By Tom Cowan, Director of Operations with Nexus 5 Group
At Nexus 5 Group, we are always on the lookout for innovative approaches to business management and leadership that can help us foster a culture of ownership, accountability, and excellence. It's in this spirit that we've embraced the principles outlined in Brad Hams’ seminal book, "Ownership Thinking: How to End Entitlement and Create a Culture of Accountability, Purpose, and Profit."
Understanding Ownership Thinking
Before delving into how we have implemented ownership thinking at Nexus 5 Group, it is important to understand what ownership thinking entails. In his book, Brad Hams advocates for a transformative approach to business management where employees are encouraged to think and act like owners, taking personal responsibility for the company's success.
Implementing Ownership Thinking at Nexus 5 Group
At Nexus 5 Group, we have taken several steps to integrate the principles of ownership thinking into our organizational culture:
1. Encouraging Entrepreneurial Mindset
We foster an entrepreneurial mindset among our team members, encouraging them to take initiative and come up with innovative solutions to the challenges we face. We believe that ideas and concepts that come from the folks that will be implementing and using them are ones that will prove to be sustainable. This contrasts with a top-down mentality. By doing so, we have seen a remarkable increase in creativity and productivity.
2. Transparent Communication
We believe in maintaining a transparent communication channel where every team member is aware of our company’s financial health and the impact of their work on our bottom line. This approach has fostered a sense of responsibility and a deeper connection to the company's mission.
3. Rewarding Ownership Behavior
To nurture a culture of ownership, we have instituted an incentive program that recognizes and appreciates team members who exhibit ownership behavior. This not only motivates our team, but also helps us retain the best talent.
4. Employee Training and Development
We invest in the continuous training and development of our team members, equipping them with the skills and knowledge they need to excel in their roles and contribute positively to our company’s growth.
5. Encouraging Financial Literacy
Understanding that financial literacy is a cornerstone of ownership thinking, we encourage our team members to become financially savvy, helping them to understand the broader economic landscape and how it affects our business.
The Impact of Ownership Thinking
We have been practicing Ownership Thinking now for about eight years and it has been the backbone of our success. It has been our secret sauce.
As we move forward, we remain committed to the principles of ownership thinking, confident that this approach will continue to drive our success. We are excited about the journey ahead and look forward to seeing how ownership thinking will further shape the future of Nexus 5 Group.
Interested in working WITH us? Interesting in working FOR us? Let's talk. (913) 671-3361 | info@nexus5group.com