Learn about Management for any small business. Do you have what it takes?
Do you have what it takes to be an entrepreneur or part of a small business management team? Though the term entrepreneur is sometimes used loosely today, it means much more than someone who came up with a good idea and found a way to make money off of it. It also means you can properly manage a business. The child who thinks to baby sit for cash is much different than the child entrepreneur who thinks to set up a New Year’s Eve babysitting service with a set time, cost, and clear parameters. Do you see the difference? Do you have what it takes to manage a full operation?
To be an effective and motivated part of a strong management team you have to have the ability to wear many hats at once. Below are some examples.
Financial Team: Finances can be the issue that will tear a management team apart faster than anything. You have to have a system of checks and balances in place so that each member of the financial team (who is probably also a member of every other team) has the ability to offer input. Hint: If you cannot pay your own bills at home, then you need a qualified financial team member.
Production: Who is going to actually make the items you are developing? How will they be compensated? If you have a three man crew, it is likely that each of you is going to be a part of each team. The key is to play off of each other’s skills. If you cannot manage a hammer and you are trying to build unique doghouses, stay out of the production area and put your skills to use somewhere else.
Marketing: How are you getting the word out about your product? You cannot sell what people do not know about.
Keep in mind that the team must work towards the same preset goal while each is using their own skills. This does not mean that any skill is worth more than another. The key element is to recognize your weaknesses and fill your team with stronger members that can improve your business. Learn the keys of delegation and hold the team responsible, then reward for quality performance.
Management for any small business
Dale S. Richards specializes in management, marketing, operation optimization & business valuation consulting and is a 20+ year turnaround expert. He has implemented success concepts into results in 150+ companies. Dale is a Certified Valuation Analyst (CVA) with NACVA, a Vistage International CEO Board Chair in Utah and a Vistage International approved Speaker. Learn more about Dale and business valuation services.