By Jackie Hoyt, President/Owner, Hillsboro Title Company
It’s an interesting time to be a business leader. Recent research shows that 25% of employees are considering a job change, while 60% of leaders are still feeling daily burnout. From hospitality to retail, many industries are facing record labor shortages. In the title industry, a completely unprecedented real estate market is creating hesitancy for homeowners and hardship for agents. After such massive uncertainty on a global scale, risk aversion feels almost instinctual – and as leaders, the easiest route may feel like the one that leads back to the status quo.
It can be downright frightening to disrupt the norm when it comes to your company – and it’s certainly not the case that disruption is always positive. Like anything else in business, it must be viewed and approached strategically. Unique challenges, however, often demand unique solutions, and being willing to go against the grain can uncover new opportunities and help your company stand out to both employees and customers. It’s well worth the effort, too: organizations that are more innovative generate 11% more revenue and 22% more growth than those that tend to stick with tradition. Below are four ways leaders can buck the status quo in a way that creates positive change for your customers, company, and community:
- Listen to your gut – and your consultants. It’s just a fact: you’re going to have to take risks in business. At some point, you will need to make a new hire, launch a new product, make changes to a long-time service, or make another decision that brings risk. Building up the resiliency to start taking risks can feel a bit like being dropped into cold water until it stops feeling cold – but it’s necessary to build the confidence to make the decisions that will set you apart by trusting your gut about the things you’re the expert in and reaching out for guidance on the things you’re not. Don’t be afraid to stand up for the vision you have for your company, but also be open to admitting what you don’t know—and accepting that you can’t know everything. There’s a reason that 60% of CEOs at growing companies work with coaches and consultants. When you have trusted advisors to collaborate with, you can approach every decision with the benefit of a wealth of perspectives and expertise.
- Focus on the humanity. Regardless of what your industry is, people are what ultimately make your business run. The people who work in it, the people you partner with, and the communities that comprise your customers – all are integral to your success. Always look for opportunities to build and facilitate relationships well beyond the moment of transaction. Eighty-two percent of consumers want more human interaction, and nearly half say they pay close attention to how a company supports its community when making purchase decisions, so being a visibly positive force in yours should be viewed as both an ingrained responsibility and good business sense. A culture of giving back has also been shown to increase employee productivity by as much as 13% while simultaneously improving collaboration. Consider creating a role at your company for a designated community ambassador who is always looking for new sponsorship and volunteer opportunities for your team. When you take the time to build connections with the people that interact with your business, you also build customer loyalty, a positive reputation, and high employee retention and morale.
- Leverage your differences to build a balanced team.
It takes a lot more to run a business than just knowing your industry; you have to be willing to seek out other perspectives, detailed about hiring the right people, and dedicated to building a great culture. I became an entrepreneur late in my career, and I took a non-traditional trajectory to get here. Both have worked in my favor because I learned how to let them. Instead of thinking about the ways you don’t fit “the mold” of leadership, focus on how you can build a balanced team where one individual’s weaknesses are balanced by another’s strengths – including your own. Having a background that doesn’t fit neatly within your niche isn’t necessarily a bad thing; it means you bring an outside perspective to the table along with a layer of expertise that your competitors likely don’t have. Combine that with the right hires and you end up with a team that is more well-rounded and brings a deeper level of value to your customers.
- Reconsider traditional hierarchy. A traditional hierarchy has been the norm in most businesses for so long that it’s rarely questioned, but if you want to build innovation in your company, you must apply it at every level. Hiring self-starters, trusting their expertise, and giving them space to thrive fosters an entrepreneurial spirit that is key for inspiring new ideas and higher collaboration. Hiring motivated people – and trusting their expertise — allows both your team and your company to prosper: employees who feel trusted by their leadership have 74% less stress, 50% higher productivity, 76% more engagement, and 40% less burnout. For leaders, giving employees more ownership and less day-to-day oversight of tasks results in more time spent on strategic business planning and development.
The Road Less Traveled
There are a million different paths to leadership, along with an intimidating amount of pitfalls to avoid. It’s the ones less-traveled, though, that can lead to the greatest journey and the best reward. From startups to small businesses to large corporations, the companies (and leaders) that veer away from the norm end up making the most impact – not just on their bottom lines, but on their employees, industries, and communities.
About Hillsboro Title Company
Hillsboro Title Company serves residential and commercial realtors, lenders, developers, builders, and investors by providing buyers, lenders, and construction professionals with solid title insurance policies and construction disbursing services. For more than 40 years, Hillsboro Title Company has acted as an independent third party in a variety of real estate and construction transactions, ensuring that people and lending institutions are protected. The company and its staff also regularly donate time and resources to a range of community events, causes, and organizations. They have supported Jefferson County Rescue Mission, Connections to Success, and Missouri Alliance for Children and Families, among others. Their Washington Closing Office is a designated location for SafeKids, a program that offers safe places for youth in need.
About Jackie Hoyt
Jackie Hoyt started Hillsboro Title Company as a bookkeeping clerk, working her way up to CFO, then COO before purchasing the assets of the company and becoming President and Owner in 2012. Prior to Hillsboro Title Company, Jackie was an accountant at a CPA firm while working at, and eventually owning, a music store. With her propensity for numbers, her business savvy, and her commitment to innovative leadership, Jackie nurtures continued growth for Hillsboro Title Company, allowing it to expand from five to nine locations in under a decade.