitorial staff to the highest-paid executive, wants to know they’re appreciated. Brag on them all every chance you get. Words of praise and recognition from the boss can put a big smile on the face of even the most world-weary professional. It will send confidence levels through the roof!

"Where there is no vision, the people perish.” Proverbs 29:18



5 Features to Look for when choosing a financial wellness program

Seminars that teach employees how to handle money are a dime a dozen. The problem is, if you rely on them to meet the needs of your employees, you will get dime-a-dozen results. Studies show that employees who spend more time thinking about their financial troubles tend to be less productive at work and have lower morale, which in turn hurts your company. 

The purpose of a wellness program is to help, not hurt. Choosing a high-quality program is the first step in meeting the needs of your employees and your company. Here are five features that the best plan must offer: 

It creates sustainable behavior change.

A successful financial wellness program must be easy to follow and must serve your employees over time in order to create lasting behavior change. Not only will a quality program have a proven track record for sustained success, but also it will provide leadership with statistics to show the real difference it's making in employees' lives. 

It is scalable.

A good program will meet your employees where they are. Your company may have multiple locations, different shifts or even spouses who would like to participate, making class facilitation a huge challenge. Employees need a program that is available online any hour of the day or night. Since practically all employees have some level of access to the internet regardless of income level, they can get the information they want at their own pace. A mobile program is the best fit for people's busy and unique schedules. Online programs also provide a much-needed layer of privacy. It's tough enough for someone to talk about a money situation—and almost impossible to get them to do it in a workplace or classroom setting. 

It teaches over time, not with a one-time seminar.

A 45-minute lunch-and-learn session once a year is not enough financial education for your employees. And, let's be honest, those sessions fly right over their heads. Besides, that level of communication won't lead to any sustained behavior change for them. The program should offer material that helps them learn over time so they can form good money habits. Someone who is in the midst of paying off debt won't be interested in investing, but if they can go back and reference the material when they are out of debt and ready to build their nest egg, they are better served. 

It is personalized for the employee.

People have different needs depending on where they are in life (just starting out, getting married, having a child, or nearing retirement). A good wellness package addresses that person's specific needs and helps them where they are, rather than just offering blanket answers. 

It should be offered to everyone.

If you only offer a financial wellness program to employees who want it, the guilt and shame may drive away those who need it the most. When you offer it to all employees, as you would other benefits, participation rates and ROI substantially increase. It may even cost less to provide the program to all employees because of different pricing structures for companywide initiatives. 

The power to select the program that will bring success to your employees is in your hands. The result will be felt by your entire company for years to come! 

SmartDollar is a financial wellness program that educates, inspires, and empowers employees to proactively take control of their money and get on track for retirement. For more information, go to: www.SmartDollar.com.

Dave Ramsey

By: Dave Ramsey

Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.

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