Strengthen your management team
When you start your own business, you may be used to doing everything yourself. As your business continues to grow, you will need some help in overseeing your operations. Some of your employees who have strengths in marketing, sales, accounting or informatics could assume that role. Otherwise, you may have to hire a senior team to oversee your operations, so you can concentrate on the growth of your business.
What makes a good management team?
- Flexibility — If you are not flexible, you will not be able to meet the needs of your employees, nor will you meet the growth objectives of your business.
- Making the most of the strengths of your employees — Assist your employees in setting goals and task assignments based on the strengths of each one.
- Having an open door policy — Ensure employees feel part of the business by keeping the door open for suggestions and ideas on how to improve specific projects or the business itself.
- Promoting your employees — Be aware of the merits of your employees and encourage them to use their skill sets through the growth of your business.
If your team is weak in some areas, start planning to improve it now. You can strengthen your team by:
- Upgrading your managers' skills
- Modifying team structure and roles
- Hiring new people
- Bringing in outside directors and advisors
Upgrade your managers' skills
If you can afford the time or if the skills gaps are minor, consider upgrading the skills of some management team members. There is a wide variety of training options available: short intensive business-type courses, college or university courses and programs, self-study programs and Internet-based training courses.
Modify team structure and roles
Are your management team's skills and abilities being used effectively for the benefit of your business? Consider whether a reworking of management roles and responsibilities might open up the opportunity for existing managers to use more of their qualifications and skills. Change is an integral part of a growing business. Changes in management should put key members of your team where they are best qualified. Many businesses rebuild the management team continually to adjust to changing circumstances.
Hire new people
Hire people with the skills you need to fill in the gaps. Be sure your hiring process is carefully targeted to recruit with a view to gaining the necessary capabilities, and modifying the roles and responsibilities, so that new managers aren't perceived as invading someone else's turf.
Bring in outside directors and advisors
You could improve your management team by forming a board of directors with reputable and credible outsiders. They can legitimately help a growing business grapple effectively with the many challenges of the early years. Investors will be impressed with your foresight.
Another option is to seek advisors with abilities in areas where your team lacks strength. Look for people who have a reputation for integrity, foresight and success. Consider part-time advisors: a lawyer, financial advisor, accountant or even a potential investor.
Could setting up a board of directors or an advisory board be good for your company?