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Overview

No business can thrive if not backed by excellent management. Yet, many fail to realize its value. I would say a lot of people don't even have a clear idea of what management is and how to improve it to take their company to the next level.  As Vivek Wadhwa said,

“A key to achieving success is to assemble a strong and stable management team.”

It's vital for all leaders to be well aware of the management qualities that can enable them to make a mark in the business world. As entrepreneurs we strive for success, and quality management is essential to get there. But before we elaborate more on the characteristics that should be adopted by all managers, let's talk a bit about what management is.

The Role Of Good Management In A Business

Are you unsure about what management is? Do you know its primary function? The purpose of management is to ensure that the whole team comes together to accomplish the company's goals and objectives. Furthermore, it's the management who has the responsibility of using the available resources to their full potential.

"It's not about the money. It's about the people you have, and how you're led."- Steve Jobs

It Takes You Closer To Your Goals

A lot goes around in an organization. There's a lot to handle, including production, assembling, and so on. If that wasn't enough, it also has to be ensured that the whole team moves forward as a unit, using the resources effectively.

Management organizes everything such that there's no wastage of time, money, and effort. It brings together the scattered resources and transforms them into a fully functioning and productive enterprise.

It's those who are a part of the management that ensure that the resources are used such that the company inches closer to its goals.

Optimal Use Of Resources

An organization relies on human and physical resources to thrive. But these are pretty scattered. It's vital that someone is present to utilize them as productively as possible to ensure maximum efficacy.

This is where good management can make a significant difference. They know how to extract the best out of their employees, tools, and more.

Reduce Your Budget

Investing in good management actually has an excellent ROI. You get maximum results while proper planning ensures that minimum input is required. In the end, it all contributes to significant cost reduction.

Ensuring Smooth Operation

It can be challenging to manage a business or for it to progress if departments are constantly overlapped or are at loggerheads.

Management gives these departments and employees a clear indication of authority and responsibility. Hence, there's little chance of things being affected or projects being stalled because the departments can't work together.

What Management Qualities Enable A Business To Thrive?

"The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint to keep from meddling with them while they do it."- Theodore Roosevelt

Now, it should be pretty clear what management is and how it benefits your company. But what exactly are the management qualities you should watch out for. And how to draw a line in the battle of management vs. supervision? Here's what you must know.

Build A Work Environment Based On Trust

One of the most vital qualities of excellent management is trust. Your employees should feel safe at their workplace. Only then can you expect loyalty from them. And this is where good management comes into the picture.

The management gives enough trust and confidence to the employees that they don't hesitate to present their ideas, even if they are out of the box. They don't make the employees feel like mistakes are the end of the world. Instead, the team has enough faith that the management will definitely hear their side of things even if they go wrong.

Focusing On Employees' Strengths

Everyone has their own weaknesses and the areas where they excel. One quality of good management is to ensure that they know how to use their employee's strengths for the benefit of the company.

Not only that, but they also recognize talent and invest in the development of their strengths which in turn reflects in their business performance. This improves employee retention to a great extent.

Understanding The Difference Between Management Vs. Supervision

Of course, it's vital to keep an eye on things. But that does not mean making the workplace environment suffocating for the employees.

Good management knows where to draw the line. They don't endeavor to micromanage everything. Instead, they supervise from a distance which encourages the employees to be more productive.

Assertiveness

While it's vital to give some freedom to your team, this does not imply that you completely let go of the authority. It needs to be clear to your employees that they are answerable to the management.

Good management isn't only assertive but also diplomatic and empathetic. It makes sure that the risk of adversity is kept to the minimum while simultaneously making it well known who's in charge.

Ensure Employees' Growth

Good management understands the value of employee satisfaction. Hence, they invest in employees' training and development.

They give employees the opportunity to learn new skills and build their strengths. Good management will never allow their team to feel they are stuck in a rut. Instead, they actually care about their professional and personal wellbeing.

Not Succumbing To Pressure

One of the most vital management qualities is the ability to handle pressure with resilience. Management has to encounter many challenges. It's responsible for the performance of others. And it's definitely not easy to bring the whole team together.

So, it's vital that the management is able to handle the work-related pressure effectively and does not let its judgment be clouded due to stress.

Ensuring Open Communication

Honesty and transparency are among the most crucial management qualities. They have to be candid yet sensitive to their workers.

Of course, sometimes, the management might have to deliver harsh criticism to the team. But it should be done gently so that someone is not demotivated completely. At the same time, no effort should be made to hide the truth.

Being Open To Suggestions

Good management does not hesitate to think out of the box. It's constantly on the lookout for means to improve efficiency and operations.

Hence, the management is also willing to hear what other team members have to say. There's always room for innovation and creativity.

The Ability To Analyze

Good management should be capable of looking at the complete picture. It should analyze when things aren't working out and recognize the areas that need improvement at the right time.

Oblivion and ignorance will never solve an issue and will serve as roadblocks to your company's success. Therefore, one quality of good management you should definitely watch out for is strong analytical skills.

Showing Appreciation

Everyone craves a word of appreciation or a pat on the back. And good management will never let their team down. It will recognize when someone does a job well and will give credit where it's due.

This enhances employee engagement while also increasing their loyalty to the company. It does wonders for productivity too.

Walking The Talk

Exceptional management comprises leaders that the employees look up to. It's great to guide your team, but an example needs to be set up with conduct too.

"Management's job is to convey the leadership's message in a compelling and inspiring way. Not just in meetings but also by example."- Jeffrey Gitomer

Therefore, good management exhibits enthusiasm, diligence, and professionalism at all times. The management should operate exactly as they expect their employees to act. As entrepreneurs this is what we do. We do hard things, and we do them well.

Things Good Management Should Avoid

"Good management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them."- Paul Hawken

It's not easy to make a team that has all these management qualities. But it's worth every effort! And remember... Mistakes are bound to happen. But let's talk about some things that good management should avoid at all costs.

  • Micromanagement will definitely not work in any company's favor. It's an outdated concept which only makes the employees feel caged and limits business growth.
  • Management should take all the measures to avoid poor recruitment. Remember, hiring according to likeness won't get your company far. Instead, the management should recognize what the business lacks and bring those people on board who can bridge the gap.
  • Avoid second-guessing yourself. Doubting your decisions will only weaken the business, subsequently leading to loss of trust. Good management always leads with decisiveness.
  • Don't restrict your business growth, and be willing to accept the change. If you don't adapt to the latest trends, you are only setting yourself up for failure. Good management will never shut down new ideas without giving them a thought.
  • Avoid making quick judgments. Managements must evaluate a given situation completely before arriving at a conclusion.

Let Your Business Fly High With Good Management!

Good management can take your company further than ever imaginable. It's not enough to know what management is. You should also be clear about the qualities to look out for.

"Management is, above all, a practice where art, science, and craft meet" - Henry Mintzberg

Remember, management is the bridge between the employees and the employers. If there's something amiss at the managerial level, the company won't run smoothly. Therefore, ensure that your management has all the right qualities to make your business thrive and flourish.

If you don't pay attention to this at the right time, you are bound to falter, and your company will have to bear the brunt! Ensure that management is your most potent tool.

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