The success of a business depends on the quality of feedback it receives. We all rely on it to keep us on track and improve our performance. In times of uncertainty and anxiety, small business owners and entrepreneurs need to learn how to utilize feedback effectively.
Feedback has become a central component of many businesses’ operations, and according to a survey conducted by Gallup, only 14% of employees believe that performance reviews can inspire them to improve. Instead, the best way to motivate people is by looking ahead to the future and using “live” feedback.
While the economic upheaval has affected everyone’s lives, effective feedback can help keep people focused on their goals and improve their performance. Here are a few ways to ensure that your feedback is taken to heart.
Adopt a coaching mindset
If performance reviews don’t motivate people, what next? According to experts, we should adopt a coaching-based feedback system that’s focused on the future and based on real-time observations. This method will allow people to respond to feedback more authentically and forward-looking manner. For instance, if you’re trying to improve your performance in the short term, ask yourself questions such as: What can I do to improve myself?
Feedback is typically focused on the employee’s role, and it doesn’t consider other factors such as their talents or personal development. On the other hand, coaching is more about the individual’s development and is more likely to involve the exchange of genuine and caring feelings.
Increasing agility
Although the concept of agile is commonly used, what exactly does it mean? According to a McKinsey paper, it refers to the ability to adapt to an unpredictable and rapid-changing environment.
Unlike performance review, strength-based coaching is more agile because it focuses on the individual’s potential. It eliminates the need for us to define our roles and prevents us from being vulnerable to sudden changes. When we define ourselves based on our strengths, we can then move forward and develop new roles and responsibilities.
According to the McKinsey paper, the two most important mindset shifts that business leaders need to adopt are the move from certainty to discovery and the shift from authority to partnership. Strength-based coaching can help them create teams that are focused on evolution and potential.
We tend to revert to an outdated style of leadership when we only think of feedback as instruction. Feedback should be focused on developing the individual’s full potential and not only on the individual’s role. This can create an environment of collaboration and partnership.
Manage your own well-being
You can only inspire others to do their best work if you’re also managing your well-being and energy. Small business owners and entrepreneurs operate by different rules. While their workweek is less than five days a week, their professional life is still a calling. Even though they may be passionate about their enterprise, burnout can still occur.
The difference between obsessive passion and harmonious passion is the amount of time that an individual spends working. While it’s possible to spend long hours working, it’s also important to remember that our work and other pursuits complement one another. This is the best way to avoid burnout.
Many business people have experienced pandemic fatigue, which is characterized by months of uncertainty. It’s important to make sure that we fuel ourselves with the right feedback so that we can inspire and motivate our teams.