09/03/2024
Ever wanted to own your own company? Be careful - entrepreneurship often feels like a never-ending job, but you don't always get paid!
Management is the #1 skill to help you transcend the slog and transform your business from a grueling job into a profitable hands-off company.
There are a million and one books on management, but here are the five main things I've learned about management as the owner of a small business for the last five years:
1. Organize the work - in small companies, people are expected to wear multiple hats. Make sure all of the work is assigned, with specific people held accountable for oversight and for ex*****on.
2. Set the priorities - people can only work on one thing at any given time. They need to know what their top priority is so they can allocate their ex*****on time accordingly.
2. Lead by example - as a small business leader, you are responsible for both management and ex*****on. You need to be the role model for timely ex*****on and clear communication, and be the example for your team to follow.
3. Repeat yourself - As a manager you are responsible for making sure that your team is clear on their Goals, Deadlines, Priorities, and Blocks.
To do this, I find myself constantly repeating the following questions: What are your top priorities? What's the goal? What's the process we need to follow to achieve the goal? Who owns the process? Who is responsible for doing the work? When can the process be completed by? What is blocking the work from getting done?
4. Be Pleasant - At the end of the day, it's just work. People prefer working with pleasant, happy people. You have to crack heads sometimes to get the job done, but that doesn't mean you have to be mean. Stay professional, be kind, and focus on getting the job done.
5. Measure what matters, and make changes if the numbers are headed in the wrong direction - Small business owners need to know the Key Performance Indicators (KPIs) for all of the functions in their business. If the KPIs are going the wrong way, you need to make a change. Replace staff, modify processes, clarify priorities, and improve your personal productivity until the numbers improve.
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