It’s not enough to know your business or even your industry. In today’s competitive marketplace, it is just as important to know yourself. Self-awareness of who you are both personally and in a business sense, along with your strengths, weaknesses, opportunities and limitations, can help you lead your company to bigger success.
“Research suggests that when we see ourselves clearly, we are more confident and more creative,” states an article on self-awareness in the Harvard Business Review. “We make sounder decisions, build stronger relationships, and communicate more effectively. And we’re more effective leaders with more-satisfied employees and more-profitable companies.”
Internal Self-Awareness vs. External Self-Awareness in Business
There are two broad categories of self-awareness: internal self-awareness and external self-awareness.
Internal self-awareness relates to “how clearly we see our own values, passions, aspirations, fit within our environment, reactions, and impact on others.”
External self-awareness is the understanding of how other people view us, using the same factors as above. The article’s research shows that “people who know how others see them are more skilled at showing empathy and taking others’ perspectives. For leaders who see themselves as their employees do, the employees tend to have a better relationships with them, feel more satisfied with them, and see them as more effective in general.”
Self-awareness in a business sense leads to effectiveness. As we understand more about ourselves, we can more clearly develop our skills in management, communication, motivation, and stress and time management. Knowing where your skills lie helps you to fill in the gaps and identify areas that are more difficult for you.
In the same vein, business owners need to be aware of the skills and limitations in their employees. Company leaders who are the most self-aware take the time to figure out what they need, who they need, and whether the people who are already employed are in the right seats.
Ask yourself: What is the best “fit” for each employee within the company? Are they in the correct role? How can you help your employees develop their own self-awareness in order to play to their strengths and work on weaknesses?
Tying Self-Awareness into Core Values
In addition to building self-awareness, we like to remind business owners of AEG’s four core values. This is how we stay grounded with our members and our larger business community.
Give First
As a business owner, you have a responsibility to the communities you serve, and it is important to give back. This helps to let people know you care about more than making a dollar, and builds the internal and external trust and goodwill that are crucial to your success.
Do Great Work
Doing great work is all about competence and integrity. That is great for your customers and it builds happiness within your company. Business professionals at all levels who feel pride in their output work harder and produce better results.
Live Passionately
Passion is a foundation of your business. It gives you energy and drive. It’s the “why” behind the reason you started or joined the business in the first place. And it provides the vision and dedication that drives the business forward. Develop your own passions within and outside the business, and encourage your employees in their passions.
Have Fun
“All work and no play” will get you nowhere. Being uptight and rigid can actually kill your business! Employees who enjoy being at work arrive with a more positive mindset, are more engaged, and have a higher level of wellbeing than those who don’t have fun at work. Encourage curiosity and spontaneity, be open to suggestions and intuition, and eliminate fear. Plan company outings and enforce time off to allow you and your employees to reinvigorate and open their minds to creativity.
Develop Your Business with the Association for Enterprise Growth
At the Association for Enterprise Growth, we serve the full range of a business owner’s needs, from assessing the company’s potential, to strengthening your business performance, to transitioning out of the business and building personal wealth. Helping you develop your self-awareness is just part of what we do in our mission to create personal and business growth.
To learn more about AEG and our business services, visit our website or contact us for more information.