Managing staff is one of the most challenging aspects of running a small business.
A poorly managed team can lead to low productivity that can hinder your company’s growth. But when managed properly, the right team can take your business to great heights.
Here are four principles every small business owner should follow when managing teams.
Share your vision
Right at the start, during the interview process, you should share your vision and goals. This tells a candidate the direction you plan to take the company and gives them the opportunity to decide whether it’s a journey they want to take with you. An employee that commits to the company’s vision will be more invested and enthusiastic about their role in achieving it.
Communication is important in team management. Setting clear expectations, providing direction, engaging in brainstorming, and encouraging feedback helps create a dynamic team. If you run a remote team, use an effective online communication platform to message team members, hold audio and video meetings, and schedule and manage tasks.
Trust your team
If you’ve worked as a solopreneur before hiring staff, it can be hard to delegate and trust that your team will do a good job. A lack of trust and micro-management is a surefire way to kill employee morale. So let go of the reins and let your team shine. Your role is simply to oversee the team so that you can shift focus to executive-level decisions.
Reward good talent
A survey by McKinsey & Company found that high-performing employees are 800% more productive than low performers. Every successful small business can attest to the difference that hiring the right talent makes. To attract and retain the best people, you have to reward them accordingly. That means paying competitive salaries, providing bonuses and other incentives like shares in your company. Rewards are not only monetary – recognising good performance also builds loyalty.
Small businesses employ half of the workforce in Australia but many don’t know how to get the best out of their teams. Following these four steps can help you build a more powerful team.