A proper understanding of business management technique will prevent premature failure of start-ups. Usually companies with poor managers always perform below expectation because they are unable to implement proper business strategies. Goal setting strategies and other fundamental business management skills can help in decision making. Although, not all business management skills can be acquired in the classroom, most are learnt on the way. For an entrepreneur to build a successful sustainable business, there are some inevitable business management techniques they can adopt.
- Lower costs due to fewer staff needed to complete the same process.
- Increased efficiency by eliminating problematic process steps like loops and bottlenecks.
- Higher accuracy by including checkpoints and success measures to make sure process steps are completed accurately.
- Greater understanding by all staff of what they need to do to meet their department objectives.
No one likes their work to go unrecognized. Recognition of effort and achievement – thanks for a job well done – makes employees feel valued. It seems like an obvious point, but often business management training overlooks the positive impact of appreciation. Some managers might even feel that being too "touchy-feely" undermines their authority. On the contrary, reward motivates people to achieve more and helps to build company loyalty.
9. Hold Regular Meetings
In an overview of his book, The Advantage, Lencioni has this to say about the importance of meetings to a company's success: "No action, activity or process is more central to creating a healthy organization than the meeting." He suggests that, in order to be fully successful, management should do the following:
- Create separate meetings for tactical and strategic business planning.
- Assess a tactical agenda only after the team has reviewed its progress against goals.
- Make sure there is enough time allocated for the clarification, debate, and resolution of major issues.
- Meet quarterly outside the office to review what is happening in the industry, the company, and the team.
In order to succeed in a competitive field like business management, you need to stay true to yourself before you can hope to have a meaningful impact on the organization you represent. Ultimately, the best practices are ones that focus on your developing authentic connections among yourself, the junior employees, and the company as a whole.