A great leader can be found at the head of every successful company, whatever sector they may be based in. There are many factors which help make a good leader or manager which is important as organisations take on the qualities of their leaders. While some people may be described as ‘born leaders’ they will still require plenty of time to learn and develop.
If you’re currently managing a business, whether a small start-up or much larger corporation, or are hoping to one day work your way up to such a position, there are a number of elements to focus on to become more efficient at management within the workplace. Working hard and improving these areas will result in an easier to manage team and business.
Communication is key in every company. Between colleagues, clients and on a boss to employee level, if you get it wrong then it can have devastating consequences. Clear communication to keep your team well informed about goals, projects, deadlines and more is essential for building up a rapport and establishing credibility. Interacting regularly with colleagues is the quickest way to build trust and in turn creates a more productive workforce.
Providing both positive and negative feedback is a vital skill for all managers. In most cases positive feedback is an effective way to praise colleagues for doing a good job, and provide them with an added boost. The strongest managers are those which are great communicators, whether delivering good or bad news.
Negative feedback is just as important to be communicated to team members and the best managers can dish this out without colleagues losing confidence. Deliver it in a constructive manner and mix in with positive bits of guidance for the most effective result.
Employees always want recognition for their achievements, whether in terms of a financial bonus or a company email. There are many cheaper ways to recognise and reward colleagues, such as simply congratulating and thanking them in person. This will increase confidence, future contributions and effort. It can all be achieved by a simple informal comment or two, the more natural sounding the better, without spending time or money to gain this result.
As a manager you are accountable for the majority of a team or company’s actions and results. However tempting it may be to take on a large majority of tasks it is important to delegate them appropriately to form an efficient process. It can be hard letting go of some control but doing a lot yourself will take up too much time. Good communication links into effective delegation as you will know your employees strengths and weaknesses and who should be given what tasks.
Unless your company is in a dark place it will hopefully have plenty of work on the go, some of which needs prioritising before others. It is the manager’s job to sort out what needs doing immediately and that which can be put off. Moving tasks over to others to get them done first frees up some of your time and allows employees to grow by having more responsibility and ownership over proceedings.
Managers have to make countless decisions each week and the best ones make and stick to them. Not every decision managers make will be the right one but the best leaders learn from their mistakes and admit to them, as honesty builds trust with colleagues. Indecisive leaders are viewed as weak and it is the best ones that can make a decision without fear of being wrong. Seek guidance where necessary but don’t waste too much time on one decision as it can be far less efficient.
Having a working financial process in place is vital to keep employees happy, as there’s nothing worse than being paid late. This can be a serious HR issue that managers will have to deal with if there are problems with late or incorrect payments. Nothing lowers morale in a team more than this. Invoice factoring is one solution for ensuring all employees are paid on time and the right amount, which is especially helpful in the recruitment sector when staff wages go out weekly but the company is paid monthly. Read more about recruitment finance here.
Touch Financial have solutions for improving the managing efficiency of many different businesses’ finances. Become a better leader today.