As many companies nationwide deal with declining returns on investment (ROI), more business owners are taking a look at those who manage their companies in different capacities, be it others or themselves.
Having stellar managers in charge of different facets of the company, be they CFO’s, COO’s, CEO’s, the head of production etc. can make the difference between a company that is growing and always looking ahead and companies that are struggling to just stay afloat.
While the final business decisions oftentimes come down to the individual or individuals owning the company, the various departmental managers and chief officers can be found to have a say in how things are run.
So, as a business owner, what are some of the attributes that you not only want but need in a good manager? Again, we define managers as anyone from a CFO to the editor of a newspaper.
Among the things business owners should look for are:
- Build a creative environment – Managers who are not allowed to be creative oftentimes end up failing. Provide an environment where managers can try out new things, not be afraid to fail at times, and have the ability to have input on final decisions;
- Set achievable goals – Managers should be given goals that are within reason. Yes, you want your managers to shoot for the stars and even exceed their goals, but don’t place the goals so far out there that they are destined for failure;
- Do not micromanage – While the business owner should be involved in all aspects of the company’s management, they should also not be micromanaging. You hired your respective manager/s for a reason, let them do their job;
- Hire good communicators – Open lines of communication are essential to a company’s success. Make sure that the managers you put in place are good communicators that work well with others. Your manager/s will be responsible for overseeing a number of employees, so it is paramount that they have good communication skills in order to work through any issues. They will also need to be able to communicate to you any concerns, issues, questions that they or those under them have;
- Back your managers – There is nothing more upsetting to an employee than when they feel they are being undermined. While you need to make the final call on important decisions, do not hire a manager or managers and then be second-guessing and reversing all their decisions.
Business owners also need to set the tone for the office from day one.
If you’re running an open ship with room for discussion, the ability for managers and other employees to succeed and grow, and a fun environment where people want to come to work each day, your company should prosper.
On the flip side, if you have an ironclad handle on things, there is little or no room for growth and managers and other employees stare at the clock all day, your business could find itself in a world of trouble.
Hiring good managers to run your company is not all that difficult. It is what you do with those managers once they’re in place that becomes the real issue.
“Image from Yuri Arcurs/Shutterstock.”