Site Last Updated 02/03/2012
The Press Room
Business Management
October 25, 2009
If you are considering managing a business it is important to keep in mind that it involves a lot more than hiring people and telling them what to do, it can be complex job, depending on the size of the business, and if it is run poorly it could spell failure for the company. Management ecompasses everything; from your working capital finance to human resources.
If you are considering managing a business it is important to keep in mind that it involves a lot more than hiring people and telling them what to do, it can be complex job, depending on the size of the business, and if it is run poorly it could spell failure for the company. Management ecompasses everything; from your working capital finance to human resources. Apart from the financial aspect of running a business (credit card processing, etc) however, the most important asset is the employees; remember, they are what keep the business running. Here are some tips on how to keep them happy.
A typical mistake many managers make is to not interact with employees; if a person is going to be a great, or even decent manger they must be familiar with the employees and know what each person’s strengths and weaknesses are. No one wants to work for someone who doesn’t even know their name and what exactly it is they do. Part of a manager’s job is to get the best work out of each employee; that cannot be done if the manager is not familiar with each of them individually.
One of the best ways to get the most out of an employee is by identifying what that person excels in, and capitalizing on it instead of trying to change that person; in other words, if at all possible, tweak the job, not the employee. If an employee is outgoing and deals well with other people, put them in a position where these qualities can be best utilized such as customer service. Putting a quiet or reserved person in a position where they must deal with a lot of sometimes difficult customers is a sure way to have unhappy clients and a miserable employee; this is a double loss for a business.
Another way to keep employees performing well is to offer them incentives, offering recognition in a form that is appealing to them will do wonders for their morale and their work ethic. It is a basic human desire to want recognition for work well done, no one is above it, and by addressing this need a manager is letting employees know they are a valuable asset to the company, rather than a replaceable cog in a machine.
It is also important for a manger to be aware that what pleases one employee may not please another, some might be happy with a plaque that announces them employee of the month, others might prefer a technical or professional award. A manager who is aware of these different needs will be able to get the best out of their employees.
But aside from managing your employees, another important part of being a business manager is managing your books. Keeping your working capital high and avoiding the need for scrounging for business loans and business cash advances is essential.
Being a business manger requires more than financial know how, it involves knowing what motivates people, and how to bring out the best in each of them. A poor manager will treat employees like furniture, they are only important when they are needed; a decent manger will be respectful and courteous if nothing else; but a great manager will recognize each employee as an asset and be willing to work with them to ensure the success of the company. A great employer knows that without employees a business will be just an empty building.
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