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Business Strategies

5 Strategies to Manage Your Vital Assets While You Lead a Business

Man-management is an art, and most required in business
5 Strategies to Manage Your Vital Assets While You Lead a Business
Image credit: Shutterstock
Former Staff
3 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Man management doesn't require a university degree but the issue is that many who come out from a university lack it and unfortunately there is no remedy for that. It can insure your graph reaching the heights unimaginable and it can also nullify your efforts no matter what amount of money you put in. It's not in the capital it’s in the management.

If you are a first-time entrepreneur having established an office of your own, and having recruited considerably-sized teams for your business, then it is imminent to understand that the success of your business depends on the management of your teams who undoubtedly are your vital assets. The more effective your team management skills are, the better is the degree of success in your overall performance.

In 2018, with the whole perspective of entrepreneurship and management having taken unconventional turns and resulting in the creation of creative result-driven solutions, Entrepreneur India lists 5 man-management trends that should potentially keep your business charged up substantially, team is fine-tuned to deliver results creatively:

  • Convert team weaknesses into strengths: You could achieve this by identifying key pain points of your team and by offering work that requires your team to face their fears and put their minds on. Always ensure that this work gets distributed equally among your team members and yourself as well. Always sit-down with the team and personally understand the pain points. This approach makes even the most mundane of projects; seem interesting whilst closing a weak area of your team members.

  • Encourage work pursuance, not work phobia: While you are the leader of teams at your office, always try to devise strategies wherein you motivate your team members enough so that they are on their toes to help you out with work projects. Never dump work in one go. After having assigned tasks, do check on whether there are difficulties plaguing your team members. If yes, address these and also potentially allocate different tasks based on task-handling skills of employees.

  • Never ask for reasons: In case a team member fails to meet deadlines, sportively find out if he/she could perform another task within the same deadline and assigns activities as per your evaluation of the task handling skills of this particular team member. Never ask for reasons as to why the task was not performed in the given timeline. Remember to cleverly get work done, rather than being a burden.

  • Organize role plays: At regular intervals, have mock sessions wherein roles of your team members are reversed. This would potentially enable you to derive insights on the strengths and weaknesses of your employees. This could also help you during their appraisals.

  • Avoid micromanaging as much as possible: Micro-management is not always good, especially when there are critical tasks to be performed at critical junctures. You could spare time to manage employees yourself rather than assign a manager for them; unless you have a very large team. Eliminating micro-management brings you closer which should potentially offer employees lots to cheer about as they are now better connected with the “boss”.

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