Episode D5.006 Relationship with Management and Ownership is Open and Based on Trust

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Introduction
The world revolves around relationships.  In business we have key relationships with our customers, suppliers, bankers, management team, and employees.  How you navigate the relationships present different challenges as you move through various stages of growth.  As the business owner navigating your relationship with your management team, and employees  is key to your future success.

Show Objectives
The relationship between the business owner and the management team is open and built on trust.  You have to be able to have candid frank conversations with your management team and your employees.  Trust doesn’t just automatically appear now that you are at this stage of growth. Trust is built over time. You are trying to transform your company in order to gear up with the next major expansion in your growth.  Your management team members should feel that they can say what they need to say and not worry about being fired. You as the owner should be able to say what you need to say and not worry about the employee leaving/quitting the job.  This type of open interaction is built on trust.  

Today’s who takes up this conversation and provides an overview of the dynamics of the relationship between owners and management.  We will also discuss what it takes to develop a relationship that is open and built on trust within the context of your business. 

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Key Issues

1. Responsibility - As the owner you have the responsibility to set the tone for how your company operates and how it treats, trains, and empowers your team and employees.
   
2. Respect - Works both ways.  As the owner/leader you have to give respect to those you lead and be willing to earn respect from that same group.
   
3. Trust - Trust is defined as the firm belief in the reliability, truth, ability, or strength of someone or something else. Trust also is a two-way street.
   
4. Communication at all levels has to be open and honest. 
   
5. Consistent Action
   

Key Issues - Questions

1. Why are relationships that are open and built on trust important?
   
2. What happens when you don’t have an open relationship built on trust?
   
3. I don’t like having hard conversations with my management team/leaders?
   
4. My employees should respect me as the owner, correct?
   
5. Is it important that my team think like I do?  Sometimes familiarity/similarity helps to provide openness and trust?
   

What You Need to Do

1. Review the relationships that you have with your management team and employees.
   
2. If open and honest communication is not already included as a core value within your organization, consider how to add it to your corporate culture.
   
3. Have platforms available within your organization where you employees can get truthful information about the business.
   
4. Treat your management team and leaders the way you want all employees within your organization to be treated.
   

Shows
Previous: Episode D5.005 Responsible for Continuous Improvement
Next: Episode D5.007 Performance Appraisals are Formal 

Written by James Bryant

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