Business Education

3 Necessary Replacement Manager Qualities

Replacing a manager in any size business presents a number of challenges. It’s not just finding the person with the right skill set, or the most experience, or even the best aptitude for the position, but all of these and more. Unfortunately, too many administrators and entrepreneurs only look at these types of qualities. They fail to factor in other intangibles that would benefit their team members the most. Read on to learn about the three most important qualities of a replacement manager.

Why Past Job Performance is No Guarantee of Future Success

You’ve no doubt heard or experienced two different cliches: that past performance of an investment is no guarantee of its future result, and the Peter Principle (the phenomenon of people rising to their highest level of incompetence). Unfortunately, this is where many administrators and business owners go wrong. They mistakenly believe that an individual’s past performance is indicative of future results. But, this just isn’t true.

Bad managers cost businesses billions of dollars each year, and having too many of them can bring down a company. The only defense against this massive problem is a good offense, because when companies get these decisions wrong, nothing fixes it. Businesses that get it right, however, and hire managers based on talent will thrive and gain a significant competitive advantage. —Harvard Business Review

Sure, it’s absolutely necessary to look at a candidate’s previous experience and performance. It’s also just as necessary to rely at least somewhat on their proven skill set and untapped potential. However, this isn’t likely to give you a good overall evaluation of how he or she will fit into his or her new role.

3 Important Replacement Manager Traits

One of the most difficult aspects of replacing a manager in any type of business is how he or she will be received by the team members he or she will lead. So, ask yourself if potential candidates have the following qualities:

Empathetic ears. There are many different kinds of managers out there, and some of them are a better fit for a promotion or lateral move than others. Depending on their new responsibilities, you most definitely want them to be ambitious and take ownership of their responsibilities. Equally so, it’s critical to have a manager who truly listens to their team members because this will be the perception employees have of the company overall.
Decision confidence. Obviously, if someone has all the experience and potential to move up or across, he or she should likewise possess a strong self confidence. In other words, a manager who doesn’t always have to rely on higher ups to make decisions, particularly ones that are relatively small. After all, you don’t want to put someone in a management role who just can’t make up their mind and constantly comes to you for those very reasons.
Golden rule follower. If there’s one thing that rank-and-file team members despise the most, it is managers who cannot follow their own rules. Hypocrisy, double standards, and negative traits such as these will quickly erode away employee morale and productivity. Nobody performs well under such types of management, because it is so counterproductive by its nature.

What other suggestions do you have for replacing a manager as a business owner? Please take a moment to share your thoughts and experiences so others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Like this article?

How Small Businesses can Make the Best Use of Local Partnerships

June 16, 2022 No Comments

Small businesses often find it difficult to compete with larger businesses, not just in terms of scale and resources, but also in terms of visibility. However, by partnering with local businesses, small businesses can create an ecosystem where they can mutually benefit from each other’s strengths. In this article, we will explore four ways that small businesses can make the best use of local partnerships to improve their business. After all, this is one of the best and most powerful growth strategies available, and better still, it’s often just a matter of making the right arrangements. How Small Businesses can Make the Best Use of Local Partnerships The first way that small businesses can make the best use of local partnerships is by optimizing customers’ experience. Local partnerships give small businesses an opportunity to provide their customers with a more personalized and customized experience. By partnering with other local businesses, small businesses can offer their customers a one-stop-shop solution that meets all their needs. One of a small business owner’s most strategic, and potentially profitable relationships, is the one he establishes with fellow business owners. When business owners offer complementary services, they can form partnerships to help them reach new customers and expand the products and services they offer. These local partnerships help businesses increase their visibility and build customer loyalty. —Houston Chronicle Small Business Another way that small businesses can benefit from partnering with other local businesses is by using local partnerships to experiment with variations. Small businesses often lack the resources to experiment with different product offerings or marketing strategies. However, by partnering with other local businesses, they can test out different variations without incurring too much risk. Third, small businesses can create complementary offerings through local partnerships. For example, a coffee shop can partner with a local bakery to offer customers a discount when they purchase both coffee and pastries. This principle can also apply to a number of other businesses. So, co-existing industry peers, like in real estate, such as a title company and a mortgage broker, or a residential sales broker and an interior decorator can do the same. By partnering with other businesses, small businesses can offer their customers a more complete package that meets all their needs. Finally, small businesses can give and receive customer referrals through local partnerships. By partnering with other businesses in the same industry, small businesses can tap into each other’s customer base and generate more leads. In addition, by giving referrals, small businesses can build trust and credibility with their partners, which can lead to more business opportunities in the future. Local partnerships are a great way for small businesses to improve their business. By optimizing customers’ experience, experimenting with variations, creating complementary offerings, and giving and receiving customer referrals, small businesses can make the best use of local partnerships to improve their business. What other benefits do local partnerships offer? Please take a few minutes to share your own thoughts and experiences so others get the most out of these relationships. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Now is the Time to Get a Sweet Deal on Office Space

