Business management, or management, designates the implementation of all available resources to ensure the start-up and the sustainability of the business project.
Overall, it is the application of specific strategies for the proper functioning of the company. As a manager, it is impossible to have control over all the hazards you may face, good management will help you guarantee the prosperity of your activity.
To help you, we review in this guide the best practices to adopt to optimize the management of your company.
Hire a finance recruitment firm
Cash flow is an important aspect for every company, hence the interest of entrusting it to qualified and reliable profiles. However, finding people with the required skills and good character is not a simple task. Nowadays, you have the possibility of calling on a finance recruitment firm in order to find the rare pearls adapted to your needs.
Given the sensitivity of cash, it is important to have competent employees to guarantee its management. The recruitment firm provides you with everything you need to effectively meet your human resources needs. You will therefore have a single point of contact who will take charge of your project, the definition of your expectations and the integration of new employees. In addition, you should know that the firm has efficient and innovative research tools allowing it to unearth the best profiles on the market.
So, whether you are looking for chartered accountants, payroll specialists, customer credit experts or employees in charge of financial control and management, it will allow you to save time and be more efficient.
In addition, the finance recruitment firm has effective recruitment methods, particularly with regard to the identification and evaluation of candidates. He establishes the profile of applicants according to the needs of each position before identifying those who will be compatible with your needs.
After a rigorous selection, he will put them in contact with you for exchanges. This will thus be an opportunity to check the aptitude of each candidate and to confirm the professional references.
Set goals
It is impossible to successfully manage your business without first setting specific goals. Indeed, these constitute a management lever which must be capitalized on to ensure better strategic alignment. You must therefore set up collective and individual objectives at all levels of the company.
Before setting these goals, ensure that all employees have a perfect understanding of the challenges and strategic objectives of the company. This will allow everyone to understand what you will ask of them individually. More specifically, the individual objectives must be fully consistent with the overall objectives.
When setting objectives, you must take into account the following parameters:
- specific: the objectives must be clear, precise and adapted to the employees,
- measurable: the objectives must be both quantitative and qualitative,
- achievable: employees can become discouraged if the goals are impossible to achieve,
- realistic: make sure that the objectives are understood and accepted by the employees,
- Temporarily Set: Set a start and end date for achieving goals.
To facilitate the achievement of objectives, show pragmatism by asking yourself about resources at your fingertips. The ideal would be to have the necessary human and financial resources to put the odds on your side.
Also give the necessary means to the teams and establish a progress chart for the achievement of objectives. This must be sent to each employee so that he knows his current position, his direction and can correct or progress even more towards the objective to be achieved.
Have a team meeting for good internal organization
The team meeting, as its name suggests, is a meeting organized by a manager or business leader. Also called internal meeting or service meeting, it is useful for good cohesion within the company, but also to improving employee productivity. There are different types of team meetings:
- the information meeting,
- the training meeting,
- the project management meeting,
- festive reunion,
- the crisis meeting,
- the workshop, etc.
The rhythm of organization of the meetings can be regular (on a fixed date) or not, because everything will depend on the situation and the availability of the participants. In all cases, the objective of these meetings is to improve working conditions as well as team productivity.
Communication is the cornerstone of any organization’s success. However, in the absence of regular meetings, this communication may weaken and delegated tasks may go awry.
To organize and prepare well for a team meeting, you will have to devote time to it. Indeed, such a meeting cannot be prepared at the last moment and should not be improvised either. Many do not know this, but a business meeting must focus on a single subject. If there is no preparation, then it may take longer than expected, as participants will raise different topics, thus deviating from the main one.
To avoid this, start with define the purpose of the meeting, the objectives as well as the subjects to be treated. Next, you will need to list the people who are going to attend. The choice of place and date of the work meeting are also essential points that should not be neglected.
Delegate certain tasks to free up your time
Delegation is essential for the efficiency and development of your business. Indeed, knowing how to delegate helps you not only to participate in the productivity of the team, but also in the evolution of each member.
Delegating is about transfer certain tasks to people who have the skills. Moreover, as a team leader, you have the necessary abilities and skills that you can pass on to team members by coaching them. It is also an excellent way to encourage them to develop.
For your part, delegating allows you to reduce your workload as well as your stress level. In fact, knowing that there are qualified people you can count on will help you work more calmly. Likewise, you will have more time to devote to your most important tasks/activities. It’s also a good way to get to know your team better, assess skills and strengthen ties.
At team level, delegation allows them to develop new skills while refining their current abilities. They will therefore quickly become autonomous and will be able to manage more strategic missions in the future. In addition, they will participate in decision-making and will have greater self-confidence.
However, it is not enough to simply delegate and be done with it; you need to track progress. Moreover, the delegation is not simply directed downwards. Regardless of the direction set for the tasks, follow the outlined process to set your team up for success. Through this process, all stakeholders will agree on the actions to be taken.
Define everyone’s role
In managing a project, it is difficult to stick to the plan when roles and responsibilities are not clearly defined. You must therefore specify the various missions in the team so that everyone can collaborate and work efficiently. First, we advise you to define the tasks to be carried out by asking questions about:
- the success of previous projects,
- aspects to improve,
- the presence or absence of tasks in progress,
- the tasks performed by each member of the team on a daily basis.
Having determined the volume of work, you will have an easier time assigning tasks to the right people.
It is also important to identify the responsibilities that remain to be filled and to take stock with the team for a reorganization. This will involve reassigning team members to the roles they were originally assigned, then defining who to assign the extra tasks they were previously managing.
Consider using the RACI matrix to clarify the roles of team members. This corresponds to the following roles: responsible, approver, consulted and informed.
- Responsible : the person who has to perform a specific task,
- Approving : it is the one who will be in charge of controlling the completion of the tasks,
- Consulted : the collaborator(s) who must give their opinion on the work (whether internal or external to the team),
- Informed : these are all the people who must be informed of the progress and results of the project.
You can create the matrix by putting the tasks on the vertical axis and the team members on the horizontal. Assign one of the four RACI letters to each task to be performed and to each member so that everyone knows their mission.
You now have the keys that will allow you to improve the management of your business and ensure its sustainability. However, remember that you cannot do everything alone, hence the importance of surrounding yourself with competent and qualified people. In this sense, using a recruitment firm will help you find the profiles you need.