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Thursday 18 July, 2019 | RSS Feed

Poor Management Leading Cause Of Economic Downfall?

There is still a lot of blame being thrown around about who or what was responsible for the demise of the economy and why small businesses are continuing to fail. However, when you look around town today, the truth is that many shuttered companies got that way simply due to poor management.

You can argue about what the best management style is all day long, whether you should be the good cop or bad cop or somewhere in between but what we are talking about is bigger than this. Getting your management style right is important and it is extremely critical to start out the right way. However, poor management runs much deeper.

There is a big rush that comes with starting a new venture. It is exciting, you feel untouchable and you don't let distractions get in the way of your focus to reel in those revenues. However, you must not let this power trip turn into over-confidence, resulting in you overlooking common sense business principals. This may be great now, money may be rolling in the door faster and easier than you thought possible but unless you are prepared and are really paying attention you could be setting yourself to go the way so many of these other, no defunct companies have gone.

Even if you have a wealth of management experience, you can find the responsibilities of running your own business quite different. As a business owner you are tasked with protecting the longevity of your organization and the jobs of those who work for you, not to mention the financial future of your family. This means keeping your business on a solid financial footing, making sure that you are covered in case of disasters and that your business continuity is assured. No one has all of the answers even if they are extremely knowledgeable and talented in a few of them. This means the need to invest in ongoing education and learning whether this is through taking course, joining mastermind groups or getting into a coaching program.

Don't just stop here either. Have your bases covered gives you a solid foundation for a sustainable and successful company, though in order to stay on top you must also be in the loop for recognizing and adjusting to future trends. Much of this can be accomplished online and with a solid source for quality advice. However, one of the biggest mistakes that business owners make it simply not paying attention to what your managers and lower level staff are saying. Yes, your business is your baby, but these team members have the benefit of a different and critical perspective that is closer to the consumer and which can make all of the difference in you succeeding or fading away.

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