Managing a business is a very tough task. But if you already own a business you should have already realized that. There are tips though that can help a person manage a business however which I have collected from various sources. So here are some of those tips.
1. Principle: Hire those more talented than yourself.
The reason for this is so that they can make up the differences in your own weaknesses. People with talent will get the job done with little effort and as such they can handle a larger work load. All this equals more profit.
2. Remove those who are unqualified for a position and place them into one that they are useful in.
Basically, rather than firing a talented individual, first look to where their talents and skill can be best put to good use. As such, you retain a skilled worker and maintain an efficient work flow.
3. Manage people as if they were volunteers.
You pay people for their work because you value their efforts. But this is not always enough. By managing them as if they were volunteers it allows them to feel as if they are more valued then just their work.
4. Treat as an associate.
While you can manage them like volunteers, you must treat them as if they are your partners in the business. So even the lowest person on the corporate ladder can feel valued.
5. Employees must be challenged (knowing and believing in mission).
By keeping employees busy with tasks that suit them, but also challenging them will prevent them from getting board. A board employee loses their moral and thus brings everyone in the company down as well.
6. Capitalize on people’s strengths and Knowledge.
You do not have to wait to place a person with talent in a position that would best help the company prosper. If a person has prior knowledge and understanding they can be useful even as an advisory role and that knowledge should be taken advantage of.
Hope this all helps. See you all for part 2 on promotions tomorrow.
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