September 9, 2020 No Comments

In the midst of the COVID-19 shutdown, and the simultaneous rise of WFH or work-from-home dynamic, commercial real estate is steadily on the decline. With many businesses closing and others surviving on minimal staff, office space, retail locations, and other commercial real estate is and will continue to experience a huge vacancy rate. While that’s not good news for them, for savvy business owners, it presents a prime opportunity. Meaning, it’s very possible to lease (or buy) commercial property for a really good deal. The Buy Low, Sell High Strategy Everyone’s heard of the old “buy low, sell high” investment strategy. But, only those who actually act on it are the ones who benefit. When the market is down, investment advisors often tell their clients to buy why everything is on sale. However, too many people are just too risk-averse and don’t follow the advice. Asking rent prices have yet to fall, which is typical in a down cycle as landlords try to hold out as long as possible, says CBRE chief economist Richard Barkham. At the same time, Barkham says, landlords are eager to fill space, so they’re willing to offer a bevy of concessions to the right tenants, including rent-free periods, build-out expenses, and flexible lease terms. —Inc.com In fact, more people tend to cash-out when the market goes through a downturn. They “realize” an otherwise “paper loss.” The point obviously being that the adage of “buy low, sell high” really works. And, it works so well, it’s repeated over and over. The real trick is to just do it. How to Negotiate the Best Office Space Deal With all that said, now is the time to take advantage of the circumstances and land a sweet deal on commercial space. Here are some helpful tips for how to lease commercial space at a substantial discount: How long has the space been vacant? Learn how long the space has been vacant because it will give you a sense of how eager the landlord or owner is to fill it. Of course, the longer it’s been empty, the more motivated the landlord will be to sign a new lease. Are there other interested parties? If there aren’t any other companies interested in the space, that will definitely work in your favor. Simply put, the less interest, the better for you. After all, that means there’s no competition. Does the property have other vacancies? A property landlord or owner with multiple vacancies will be far more willing to negotiate in order to fill as much space as possible. Learn about subletting policies. If it’s allowable, subletting can help to offset the cost of leasing commercial space and make it even more affordable. Do your homework on similar properties. Another thing you can do is learn about similar spaces. Use this knowledge to negotiate a better deal. For instance, if another landlord/owner offers a better lease rate, you can use that as leverage to bargain on a property for less. What other suggestions do you have? Please share your thoughts and experiences by commenting and giving others some valuable advice! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Elon Musk, Twitter, and Bogus Business Numbers Teach this One Simple Lesson

May 22, 2022 No Comments

Elon Musk’s acquisition of Twitter is full of drama. It’s one of the biggest deals in the world of social media. What makes it so fascinating is the many bomb drops that continue to detonate, drawing huge public attention. Among the latest is about the actual number of bots on the microblog. Musk threatened to walk away if the company can’t provide proof positive about the percentage of fake accounts, citing his offer was predicated on official SEC filings. Turns out, there might be a lot Twitter is hiding from the public and this is a prime teaching example. Why Businesses should Never Mislead the Public or Consumers As a business owner, you should be aware of the consequences of misleading the public. When businesses knowingly deceive their consumers, it can lead to disastrous results. Not only can it ruin your reputation and cost you customers, but it can also lead to legal trouble. In this article, we will discuss the consequences of misleading the public and why honesty is always the best policy. One of the most influential propositions in marketing is that customer satisfaction begets loyalty, and loyalty begets profits. Why, then, do so many companies infuriate their customers by binding them with contracts, bleeding them with fees, confounding them with fine print, and otherwise penalizing them for their business? Because, unfortunately, it pays. Companies have found that confused and ill-informed customers, who often end up making poor purchasing decisions, can be highly profitable indeed. —Harvard Business Review Deceptive advertising is one of the most common ways that businesses mislead the public. This can take many forms, such as false claims about a product’s effectiveness, exaggerated claims about sales figures, or even making false promises about what a product can do. In some cases, businesses may even resort to fraudulent activities, such as selling counterfeit products or engaging in bait-and-switch schemes. Consumers rely on businesses to be truthful about their products and services. When businesses engage in deceptive practices, it erodes consumer trust and confidence. This can lead to lost business and customers turning to your competitors. In addition, if you are caught deceiving consumers, you could face legal action from state attorneys general or the Federal Trade Commission. The bottom line is that honesty is the best policy when it comes to running a business. Misleading the public may seem like a quick and easy way to make a profit, but in the long run, it will only lead to problems. Be truthful about your products and services, and you will build trust with your customers that will last for years to come. Have you ever been misled by a business? How did it make you feel? Share your story in the comments below. And if you’re a business owner, remember – always be honest with your customers! It’s the best policy for ensuring long-term success. Interested in learning more about business? Then just visit Waters Business Consulting Group.