5 Strategies for Managing your Business Better

Herb Kimble | Metis Apax Founder & CEO

Leadership is KeyAre you looking to improve your business management skills? While the success of a business is very much the result of business strategies, marketing, and finance, it ultimately all comes down to leadership. Effective leaders run successful companies.

How can you become a better leader, and in turn, run a better business?

1.) Connect with EmployeesGain the trust and respect of your employees by becoming a leader they can relate to. Show you’re invested in the well-being of your employees by taking the time to ask them how they’re doing, congratulate them on important personal and professional milestones, and work with your HR department to coordinate company-wide events for team building or engagement outside of the workplace.

The more time you invest in building meaningful relationships with your employees, the more invested they’ll be in your company’s goals and objectives.

2.) Admit Your FaultsAs a leader, there will be times when you’ll make poor judgment calls. Rather than moving forward, take responsibility for your misstep in a public manner and apologize to co-workers. Whether through an email or at a meeting, any admission of your mistakes will help create a more positive, accepting work environment. Employees also won’t feel as intimidated when they make mistakes of their own.

Taking responsibility also communicates that you’re just as willing to own up to company successes as you are company missteps.

3.) Emphasize Innovation

Creativity and innovation are essential elements of a company’s success and sustainability, but not all companies effectively find ways to foster this type of growth in the workplace.

To emphasize innovation in the workplace, consider increasing company-focused team meetings, hiring a more diverse pool of employees, communicating a more relaxed style of leadership, and rewarding employees who demonstrate a passion for what they do.

4.) Be a MentorEncourage meaningful growth in your employees by acting not just as a boss, but as a mentor. Employees that demonstrate promising potential for growth can benefit immensely from additional guidance, as mentorship can help improve an employee’s skill sets and increase their efficiency.

By spending time mentoring promising employees, you’ll be able to create a pipeline of talent that is similarly aligned with your own philosophies and understandings of company objectives.

Employees that receive mentorship are also more likely to maintain better attitudes about their jobs because they know company leadership is invested in their growth.

5.) Listen ActivelyActive listening is a key skill for leaders to employ on a daily basis. When leaders show that they’re genuinely interested in what their employees have to say, employees feel more comfortable making suggestions, which in turn improves the collaboration process.

Show you’re actively listening by asking thoughtful questions about specific points, and as a general rule encourage more open dialogue in the workplace. Active listening also helps leaders better understand their own performance and identify areas of improvement.

Find more business management advice from Herb Kimble by visiting herbkimble.net.