Entrepreneurs often obsess over their business concept, their modeling, and their market shares.
It’s only natural – as this is the very basis of their business – their USP. But, a startup manager or entrepreneur also needs to manage both the company and the staff who work for it. It’s these skills that can fall by the wayside when you’re working on your business, and it’s these skills that this article aims to help you brush up on. The following five pieces of advice apply to any ambitious entrepreneur looking to manage with panache as they nurture their business to sustained growth.
Value Your Staff
You might have heard it a hundred times – that you should always prioritize your staff above all else – but you may not actually bear that piece of advice out in your day-to-day operations. But it’s true: if you value your staff, they’re more likely to value you, your company, and the work that they do. Show you care by organizing incentives, rewards, employee socials, and other signs that you’re interested in their wellbeing as well as the work they put into your business.
No one is so naïve that you cannot learn something from them. Whether you have a low-level employee knocking at your office door with an efficiency-saving idea or a business manager from another company calling with some advice, they’re well worth listening to. Great managers make a point of receiving regular feedback and touching base with their network in order to gain insights that they can apply to their business.
In the same vein as the previous tip, it’s important to network when you’re managing a startup or business enterprise. Getting out there with both your own professional profile, and that of your business, will gain you admirers in your market, and will make you recognizable and approachable in important moments. This network that you slowly curate will be your source of support when you need it the most – and may present you with useful opportunities in the future.
Take Care of Security
With a growing business and a workforce that relies on your profits, you need to take responsibility for your business’ financial security. One of the key planks of this is to secure general liability insurance for your business. Insurance can help you mitigate the tougher moments of your business’ journey, and plan financial escape-routes should you receive an unfortunate hit to your finances. The same goes for legal advice, planning prowess, and regulatory alignment. Get these basics in place in order to run a secure company.
Managing a business is stressful, time-consuming, and often exhausting. One way to make the experience a little more exciting is to add creativity to the mix, breaking with tradition, and taking the initiative to make new business decisions that could benefit your company. Build creativity and imagination into your working week in order to blaze ahead with your plans for your company.
There you have it: five key tips to managing with panache in a competitive business environment, helping you make the very most of your vision, ideas, and entrepreneurial nous.