Taking Ownership of your business is powerful.

You may be thinking "Of course I own my business", but owning a business and taking ownership of the business can be different things. While being an owner denotes control, it does not always manifest in actions.

So, what does taking ownership mean?

Ownership is taking initiative in order to move the business forward. It is being accountable, believing that taking action is your responsibility. Ownership means you take responsibility for the quality of an outcome, even if you are working within a team.

It is being decisive and being able to problem-solve. It includes delegating, especially to people better suited for the task than yourself. Ownership is fueled by passion and commitment. It is caring about the outcome. It is stepping up to make things happen, not waiting for others to act.

Taking ownership is about trust. It shows others that they can count on you to do as you say and provide the outcome.

Simply put, taking ownership is believing that taking action is your responsibility.

Get your team involved

Ownership can start at any level of the organization, and it should. Allowing your team to take ownership, allows them to become passionate about the goals you are all trying to achieve. Business owners must lead by example in taking ownership.

They must also support freedom for their teams, allow your teams to come to you with ideas and allow them to take charge in the outcome.

Communicate and embrace the business values. Focus on the positives and allow your team to make decisions. Support your team to think like a business owner and be open to relinquishing control.

Encouraging your team to take ownership will allow them to get involved in all aspects of the business. They feel like they become part of the change and will be passionate about where the business is headed.

Lead by example

You can not expect your team to do something that you are not willing to do yourself. Modeling the behaviors of taking ownership will create a flow on effect throughout your whole team.

That is why it is imperative that you, as the business owner do the following:

· Take time for critical reflection

· Communicate with your team honestly and openly, but with brevity.

· Manage across the business using different skill sets. Remember everyone is motivated in different ways and it is important to change your leadership styles to suit.

· Demonstrate time management

· Learn and develop your own skills

· Anticipate issues and brainstorm solutions

· Learn from, and take responsibility for, your own mistakes

Taking ownership of your business and encouraging your team to have ownership will allow for your business to succeed in it’s goals and achieve success.