Stewardship is the discipline of administering the affairs and assets of others. Religious institutions apply the concept to those who administer their finances. The concept has been extended to the notion of household servants taking care of residents, and crews taking care of passengers on planes, ships, and trains. The stewardship discipline applies to enterprises also.
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An
enterprise is a group of activities intended to produce
income organized as a business for profit, as a
not-for-profit association, and even as a government
agency.
This
discussion is about stewardship in enterprises organized as
businesses. However the same principles apply to not-for
profit associations and to government agencies.
When organized for profit as corporations, partnerships, or limited liability companies, enterprises have shareholder, partner, or member investors. Investors delegate responsibility to a management team for directing and controlling the activities. The investors elect a board, who in turn appoint the officers, who in turn hire and retain other employees to enact the values, and to achieve the mission and vision.
The stewards of an enterprise include management (board of directors, officers, and non-official managers) and associates (supervisors and staff). Collectively they administer affairs and protect assets. As stewards, unincorporated sole proprietors should separate their personal assets from those being used in their enterprises.
Every employee of the enterprise is a steward if they share its values, mission, and vision. An employee who sits on the side lines, does nothing constructively, speaks negatively, delivers poor service, or is otherwise uncommitted, is not a steward. Such individuals should seek opportunities elsewhere because only stewards can be trusted as custodians of the enterprise.
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The
stewardship discipline is about the effective application
of the individual competencies of the stewards to the
benefit of the enterprise and its constituencies.
Competencies consist of knowledge and skills in personal,
professional/technical, and enterpriship disciplines.
Enterpriship embraces entrepreneurship, leadership, and
management disciplines. The discipline applies to
owner-managed enterprises also because there is a mutual
responsibility between any enterprise and its
constituencies to perform and to deliver value to all
concerned.
Constituencies
include employees, customers, suppliers, investors,
regulators, and competitors. Employees are owed fair
compensation and a safe environment in exchange for loyalty
and productivity. Customers are owed quality and value in
exchange for loyalty and timely payments. Suppliers are
owed loyalty and timely payments in exchange for quality
and value. Investors are owed returns above the cost of
capital in exchange for commitment. Regulators are owed
compliance in exchange for freedom to do business within
laws and regulations. Competitors are owed challenges in
exchange for fairness.
For sole
practitioners the burden is high because of the breadth and
depth of proficiency required to operate in regulated and
competitive environments - even sole practitioners have to
delegate sooner or later if their enterprises are to build
momentum.
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Stewardship
competencies have three components: enabling, domain, and
core.
Enabling
competencies depend upon the entrepreneurial, leadership
and managerial roles played not only by management, but by
every steward in the enterprise. Enabling competencies
drive efforts to realize opportunities.
The
entrepreneurial role - both a process-oriented and a
product-oriented role - is that through which stewards turn
innovative ideas into value for the enterprise and its
constituencies. Stewards must exercise this role at every
stage of an enterprise's development, not just the early
stages.
The
leadership role - a people-oriented role - is that through
which stewards set the direction that others will follow to
achieve results. The role is applicable to top-level
executives and team leaders on the front-line, or anywhere
in between.
The
managerial role - a process-oriented role - is that through
which stewards apply resources to activities to achieve
results.
The
enabling competencies of enterprises are based upon the
enterpriship competencies of the individual stewards
collectively. There is a mutual responsibility among all
stewards to ensure that individual competencies of all
concerned are being used beneficially.
Stewards
often assume two or even all three roles. A steward's
ability to multitask is critical to the enterprise's
agility, and increases the value of their
contribution.
For
example, an individual may play the entrepreneurial role by
introducing an innovative idea, act as a leader by
influencing others to adopt the idea, and leverage
managerial skills to obtain positive results from the
implementation of the idea. Entrepreneurial skills are
essential at any stage of development, not just the
emerging stage.
For
example, an employee on the front line in a retail
establishment can play the entrepreneurial role by
upselling or cross-selling other products and/or services,
and by asking customers for suggestions; play the
leadership role by showing other employees how to better
serve customers; and play the managerial role by using
time, materials, and supplies efficiently and effectively,
such as by reducing waste, recycling, and eliminating
redundancy.
Domain
competencies represent the specific functional knowledge
and technical skills that are required to perform an
activity. Domain competencies are found within subject
areas such as legal, finance, human resources, information
technology, program management, engineering, operations,
marketing, and sales.
Core
competencies are activities done well that can give the
enterprise a competitive advantage.
When
stewards work together in teams, synergistic effects can
fill gaps in the competencies of individuals. Collectively
they determine how competencies can be applied
beneficially, and which activities give the best
advantage.
Constituents
make commitments to an enterprise when they are confident
that it can perform and deliver value - employees devote
careers, customers are loyal, suppliers advance credit, and
investors source capital.
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The
key success factor of stewardship is to ensure that the
enterpriship competencies of individual stewards be
transformed into the enabling competencies of the
enterprise to deliver value.
...and
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From Nigel A.L. Brooks
http://www.nigelalbrooks.com
Article Source:
http://EzineArticles.com/?expert=Nigel_Brooks
http://www.scribd.com/doc/31105899/Stewardship-The-Responsibility-For-the-Performance-of-an-Enterprise-and-the-Delivery-of-Value
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