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How to Build a Great Management Team for your Business?

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How to Build a Great Management Team for your Business?
Build a Great Management Team

If you are running your own business, in the early days it’s natural to do things as much as possible by yourself. In the beginning, it’s the most cost-effective and comfortable way to do things as you are just starting your business.

When your business grows, you will find yourself tired of doing all things on your own, and it’s evident because a single person rarely has the combination of all skills that a team can do together. We have outlined eight steps on how to develop a great management team for your business.

1. What is team building:

Importance of Team

Building a team is great to grow your business rapidly because each member can concentrate on their area of expertise. The company benefits from having its overall direction and goals, viewed from different perspectives.

2. Importance of an Effective Team:

Building an efficient team begins with a process of self-evaluation. You must learn team building skills. It’s best to be open to a humble assessment of his or her strengths and weaknesses of the qualities, knowledge and experience.

Consider the following points for building your management team:

  1. Review your business’ current progress or status, decide what direction you want it to go.
  2. Evaluate your business’ performance against your competitors, analyse required strengths, weaknesses and opportunities. Identify what gaps there are between where the company is and where you would like it to take it.
  3. Analyze what skills are required for your business. Examine the existing skills you have and list-out missing skills.
  4. Have a look at other options, likewise consultants, outsourcing, contract workers, for a cost/benefit perspective.
  5. When you are looking for permanent staff recruitment, it is best to plan on recruiting for future positions so you can anticipate future skills gaps.

3. Different Roles

When it is time to hire an executive team, you’ll need to find people to fill in the different roles, these roles are:

  • Executive Officer (CEO)
  • Operating Officer (COO)
  • President
  • Financial Officer (CFO)
  • Marketing Officer (CMO)
  • Technology Officer (CTO)

However, it may depend on your business type which position is suitable and required for your business.

4. Recruiting Your Team

Finding excellent candidates is not as easy as their unfortunate decision, work can take your business down.

Newspapers, classified ads and internet bulletin boards are not a great way to select great candidates. A skilful candidate rarely lists themselves in the same newspaper section.

To find high executives you have to spend funds on executive search firms. They help you to monitor the numerous executive talents and can likely reach executives you couldn’t approach on your own. Search firms may specialise by industry, geography and level of job, so if you decide to hire one, make sure you know what you’re hiring.

Networking is another way to find trusted executives. Let you’re personal, as well as your professional networks, know what kind of person you’re looking. Then get one-on-one introductions, and arrange a meeting to decide candidate’s skills for your required position.

Once you have a list of potential candidates, you need to know if they can do the job? So, its worth to spend time on that. You can call each of their references one by one and collect information about those candidates. You can talk to people from your candidate’s former company as well.

5. Interviewing Your Candidates

Then call each of those candidates personally and talk to them and try to evaluate them.

  • Ask them if they know the exact job you are looking for.
  • Look for proof of learning ability. Ask them if they repeat mistakes they’ve made in the past? Or will they learn from those errors and adapt that knowledge to your company
  • Don’t ask about rules, knowledge or “what if” kind of questions. Ask how they are performing now in their current job and ask them what they are willing to do for his new job. These questions will reveal their values, skills and abilities.
  • Be careful of hiring friends or family members. They may expect you to trust them and just assume they have a high skill level.

6. Train your Team:

Formal training may be suitable to increase their specialist knowledge; the main support will probably be to help them grow into their new management role with confidence.

There is a wide range of training options available, including basic courses run externally or in-house. Internal, basic formal training sessions can also useful, and individuals may benefit from training, distance learning, or part-time courses can help too.

Team building questions can play an essential part in helping the management team to better understand and communicate with each other.

7. Employee Performance Measurement :

As you take responsibility for management and become a part of the day-to-day feel of the organisation, you will need to build a good system to be able to monitor candidates performance.

Performance analysis consists our of two parts:

  • Measurement
  • Evaluation

What is KPI

KPI = Key Performance Indicator. Performance measurement is done on key performance indicators (KPIs). If your business is production related, You can consider KPIs points as below,

  • Sales Figures
  • Production Output
  • Financial Performance
  • Machine/System Downtime
  • Targets

You can arrange weekly progress meetings which will help keep you in touch with your employees. Ensure that the team is not over-managed during this process.

8. Celebrate Individual Employee Performance and Rewards:

In addition to measuring KPIs, you should be part of an appraisal system to evaluate the personal development of your employee, and that is why a good appraisal system is the best ways of judging performance and skills of an employee. An appraisal allows personal objectives to be discussed and relevant tasks and targets to be agreed on.

  • Define what you want from employees and make sure they know what that is.
  • Arrange the required tools, resources and training sessions by which they can perform well.
  • Monitor and assess your employees’ performance, discuss those assessments with your employees and decide future objectives.
  • Consider pay awards and promotion based on the appraisal and choose how to resolve poor performance. Be aware that there can be dangers as well as benefits to the linking of rewards to performance.

Conclusion:

Leaders are only as successful as their teams, and the great ones know that with the right team works, decisions and different personalities, everyone wins in the end.

Also Check: How to Analyze a Business Process? Detailed Explanation!

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