Entrepreneurs are able to take a new idea and translate it into a tangible business venture through hard work and determination. Successful business leaders are not only savvy on how best to maneuver into a new market, acquire investors and engage customers, but also optimize human capital and skills to complement enterprise strategies. Entrepreneurs must leverage the resources available to generate revenue and increase growth potential. Without proper management of employees, companies may be dragged down by weak practices or delay expansion projects due to a high turnover rate or low productivity levels.
Business builders are in charge of numerous aspects of business operations, including coaching managers on how to promote a positive company culture in the way they treat and oversee their staff. Managers must be equipped with the necessary training, skills and experiences to empower employees rather than stifle them. Particularly in service-oriented companies such as a financial advisory firm, it is imperative for managers to know how to listen to their workers to effectively teach to their skill set and nurture strengths for business growth.
Avoid Micromanaging
Business leaders must make sure they are creating an environment for staff to feel comfortable expressing ideas and trying something new, without fear of an adverse reaction from an overly involved supervisor. When a boss micromanages their team, staff will have little room or motivation to grow within the company. A stifled employee will likely not feel appreciated by their supervisor(s), dread coming to work each day and offer minimal productivity levels. These unsatisfied workers will operate as if constantly waiting to be reprimanded, corrected or rejected by a superior and may eventually leave the company.
A new business with a limited budget, however, should focus on hiring talented workers who show potential for growth within a company, building up experience and skills that align with enterprise goals. Just as investors will fund a business concept that shows promise for a lucrative future, managers should invest in employees who can help an enterprise surpass expectations with innovative ideas and determination. Becoming an overly involved manager who does not trust employees or allow them to spread their wings will only slow down a company’s potential and ability to adapt to new challenges with an innovative workforce.
When monitoring the behaviours of managers to ensure they are not micromanaging staff, business builders should keep their eyes peeled for some key red flags. Micromanaging occurs when supervisors tend to tell workers what and how to do tasks throughout the day despite employees’ abilities to accomplish their work on their own. Managers overstepping their bounds also tend to interrupt an employee in the middle of a task to point out errors that they may have spotted on their own, while in a room or area where others can see the interaction. This decision can not only degrade an employee and shoot down their confidence, but demonstrate to other workers that the same thing could happen to them if they try something new or outside the lines.
It is also ideal for managers to avoid making major decisions that impact their staff without asking for their input ahead of time. When a manager shows his or her staff they have little to no power in what happens in the business, employees will never have initiative to think outside the box for how to improve the company. They may even become disengaged, relying on managers to lead the way. Having ambition and ideas stifled by micromanaging practices can deprive companies of fresh perspectives that help other businesses maintain a competitive edge and disrupt markets.
