Tuesday 15th of June 2021
Small business owners are multi-tasking individuals who have the responsibility of making their v
...enture stand out with their capabilities. It is ne...
Small business owners are multi-tasking individuals who have the responsibility of making their venture stand out with their capabilities. It is necessary to don many hats when the business is still in its infancy. It helps in saving needless expenses and proves beneficial in the long run. However, as the company makes progress with each passing year, the realm of liabilities grows enormously.
Thus the business owner needs the support of senior-level managers to achieve the short-term goals while working towards the accomplishment of the bigger milestones. If you are planning to purchase a business for sale in South Africa, then you must be aware of the significance of a high-performing management team. So here are the seven steps of building a great management team that will help your business to succeed by leveraging the skills of a diversified workforce.
When you plan to develop a management team you must determine the roles that need to be filled and prepare their job descriptions. The hierarchy and the structure of the organisation should be put in place according to the new placements. The defined positions usually include the chief operating officer, chief financial officer, chief marketing officer and chief technology officer. All of them should be hired on the basis of their expertise, skills, relevant experience and proficiency rather than their connections and relationships with the business owner.
They must have strategic thinking ability and should be keen supervisors who can monitor and measure the performance of their teams. You can find such talented candidates in your business network, sites like LinkedIn and executive search firms. You must investigate their past performance and make sure that they fit into your business culture with ease.
Experienced people need a purpose to be able to perform, and you must give it to them. You must define the vision and mission of the business in detail and make sure that they understand it and abide by it. The entrepreneur must provide them with long-term goals to ignite their passion and make them work diligently towards these objectives. Introduce them to their team members and allow them to recruit more if required.
They must be ready to contribute and connect with the organisation to achieve the shared objectives with the same dedication as the owner. Thus they must be motivated and encouraged to fulfil their duties with grit and determination. They should be made aware of the target market, audience, and future plans.
As an entrepreneur, it can become difficult to relinquish your responsibilities because of your emotional attachment with the business. However, you must trust the competence of your management team and allow them to function freely without breathing down on their necks. As the leader, you must set goals and targets for each of the senior manager and let them take charge of the tasks without any interference. If you try to micromanage them, then it can lead to ego clashes and disputes.
Thus do not decide their actions and plans. Build a rapport with them and chalk out a working mechanism that suits all the workers. Successful relationships within the organisation aid in enhancing productivity. Also, open and honest conversations go a long way in making things fall into place. You must challenge them with specific timelines to help them put their best foot forward.
Although entrepreneurs must delegate their work to the management team and make them accountable, they should not abdicate completely. If the owner is absent, then the management will lose sight of their goals and the zeal to perform. Leaders cannot leave everything on others and sit back in ignorance. They have to be at the forefront to make sure that everyone is working to the best of their ability and the organisation has a competitive atmosphere where all the employees have common goals.
You must also make sure that the EQ and IQ of the team is equally developed so that they can be empathetic and shrewd at the same time. The business owner must provide the teams and their managers with all the required tools and equipment to get the desired results and stay committed to their tasks. If the entrepreneur lacks authority, then the organisation will cease to exist.
As an entrepreneur, you must create an environment of appreciation in the organisation. The efforts of all the individuals at every level should be acknowledged. It helps in infusing the feeling of achievement in the employees and stimulates them to improve their work and perform better. It is a significant tool in creating a healthy working culture that stirs the self-confidence of the employees as well as the management.
Also, the hard work of the people at the top should not go unnoticed. They must be rewarded with incentives and increments. Some companies share a percentage of the profits with the employees while others plan holiday trips and team lunches. You can decide the best way to honour the commitment of individuals and help them to grow.
Different people have a different temperament, and it may not be possible for all the management team members to be on the same page. As an entrepreneur, you must identify the negative mindset and inconsistencies between business goals and their accomplishment. You should not show any favouritism towards any one of the team members that can lead to envy and enmity. Build team spirit and a cohesive attitude which does not make anyone get an inferiority complex.
Make the parties in disagreement sit together and settle the dispute cordially with an open mind and let it not affect their work. Utilise team building activities to help people to become friendly and foster positive relationships with each other. You should be ready to resolve the disputes with the government and other businesses as well
Similar to competitive analysis, the entrepreneur must conduct a SWOT analysis of the management team. It helps in understanding the strengths and weaknesses of the individual members. Once you know their skills and abilities, you can capitalise on them by allocating appropriate tasks to them.
Also, having an idea of their weak points will allow you to groom and develop them according to the needs of the organisation. You can act as their mentor and train them in honing their skills. Utilise your people skills to help them to adapt to the new environment. You must have weekly meetings with the team and work on the same project management software that sends updates regularly to monitor and supervise them efficiently.
Conclusion
An entrepreneur must have the best team onboard to realise the dream of owning a successful organisation. If you have been looking for business opportunities in South Africa, then you must use the points mentioned above to build the perfect management team for your business.
Profit is the most valuable part of a successful business. It is the building block of stability and scalability. Without profits, the business cannot...
Everyone has hobbies and interests, and pursuing them makes them happy. Some love performing arts, while others favour sports or academic excellence....
Business2Sell is one of the biggest and trusted marketplaces for buying and selling businesses in South Africa. Our website is visited by thousands of buyers and sellers every day, which makes it the most active and dynamic online platform for transactions. We are committed to providing our clients with advanced technology and value for money services.
