- August 10, 2020
- Posted by: faizan4it
- Category: Entrepreneur
The Middle East is a region diverse in geography, ethnicity, and cultural practices. While many companies are looking for cultural change and growth, not many can get rid of the orthodox, authoritarian leadership. The middle eastern companies are tied with many traditional customs, but most of them are looking beyond these practices. They are seeking a work environment where everyone is involved, and everyone benefits from the growth.
As you work in a team, remember that each member is either a co-signer or an authorized user. In western countries, the concept is widespread and easily understood, especially if you are a parent or a young adult. Simply put, a co-signer of an account takes full responsibility for the payment, whereas an authorized user just has access to the credit line. Apart from being a typical topic of conversation between parents and children, this concept has a pivotal role in powerful leadership methods.
A team of co-signers will feel a personal attachment to your vision and mission. They are willing to roll up their sleeves and make sacrifices to ensure high projections. On the other hand, a unit of authorized users will perform their responsibilities but are not willing to work beyond their designated domain. Unless they are given some incentive, the performance of your company is not their concern.
But, how to build a culture of co-signers? Here are a few tips that can help you out:
Don’t just task your team but envision them.
A leader will always address the why behind the what. It’s easier to go to the what and how, but then you are promoting authorized users in your company. Such employees don’t care about why, as they find it above their pay grade. Co-signers feel a responsibility towards your company. Therefore, they deserve the answer to why. Only by involving the employees on a personal level and letting them feel that their insight and feedback are worthwhile, you can ensure their complete participation in taking your company to greater heights.
Don’t dump them with work, but they must be keen to pick up tasks themselves.
The easiest thing for a boss is to dump extra work on the employees whenever he feels like because he is the one paying them. Doing such a thing would never let you cultivate a culture of co-signers. No one wants to work under someone authoritative but would like to be guided by a capable leader. The aim is to create such a team that anticipates new tasks and picks them up before they are assigned. Never be afraid of being a people developer as it doesn’t pose a risk to your job position but only strengthens your leadership skills.
Share your thoughts with the team and admit your mistakes.
Stay authentic! No matter what the situation is, show your team that you can trust them with your weaknesses. Acknowledge if you’ve made a blunder or are unaware of something. Your team should feel that they are following a leader and not a dictator. Keep them in the loop regarding your future planning and what you intend to do for the company while staying open to all kinds of feedback from them. Before implementing any change, invite your team to share what you’re thinking and try to take steps with their consent.
Develop good financial management skills.
The most successful leaders know and understand their business in numbers apart from making critical decisions to lead the company. You might not have as much of a strategic insight as a CFO, but should be able to analyze financial reports and make tough choices on their basis. Only by knowing essential financial management tactics, you’ll be able to make an impact on your employees. Don’t appear to be naive in front of them and have a firm grip on the essentials of running a company. You can always polish these skills with the help of your teammates.
Keep reflecting on your credit report to make improvements in the future.
Sound business credit is essential for the growth of your business as it increases its trustworthiness when collaborating with banks, investors, and insurance companies. You will not be able to devise powerful ways to improve your credit if you don’t have any knowledge about it. With a good credit score, the reputation of your organization will improve, and other institutions will consider you a viable partner. Keep monitoring the red flags, so that you know when and how to act according to the need of the hour.
The Bottom Line
The key to successfully build a team of co-signers is to practice these tips again and again. It requires a complete change of mindset and taking your subordinates as your colleagues. Value the role of each team member, and even though they are paid for what they do, appreciate their work. Celebrate success, and failures too, as they help in better learning. Be very communicative with your team as effective communication improves team effort and motivates them to become co-signers instead of authorized users.