Management is that one thing every entrepreneur and startapreneur are expected to be good at. I am not sure how many businesses and startups consider management to be their business’s spine. But, personally I do and so should you.
Operating a business is not an easy task at all. Every business has their set of daunting dilemmas to be faced now and then, but with optimal management, every dilemma can be dealt with. Because in business no matter how random situations might appear there always should be a plan. And to execute those plans, you need to be good at management.
Understanding that management isn’t a single entity is crucial. One can only be good at management if he/ she knows how to plan and execute the same. Also, gauging essential elements and analysing situations and results play an essential role in managing things effectively. Sometimes you may have a set plan to execute over a course of time, but sometimes you just have to manage it to get it over the top of your head. This tests your mettle in management and in planning things as per the scenario.
3 Fundamentals that would make you a better manager:
With few management lessons, you are all set to revive the elementary level after which the tides in the ocean of management will teach you the rest. Now, whenever doing anything consider yourself at the first place and start off with your self first, which calls for our first point:
Manage Yourself First
You are only qualified to manage your business and your team if you manage yourself first. To do this efficiently understand some simple facts that will help you manage yourself.
- Prepare your schedule: Make a habit to prepare your schedule. Involve yourself in certain activities that keep you motivated all day long; this can be getting up at 5 AM and hitting the gym or a self-defence class.
- Practice healthy diet: A lot many people have said. You are what you eat. As for you even I didn’t believe it unless I experienced it. For, e.g., instead of having lunch, prefer brunch. This will eliminate the possibilities of you feeling lethargic after consuming food.
- Create a task list: I know this thing is pretty old school, but undoubtedly this will help you in increasing you work efficiency, and also you will be able to remember all tasks all the time of the day. Once you have completed the work, just strike through, and I am sure you will be happy to see how soon the list ends.
- Time management : Refer the first point “Prepare you schedule”. Once done that allocate time to each of the tasks and try to accomplish it within time, every time. If you accomplish a work before time and you have 5 – 10 mins to spare, then prepare your mind for the next task. You can simply do this by start researching on the internet.
- Arrive and depart at a time: Insure that you reach office at the time and leave office at the time, make it a habit. This is essential as you do have a life out of your office. It’s time you socialize, meet people spend some good time and collect some good contacts. Use after office hours for such activities, this will ensure that you stay at the top of you game all the time.
Manage Your Employees Proactively
When you start practicing the Pt.#1 yourself, you will notice the drastic change in you. This will aid you in managing your team proactively. Create a small plan for a week or a month, define what you intend to achieve with it, gather the team and get them involved in the plan, ask them to suggest. Finally, allocate them work according to their skill sets and preferences, also, employ writing scrum notes for the team members. This will keep a track and also keep you updated about who has accomplished what and what all is pending. Practicing this will ensure that you do not get jammed in the bottleneck and will also keep you well informed and prepared for facing worst case scenarios.
Manage the finances like a boss
When in business; financials is the one thing that needs to govern without any possibilities of a wreck. You sure do have the accounts department, but they do not have the authority of controlling the money. The control is in your hands, always has been. Plan your financials and when planning financials always give priority to your employees, because in a way you are because of your team. Ensure their happiness and they will make sure that they keep you out of the harm’s way. Once done that then allocate the money to other distinct elements that you may have to cater to your business.
And the biggest fact is always look out for opportunities to make more money. The core should never deplete. If it does, it calls for anarchy.
Not everyone is a good managerial material. But, when you are in the commanding position, people look up to you to manage and lead them. I know this is just the beginning and a lot more needs to be incorporated, but I believe this will give you a good read. In the next session, I surely will talk about sales, marketing, and other stuff.
Earlier post in this series:
Part 1: Do You Have The Eye Of An Entrepreneur?
Part 2: This is the Most Critical Factor For Success Of Your Startup