Business management can be challenging for anyone. Running a business these days is a game of patience and wits. You have to know your industry inside out, and stay on top of the regulations and laws that govern your business. Then you have to be a good manager on top of all that. Today we’ll try to make this job at least somewhat easier for you by sharing several tips and tricks that should make managing your business a little easier.
Hire the Right People
If you want anything done right, you need to do it yourself. How many times have you heard that age-old adage being thrown around like it’s some kind of ancient wisdom? In the real world, trying to do everything yourself only leads to trouble. For one, it’s not feasible for a single person to run an entire business. Unless we’re talking about micro-businesses. Even when you’re running a micro-business, you only have so much time in a day. For this reason, delegating is key.
Instead of trying to stay on top of everything, do yourself a favor and hire people for key positions in your company. This means finding someone to run every aspect of the business that you can’t be 100% dedicated to.
Automate the Boring Stuff
One advantage we have today, that wasn’t available just 30 years ago, is business software. Computers have become an integral part of every industry, no matter how seemingly detached from technology it might seem. You can do a lot with modern business software, including taking care of the payroll and recruitment. You can get niche software that will automatically generate job sheets, thus optimizing your daily operations. The sheer number of solutions that are available is colossal.
Of course, the amount and type of software you’ll use will depend on the size of your company as well as the industry you’re a part of. That being said, even the most basic business software can take care of many time-consuming tasks, thus leaving you and your top-level business management free to work on other, more important tasks.
Set Attainable Goals
Every company in existence would like to quadruple its sales in a month. Yet, for a vast majority of businesses out there, such levels of growth simply aren’t achievable. Insisting on borderline impossible goals is a great way of running your team’s morale into the ground before they could even do anything.
Instead, set attainable goals for each of your departments and let the heads of said departments or team leads take the initiative. Giving your employees, especially your junior leadership people goals that they can reach will push them to accomplish their objectives.
Balance Efficiency and Optimization
If you were to walk into any average company, you’re bound to find that one manager who is frantically looking for new ways to shave off a few dollars worth of expenditures in their department. While plugging leaks through optimization of expenditures makes perfect sense, some companies take it too far. There comes a point where eliminating what is deemed unnecessary spending can hinder the overall efficiency of a team, department, or the whole company.
Here’s a simple example. Say that you’re running a manufacturing company that makes bracelets out of sheet metal. Now you’ve found a way to save a few bucks by optimizing the pattern used to stamp bracket blanks from sheet metal. It’s giving you 1 more bracket per sheet. At a first glance, you’ve not only reduced the amount of wasted material, but you’ve also bumped up your production.
A solid win all around, right? What if this new method means that your machines or your workers have to work 2 extra hours to finish the same amount of work? Are you really optimized in that case? Sometimes it’s better to waste that one bracket for the sake of your team’s workflow and your company’s overall output.
Last but not least, it’s important that you keep learning and developing yourself as a manager. There’s always something new that you can learn, which can make your job easier or make you better at what you do. The moment you stop learning is the moment you begin regressing. Look at your closest competitors and find out what they’re doing right.
Network with other managers and share ideas. Work on developing new procedures in your niche as they may very well bring you that competitive edge over the main opponent in your market. Being open to learning and having the ability to accept new information is crucial for running a business, no matter what type of business it is.