How To Be A Great Business Manager

How To Be A Great Business Manager - My Business Path Blog

Managing a business is a huge responsibility and can be overwhelming with a lot to remember. Here are our tips on How To Be A Great Business Manager.

The main reasons why we get into business in the first place are: 1. for our product and 2. for our customer relationships. But it takes far more than that for our business to be a success. Managing business requires you to oversee cashflow, dominate sales, handle marketing, lead a team, maintain the basics from Workcover to business registration and, simply, run the show. It’s a lot. And this all the while as you maintain a smile, push forward and look like you know what you’re doing.

From processing documentation to payroll, it’s an uphill battle. When you initially signed up to work on your passion, you weren’t necessarily signing on the day to day tasks of business. Running a business is a huge responsibility and can be overwhelming with a lot to remember. These are our tips on managing business.

 

Wear Your Confidence

Improve your performance and prosperity by focusing on your most important asset: your employees. When it comes to being a leader, it’s about bringing out the best in the people around you - and this comes from determination, poise and fearlessness. Confidence levels are on par with how you feel: insecurity, fear of losing your job, not meeting to high expectations, public humiliation and error in judgement are all the reasons to not feeling confident at work. And a good boss has to precariously balance these multitude of feelings to make each team member feel valued and supported. When everything is unsettled, being the rock of zen in a sea of uncertainty draws people to you like a moth to a flame - where they’ll be bendy and amenable and likely to do what you tell them to.

 

Delegate Delegate Delegate

A good boss knows how to delegate. Being the totalitarian dictator ends up being exhausting when all responsibilities fall solely on you. If you’re in charge, that doesn’t mean you have to do everything: you just have to know when, how and who to delegate all the tasks and jobs to. While it takes a great deal of trust to pass on control, you just have to remember there’s more than one way to skin a cat: it’s about achieving the end goal at the end of the day - and your direction and transparency will always help in making this happen. Giving your team responsibilities and making them accountable also allows for greater feelings of motivation and empowerment.

Know Your Team

There are many styles of businesses, teams and management, but the one thing a good manager will always do is dig deep into their team. A good manager will find out what is unique about each person - then capitalise on it. Great managers know and value the individual abilities and quirks of their team, learning how to take advantage of these quirks and quips. A good leader needs to rally their team for a better future. By cutting through religion, race, gender, nationality, personality and creed, a great manager knows how to turn the team’s talent into a performance.

Work Towards Results. Always.

Reaching the goal is the crucial quality of being an amazing manager, because, at the end of the day, it’s about achieving. Being competitive, assertive and having pride in your work means a great manager will smash goals, break records and be the best. Having a level of assertiveness and resourcefulness will get the job done. Assertive managers are not afraid of expressing their opinions and confronting issues. They tend to also have the ability to negotiate, close deals and reach objectives.

 

Review Growth, Revenue & Sales Goals

Knowing how to read Profit & Loss, Balance and Income Sheets are imperative for a great manager. Because at the end of the day, these questions need to be asked:

  • Did business grow?
  • Did revenues and profits compare with the previous quarter?
  • Are sales trending up?
  • Does expenditure have any cause for concern?

Financially reading how business moves helps with hitting goals and achieving sales while directing exactly which areas to focus on.

 

Focus On Accounts

A well-run business has well-managed accounts. With the right cloud accounting software, the financial well-being of your business helps make the right decisions daily and in the long-term too. Focus on money coming and going out: staff costs will always be the highest expenditure so keep an eye on those costs with a beady eye. Allocating the accounting tasks to a person or department means managing accounts, planning finances and keeping tabs on money flowing in and out of the business will always be a careful and constant balancing act.

Encourage Customer Feedback

Feedback from your customers will always improve your business. Asking your customers what can be done better or differently allows for a deeper connection and sense of engagement – it’s allows for an invested sense of commitment. And don’t forget: for every person who will tell you they’re unhappy with your business, there are at least 20 others who just won’t bother come back.

Stay Up To Date

You owe it to your business to update your internal systems, from the latest in Federal Budget announcements, to updating your business registration with ATSIC or renewing your workcover and public liability insurance. You have an ethical responsibility - not just to your business but also to the people who work for you - to look after them and take care of their needs while they’re under your care and supervision.

 

The Ultimate Job Description

In a nutshell, being a great manager means being flexible, adaptable, analytical and creative. There are many aspects to being a great manager - check these boxes and you take the crown. A great manager:

  • Understands the challenge of running a business and how it operates in the industry
  • Sets, manages and fulfils recurring tasks with end-to-end streamlined processes
  • Creates systems for well-established tasks
  • Has high level attention to detail
  • Leads and guides
  • Offers strategies
  • Has multiple specialist skills
  • Is deeply involved in the business
  • Saves relationships between business owners, team and stakeholders
  • Uses initiatives and focuses on efficient processes
  • Sees and works towards the end goals
  • Thinks beyond instructions

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