5 Tips to Successful Small Business Management
Successful small business managers are made not born. Find out how you can learn to become a more inspiring leader.
Mahatma Ghandi’s famous quote ‘be the change you want to see in this world’ can successfully be applied to small business management. Leadership is the ability to inspire and motivate others with employees learning more from positive leadership role modelling. Here are 5 ways to effectively manage your small business enterprise.
Hire the right people
A company’s greatest asset is their people but some employees can be a cost to your business – a good team can make or break your small business. It’s important to choose staff that not only have the skills you require but also fit into your corporate culture. One way to do this is with psychometric assessments taking the guesswork out of hiring.
Learn to delegate
An important part of small business management is empowering staff members to take on more responsibility and improve their skill sets. To able to truly run a successful business, a manager should have a bigger picture mentality and take on a strategic role, allowing others to look after the day to day running of the business.
Outsource where necessary
When you start a small business, it might seem on face value that you are saving money by taking on most of the tasks by you and your staff members but it can be false economy to do tasks that you are not specialised in. It may take a trained person only a quarter of that time to complete a task, allowing you to focus on your core business.
Lead by example
Small business owners who have a ‘do as I say and not as I do’ approach to management can weaken morale and demoralise team members. Alternatively, don’t expect of others what you demand of yourself. It’s your small business and you’ll do whatever it takes to make it a success but your staff may not share your enthusiasm.
Learn from others
Strategic small business management is about imparting your wealth of knowledge and experience but equally important is learning from others. This may include listening to your staff’s ideas, developing new skills from an executive coach or business mentor, analysing your competitors and learning from your mistakes as well as your successes.
Quantum Values is a business mentoring company specialising in small business management training and career coaching. Contact us and find out how we can assist you to successfully manage your small business through executive coaching, leadership training and psychological profiling of candidates.