Hiring right means nothing if they don’t have the resources they need to innovate . According to LinkedIn, 94% of employees would stay at a company longer if they were given learning opportunities. Investing in employees isn’t just the right thing to do: It directly affects retention and your bottom line.
How to manage a business
What’s your biggest business obstacle? If you answered learning how to manage a business so that you can grow and increase revenue, you’re not alone. We recently surveyed entrepreneurs and small business owners around the country, and we found that only 69.5% are confident in or certain of their growth and scaling tools. But these are tools any CEO needs – especially if you plan to sell your business for a high price.
What is the number one most in-demand tool that will set your business on the right path for growth? It isn’t a certain software or training program. It’s your leadership skills . And learning how to manage your business successfully is directly connected to those skills.
The best tips for managing a business can differ depending on the stage of its life cycle and its size. Yet whether you want to know how to manage a new business or scale an existing one, the answers are always related to communication, self-awareness and resourcefulness.
Managing a business: delegating versus leveraging
Delegating starts with the “what” and the “when” – you tell employees what you want them to do and when to do it by. Then, you review their work and provide feedback until they get it “right.” This means you’re still very much involved in day-to-day tasks, which is what you want to avoid when learning how to manage a small business. When you micromanage everything yourself, you end up feeling that you just don’t have enough resources to get the job done.
But as Tony says, “It’s not the lack of resources, it’s your lack of resourcefulness that stops you.” The key to managing a business is to stop delegating and start using the power of leverage to expand your resources – by being a leader instead of a boss .
When you use leverage, you start with the “why.” You help employees understand why the task is important and how it will help your company. Then, you let them be the expert – while checking in frequently for updates. Delegating is telling people what to do. Leveraging means inspiring them to do it themselves . If you’ve put the right team in place, they’ll appreciate that you trust them enough not to micromanage and exceed your expectations.
How to manage a new business
The infancy stage is a very exciting time for a business. While many of the same principles of how to manage a business apply whether your company is eight months old or eight years old , there are a few things you will need to deal with as a new business owner.
Create a business map
A large part of effectively managing a small business is creating a business plan – or even better, creating a business map – that gives your team the path you want them to follow and the “why” behind the goals you want to achieve.
A business map makes you answer important questions about your business such as “What business am I really in?” and helps you discover ways to identify aspects of your customers’ lives and how you can provide them value. It also helps you connect your goals to your values, which increases emotion and creates customer loyalty .
Establish your core values
Identifying your core values is important when it comes to how to manage a new business because they are the foundation for what your company will become. Your values will play a part in your vision statement , your employee policies and your hiring practices.
P utting all this in place right away enables you to create a solid marketing message you can use throughout the life of your business. If you don’t start with the basics, you’ll find yourself in a situation down the road that requires rebranding, massive layoffs or even closing the company.
Hire the right people
Before you can learn how to manage your business successfully , you have to make sure the right people are in the correct position. As Tony Robbins says, if you continue to be involved in every decision, “You don’t have a business, you have a job.” To prevent yourself from making this mistake, you must build a team that works .
Putting a good recruiting and hiring strategy in place is the best way to attract employers who are a good personality fit, are hungry for success and who will help you create a healthy and successful organizational culture . Putting the right team in place lets you focus on managing a business .
How to manage a business
What’s your biggest business obstacle? If you answered learning how to manage a business so that you can grow and increase revenue, you’re not alone. We recently surveyed entrepreneurs and small business owners around the country, and we found that only 69.5% are confident in or certain of their growth and scaling tools. But these are tools any CEO needs – especially if you plan to sell your business for a high price.
What is the number one most in-demand tool that will set your business on the right path for growth? It isn’t a certain software or training program. It’s your leadership skills . And learning how to manage your business successfully is directly connected to those skills.
The best tips for managing a business can differ depending on the stage of its life cycle and its size. Yet whether you want to know how to manage a new business or scale an existing one, the answers are always related to communication, self-awareness and resourcefulness.
Managing a business: delegating versus leveraging
Delegating starts with the “what” and the “when” – you tell employees what you want them to do and when to do it by. Then, you review their work and provide feedback until they get it “right.” This means you’re still very much involved in day-to-day tasks, which is what you want to avoid when learning how to manage a small business. When you micromanage everything yourself, you end up feeling that you just don’t have enough resources to get the job done.
But as Tony says, “It’s not the lack of resources, it’s your lack of resourcefulness that stops you.” The key to managing a business is to stop delegating and start using the power of leverage to expand your resources – by being a leader instead of a boss .
When you use leverage, you start with the “why.” You help employees understand why the task is important and how it will help your company. Then, you let them be the expert – while checking in frequently for updates. Delegating is telling people what to do. Leveraging means inspiring them to do it themselves . If you’ve put the right team in place, they’ll appreciate that you trust them enough not to micromanage and exceed your expectations.
How to manage a new business
The infancy stage is a very exciting time for a business. While many of the same principles of how to manage a business apply whether your company is eight months old or eight years old , there are a few things you will need to deal with as a new business owner.
Create a business map
A large part of effectively managing a small business is creating a business plan – or even better, creating a business map – that gives your team the path you want them to follow and the “why” behind the goals you want to achieve.
A business map makes you answer important questions about your business such as “What business am I really in?” and helps you discover ways to identify aspects of your customers’ lives and how you can provide them value. It also helps you connect your goals to your values, which increases emotion and creates customer loyalty .
Establish your core values
Identifying your core values is important when it comes to how to manage a new business because they are the foundation for what your company will become. Your values will play a part in your vision statement , your employee policies and your hiring practices.
P utting all this in place right away enables you to create a solid marketing message you can use throughout the life of your business. If you don’t start with the basics, you’ll find yourself in a situation down the road that requires rebranding, massive layoffs or even closing the company.
Hire the right people
Before you can learn how to manage your business successfully , you have to make sure the right people are in the correct position. As Tony Robbins says, if you continue to be involved in every decision, “You don’t have a business, you have a job.” To prevent yourself from making this mistake, you must build a team that works .
Putting a good recruiting and hiring strategy in place is the best way to attract employers who are a good personality fit, are hungry for success and who will help you create a healthy and successful organizational culture . Putting the right team in place lets you focus on managing a business .
Authorship:
https://www.tonyrobbins.com/business/how-to-manage-a-business/
https://www.educba.com/how-to-manage-a-business-effectively/
https://www.tonyrobbins.com/business/how-to-manage-a-business/#:~:text=How%20to%20manage%20a%20business%201%20Managing%20a,a%20process%20of%20becoming%20a%20great%20leader.