Management Mistakes: What NOT To Do in Business
If you manage a business, you’re probably aware that achieving success doesn’t come easy. If you get it right, you can make a lot of money in business, but there are many pitfalls out there.
If you’re keen to avoid common management mistakes, here’s what not to do when you’re at the top of the tree.
What NOT To Do in Business: Take Your Eye Off the Books
However much you love your job, or people rave about your company, ultimately, a successful business is a profitable one. If you’re not making money, your venture won’t last long. As the manager, regardless of whether you employ a team to handle the accounts, you need to be on the ball when it comes to facts and figures.
It can be very easy to get carried away with other aspects of the business, especially if the company is new, but never take your eye off the books. You should be aware of your financial situation all the time. If you’re not focused on your finances, you may lose track of spending and end up in serious trouble.
What NOT To Do in Business: Be Too Nice
If you run a business, it’s likely that you’ll encounter situations where your heart wants to rule your head. Perhaps you’ve got a client that is missing payments, for example. You want to help that client out, but equally, you need to keep the business afloat. If you’re short, you could consider options like
If you’re short, you could consider options like cash flow finance for small to medium sized business, but you don’t want to send out the wrong message. It’s fine to show sympathy and empathy, but don’t let people take you for a ride. You’ve got to take a wage home, and pay the people who work hard for you, and sometimes, ensuring that everything goes to plan will require you to take a hard line.
What NOT To Do in Business: Undervalue Your Team
One of the worst mistakes bosses make is undervaluing their team. If you’ve got a group of people that is willing to work hard for you, let them know that their dedication and commitment doesn’t go unnoticed. If you don’t reward your employees, you run the risk of losing them. It’s also well known that a happy team makes for a much more productive team.
You don’t have to turn up at the office every week with cakes and cards, but give your workforce a reason to work hard. Set up an employee of the month scheme, host an office party or encourage people to hit targets in return for a bonus.
In business, mistakes can be very costly. It’s virtually impossible to set up and run a company without encountering hurdles of some kind, but if you can avoid these key mistakes, you can minimize your risk of serious damage. Take pride in your team and ensure every member feels valued and respected.
Don’t be too nice or let people take advantage of you, and keep an eye on the balance sheets, facts, and figures at all times. Set a good example, and be present.
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