Entrepreneurs are driven by ideas. They love the thrill of bringing a new business idea to life and seeing it grow and thrive. However, while they excel in this crucial phase of company creation, they may not be as strong in the day-to-day operations required to keep a business running smoothly.
The following are eight important tips entrepreneurs should cultivate to help hone managerial skills:
1. Give Weak Employees One Chance – Then Let Them Go
Your staff are the backbone of your organization, and weak links compromise the whole chain. Giving someone a second chance is fair; however, a pattern of weakness should cost them their job.
2. Learn “Yes” and “No”
Learning to say both “yes” and “no” at appropriate times is crucial to management success. An informed affirmative or negative can make or break business decisions and dramatically affect your bottom line. Learn to be both decisive and smart about your answers in every management scenario.
3. Cater to Your Stars
It’s estimated that around 20 percent of your staff will be behind 80 percent of your successes. In light of this, take adequate time to cater to your stars and ensure they are happy.
4. Admit Your Weaknesses and Act Accordingly
A weakness does not make you weak if you are self-aware about it and take appropriate action. Socrates famously advised: “Know thyself,” and this is extremely important for business owners. Outsource and delegate the tasks and aspects of management that don’t come naturally to you. This way, you’ll have more time to spend in the areas where you excel. This approach will be extremely beneficial to your business.
5. Put Clients First
While the essence of management is focused on staff, never lose sight of what your customers want and need. Adopt and maintain a client-centered approach to running your business even as you navigate your management responsibilities, and let this inform your decisions.
6. Make Your Organization a Meritocracy
Decide early on not to play favorites based upon office politics, nepotism and biased personal preferences. Create a reward-based system based on merit and achievement. This will help with avoiding resentments and inspire a continual striving for greatness in your staff.
7. When Things Aren’t Going Well, Look In the Mirror
What is the source of most business problems and failings? The management. Armed with this knowledge, don’t always look outside of yourself for answers or for someone on the staff to blame. If the company is struggling, take a look at how you and the other managers might helm the ship even better.
8. Trust Your Instincts
Your good instincts have fueled your success as an entrepreneur. Strive to apply them in your interactions with staff and management as well. If your gut keeps telling you to move in a specific direction on an issue, you’re probably correct.
Entrepreneurs excel at dreaming up and starting new businesses; however, for many, leading personnel may not come as naturally. Focus on these eight areas to up your game in business management.
“Remember, wealth has nothing to do with money, success has everything to do with failure, and life is as simple as you make it!” – John Dessauer