Things To Avoid When Managing A Business
Management skills are important in all types of business. When it is utilized properly, it could help your business succeed. However, problems may arise leading to mismanagement of projects and miscommunication within your team.
With that being said. Let’s take a look at 5 common management mistakes and how you can avoid them.
Failure to communicate
Managers have to communicate with different people in different departments of the business. These people may include CEO, CFO, clients, customers, people who report to them or who they report to. Failure in communicating can result in a disastrous outcome. Such as work error, disrupted workflow, negative brand recognition, decrease in employee morale, decrease in employee productivity and more.
In order to avoid this a manager must be clear, concise, confident and approachable. The message to be delivered must be reviewed and re-read a couple of times to be sure that it is relayed properly and aligned with the team’s schedule and projects.
Having clear communication with employees helps them understand better on the different requirements and needs of the company. When they understand the goal and requirements to be accomplished they can carry out tasks seamlessly. Also, encourage your employees to ask questions or clarifications if needed. This can increase the overall productivity of the employee which can help the business in a positive way.
Failing to delegate tasks properly
Failure to delegate tasks properly has been a very common mistake of some management. Some managers may find it quicker and easier to do the tasks rather than relying on the team’s help. However, this can lead to a lot of problems. First, it may take longer to get the tasks accomplished when only one person is handling them. Second, if not knowledgeable or qualified to take on the task, mistakes are inevitable. Lastly, with the slow pace of work accomplished, the work flow may be delayed and different tasks will pile up.
As work and projects get overlooked due to the innumerable task being handled, customers and management’s anger will surely grow. The customer will feel unwanted and leave for another business that offers the same service or product that they need. Staff’s confidence and morale will decline and they may leave and find jobs at another company. This will hamper the growth of the company
To avoid this mistake one must remember that no man is an island. We all have our limitations. We each have our own strengths and weaknesses. Have confidence in your employees or colleagues, allow them to participate and help increase productivity. Supervise their work, ask for updates regarding their work and allow them to ask for help whenever they need it. Most importantly the manager should have the utmost confidence in himself so that he can delegate tasks efficiently and effectively.
Ignoring the Competition
Ignoring the competition has proven to be fatal for the business. Take Nokia and Converse as an example. Back in the early 90’s and late 2000’s they were the top mobile and sneaker brand respectively. Nokia has been the leading seller and producer having been able to record a whooping sale of 51.06 billion Euros in the year 2007. However, in recent years it’s like they have been forgotten simply because they failed to realize the importance of software and underestimated how fast the transition to smartphones will be. Which resulted in the rise of other brands such as Samsung and Apple.
As for Converse, it has been the most prominent basketball shoe brand in the 60’s, 70’s and early 80’s. Having signed with famous NBA players like Magic Johnson, Larry bird, Kevin McHale, Mark Aguirre and Bernard King. Converse dominated the basketball shoe industry. However, things quickly fell apart when Converse failed to innovate their basketball shoe design and also failed to sign Michael Jordan to a shoe deal who is till now the most influential sports figure. That is why Nike is now the most popular shoe brand in the world.
How to avoid this mistake? Well, it’s pretty simple. Don’t ignore the incoming trends, be quick to adapt to it. Always innovate. There is always room for improvements. Another thing that you need to consider is the market saturation. If there are already plenty of rice sellers in your barangay there might not be enough room left for you to set up shop and sell your rice in that area.
Failing to Plan
As the saying goes “If you fail to plan, then you’re planning to fail.” This is one of the common mistakes of a business. Business plan is like a road map or a guide that helps point your business in the right direction. Without it, it would be hard for you to make decisions, find investors and creditors.
Solution? Research about business plans. Or you can contact Chimes Consulting. Chimes Consulting will help you manage your business, increase the growth of your market and help you make fewer business decisions mistakes.
Failing to invest in marketing
Many small business owners think of marketing as an expense rather than investment that is why they hesitate on spending more for it. But that’s where they are wrong. Marketing can help bring brand awareness and generate buzz. This can help you grow your market.
Solution: Keep in mind that marketing is not an expense but rather an investment. Marketing can help increase your business revenue and brand recognition. People will be aware of your brand and what products you sell. Plus, you can put your own ads on different social media platforms all free of charge.
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