I am always harping on business owners buying back their time, of course building a business that’s well-leveraged needs to have the capability of your management team to partner and together fulfil your vision. Your plan involves people who will build this significant business—the people behind the scenes who know what to do and how to use the resources that delivers value to shareholders, business, customers, and team along the way.
Your team must display integrity and exhibit the drive to succeed, you will need to identify management team members, advisors and directors who have the capacity to hold your project to its highest potential. Perhaps you have people who can take your business to a certain level and it’s important to acknowledge this truth and state in your plan that you intend to hire people with the right qualifications to build the company further. Investors/Business Owners often spend much of their time recruiting management for their business growth, so you may need help with the process.
It’s important that your team demonstrate readiness to adapt to new and unforeseen developments, difficulties, and opportunities. Being your own boss is one thing. Managing a business requires more. You’ll need a healthy measure of dedication and persistence. You’ll need the ability to make decisions, to plan, and to manage finances. If you’re building an entrepreneurial organization, you’ll also need the ability to manage people as your business grows. If your business is you as a freelancer, you’ll need to manage yourself. Your management plan, along with your marketing and financial management plans, sets the foundation for and facilitates the success of your business.
It’s particularly important that you assess your own skills for managing people and prepare to hire people with the skills you lack. There is also a strong correlation between how you manage and treat your employees, and how they, in turn, treat your customers. Involve your employees as part of your team. Keep them informed. Create an environment where they can comfortably make suggestions. Before you make changes, talk to the people who deal with the systems you plan to change. Employees often have excellent ideas that can help streamline processes, reduce costs, open new market areas, introduce innovations to existing products or services, or generate new product lines or services. Input into your business plan from the people who handle your day-to-day business can substantially improve your overall competitiveness. Your management plan addresses all these areas, to help ensure that you’ve covered all your bases.
Your management plan should answer questions like these:
- How does your background / business experience help you in this business?
- Where will you need to compensate for your own lack of skills / experience?
- Who do you have or need to add to your management team?
- What are their strengths?
- What are their duties? Are these duties clearly defined?
- What are your current personnel needs?
- How do you plan to hire and train personnel?
- What benefits, if any, can you afford at this point?
Solid company backgrounds and experience are pertinent to your management team’s functions and serve as good references. Establish a clear picture of management team capabilities that contribute to the probability of future success. Job duties and responsibilities do little to build credibility. Actual accomplishments make all the difference—to you in the hiring process, and ultimately to the success of your business.
Develop a broad network of contacts who can give you access to the most-talented people. Demonstrate to that talent that yours is a team worth joining. The Business Owner must find people that compliment, not duplicate, his or her own strengths *A great way to begin the hiring process is by identifying your own personal strengths and weaknesses* Ultimately, the best way to attract and retain good people is to offer them profit or share options—if they truly feel invested in the company, a top-notch effort will prevail.
Book your chat with Jerome today to build your management strategy to put in place the right team and grow your business.
