Starting up a business is hard enough but to keep it running is harder. SBE Council, reported that 89% of all businesses employ less than 20 employees. This might not be a surprising fact given, they are just start ups. But they struggle to validate their business model because they make less than $500,000.
These new businesses face a lot of challenges to make things happen. One of the biggest challenges is time management. Whether you have a catering business or a cab business, it faces time management issues. But once you learn to manage time, your productivity increases. You save not just time of the employees but the supervisors as well.
Time management is to know what issues need your attention and which can be handled by others. For example, for tasks like reception management, you can consider going for a virtual receptionist service rather than hiring employees for that. A business owner must know how to delegate tasks, and know where to focus. An owner needs to concentrate on business and not micro manage.
The Society for HR Management surveyed 400 companies with 100,000 employees. It reported that there was a loss of $62.4 M due to misaligned work, incorrect deliverables and miscommunication. Miscommunication leads to business damage. You need a management consulting to take care of your business.
An inefficient and demotivated employee can cause a start up to go bankrupt. Motivating your employees is the key to successful business. If employees stay disconnected from the purpose of business they lose their touch.
There is no shortcut to success and a leader should know it. He should break down all the tiny details and delegate work to responsible parties. But keep in mind, managing is good but micro managing is a big no.
Strategy is a vital aspect of management. It deals with ideation and execution and its also seeks for new opportunities. An effective leader is someone who believes in boosting up his team’s morale and taking them forward.