The Prosperity Loop with Chris Lautenslager
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To achieve true success, today’s entrepreneurs must prioritize purpose as well as profits. Brian recently interviewed author and business veteran Chris Lautenslager about the merits of the prosperity loop model. Here’s how this unique formula can help you to pursue your dreams, build wealth and create shared organizational success.
The prosperity loop model has six pillars:
Common vision
In today’s world, employees want more than just a paycheck from their place of work, they want a business to have a vision and purpose that they can support. When team members are invested like this, they will fully commit to and participate in the business.
Cooperation and collaboration
Part of being an effective leader is helping people to interact and cooperate with one another. Everyone brings different experiences, skills and idiosyncrasies to a business. When they’re encouraged and facilitated to build bonds in spite of all of these, an organization’s culture, profitability and growth will all improve.
Value creation
Creating value is a concept that’s often associated with increasing profits, but true value creation is all about having integrity and respect for the people in your firm. Listening to other people’s ideas is how we expand and learn.
Circular communication
As an entrepreneur or a small business owner, taking different ideas into account only adds value to your perspective. The top-down idea – that old-fashioned belief that the owner always knows best and that it’s ‘my way or the highway’ – does not work.
Shared rewards
Life today shouldn’t be about just a living wage – it should be about growing a life, a community and a family. When you create a business that rewards people for the contributions that they make, you help to build an organizational family. Workers who feel part of a business won’t look elsewhere for job satisfaction – they will want to stay. Invest in your team and they will reward that investment.
Assessment
If someone does leave the team, it’s critical to assess what went wrong and why. Was it them, or was it you? If you struggle to keep team members, you need to explore how you might be responsible. Believing that no-one can do it like you is misguided and unhelpful and it means that you will always struggle to find good people to contribute to your business.
The prosperity loop is all about creating a positive environment in which everyone feels part of the team and benefits from your business. When you put the six pillars in place, not only do you improve communication and build better relationships, you get to really enjoy your business. Soon, you’ll start to look forward to going to work, instead of dreading it! To learn more, listen to the latest episode of “It’s a Good Life”.
