Entrepreneurship is a venture that is a blessing and a boon. And for small businesses, even the business they do can help the economy move forward, and create opportunities for other people in a community. But owning a business and managing a team entails discipline and compassion. Being a business person is a great opportunity, but are you ready to take on that responsibility?
For many companies, managing people might be difficult. Employee turnover rates may be one of the major concerns of entrepreneurs and managers, especially when a company’s focus is mainly on profit. Many teams tend to get caught up in the company’s goals and forget that it needs an efficient and happy staff to reach these goals.
Many managers realize this a little too late, and only when their best employees leave do they realize that they need some time in the Good Boss Boot Camp.
Don’t be a Boss; Be a Leader
Are you currently in a management position but can’t seem to figure out why your employees are not as efficient as before? Perhaps you are part of the younger generation who dream of becoming a respectable boss someday. If you are, the first thing you need to realize is you don’t need to become a boss; you need to become a leader. You need to reflect on what kind of boss you are, including knowing your strengths and weaknesses.
Honesty is the key. What kind of boss are you? What is your management style? Reflect on your best and worst decisions, what made them work, why it did not work, and how you motivated your staff. Take some time to reflect and critique your methods to be aware of your lapses and strengths.
Management is a Big Responsibility
Amid everyday tasks and deadlines, managers and leaders need to make decisions that might seem too far off from the company’s goals. Leaders could be pressed to focus on expenses, profits and gains that they might forget that they need to motivate their staff too.
Running a company is not all about income. You need to build a team that knows what needs to be done efficiently. In many cases, you need to start by delegating duties to people who know what to do—then allowing them to make decisions for their own teams. Whether you’re a small or big company, the proper delegation and delineation of responsibilities are crucial for efficiency.
Communication and Management
Do you often communicate with your employees? Check your management style if it has become one-sided. This is a common mistake by leaders who tend to micromanage their teams. Why is micromanaging a mistake? You wouldn’t want to chain your employees to your selfish ideals. Allow them to grow by giving them the freedom to learn.
Linked to micromanaging is lapses in listening to the needs of employees. Managers and leaders have to work on being aware of their team’s strengths and weaknesses, so they can begin addressing whatever needs improvement. You need to listen to feedback not only to help them do their jobs but also to help retain the best.
As a manager, you will also have to encourage healthy teamwork. A company or business will not survive without a healthy company culture. Good business starts with happy employees, so make sure to prioritize team-building activities that help strengthen the bond between them. Having a healthy work environment will also breed creativity that will greatly help the company in the long run.
Make sure to compensate your employees fairly. Low pay can be linked to an increased turnover of employees and a low satisfaction rate. Offer your workers a career path but also a reasonable salary package. Provide a map on how they could receive a raise, an incentive, or other perks.
It’s Still a Business, in the End
Focusing on employee needs is great, but you should not forget that it is still your business and company at the end of the day. All of your employee engagement and processes are dedicated to making the company grow, and that involves income, profit, and financing. Do you need financial assistance? You need to check growth and the areas you need to see more of it. In Southeast Asia, many entrepreneurs often consider this for expanding their businesses. Perhaps you will need to get a business loan in Singapore for an expansion or renovation, and in this case you might need to make difficult financial decisions.
Being a “good boss” is a big responsibility. Not only do you have to take care of your employees, but you will also have to look after yourself. Be aware of your actions and lack thereof before your management method hurts your business. Move on from being a boss into being a leader. Own up to your mistakes and learn from them. Move forward and think about what is best for the company. Your team will thank you.