5 Business Management Principles for Any Size Business
In business as in life, there are no guarantees. A business of any size should utilize these management principles to assist on the road to success. The following describes the basic principles of a management system with prove results. Within each principle are specifics, subtleties and case histories to which entire books have been devoted. What principles are you already implementing? Which can you improve on?
1. Change is good; don’t be afraid of it.
Insist that you yourself as well as all managers, from senior level on down, “embrace change.” In business the one guarantee we can count on is change — market conditions, the business environment, consumer spending habits, advances in technology, new products, competitors who may be gaining on you. CEOs, the senior management team, middle and junior managers and individual employees must be open to reinventing themselves, and everything they do for a business to thrive, there are no exceptions.
2. Lead a company, don’t dictate it.
At one time, most senior managers performed only limited, although all-important, functions. Isolated from their subordinates and employees, these top managers could neither inspire them nor grant them permission to take initiatives not mandated from the top down. Successful managers can only understand the entire work process if they integrate their duties to comprehend the multiple aspects of their business. How integrated are you and your managers?
3. Hire and develop managers who can energize, excite and control.
The ideal manager shares the same vision, has energy, and possesses the ability to radiate enthusiasm and ignite that flame in other employees. To inspire employees may seem as though you are assigning them more responsibility and granting them the permission, liberty and encouragement to act on their own initiative. You are. That is why they are being hired on a management level, because they can take on such a task and will not effect their development and creation of vision and flow.
4. Acknowledge the facts: exploit them for advantage or eliminate their negative impact.
CEOs and all managers who deliberately ignore the facts of their business, the business environment, and general market and economic conditions are doomed. Changing market conditions and evolving strengths in technology and financial resources are yet another guarantee in business. Understanding the macroeconomic factors affecting your business aides long term prosperity in a corporate environment by using what works and not using what isn’t working, simply put. Assets that generate income today, often cannot conform to the ongoing company business model for the future.
5. Be focused, be consistent and follow up on every detail.
Make focus, consistency and follow-up your mantra. Focus on changing when necessary, remaining open to new ideas, quality, simplicity, the empowerment of managers and employees, and the quest for competitive advantage are the hallmarks of great leadership. Following up to make sure these values are pursued at every level all but assure in a very unpredictable world, that a company has at least the potential to succeed.
Managers across the spectrum, from CEOs of large firms, to owner-operators of small businesses may profit from implementing these ideas. Success is what you make of it, “Every man is worth just as much as the things he busies himself with.”-Marcus Aurelius Antonius. For more details click here Darryl Hicks Tungsten