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.

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I can’t Afford to give My Employees Christmas Bonuses this Year, What can I Do Instead?

December 10, 2021 No Comments

This year, a good number of businesses will continue to face the very unenviable position of not being able to afford employees’ holiday bonuses. For a sizable percentage of companies, it became an inescapable reality last year, obviously, due to the large-scale shutdowns across the country and overseas. While many businesses have recovered and regained a sense of normalcy, a significant portion still struggle. This means having to make hard choices when it comes to expenses that are not part of the business’s day-to-day operations. Fortunately, there are some alternatives to giving employees cash. Turn a Negative Situation into a Positive One When the economy or an industry takes a downturn, most entrepreneurs will take a good hard look at their books to determine exactly where they stand. Some make the mistake of cutting back too deeply, becoming too lean to fully operate, and only prolonging a bad set of circumstances. However, others embrace it as an opportunity to eliminate redundancies, reduce extra expenses, and put their resources where they most matter. A holiday bonus is a traditional gift given to employees by employers each year as a big ‘thank you.’ Many managers and business owners want to give their hard-working employees a bonus at the end of the year. The unfortunate truth is that many cannot afford it in today’s economy. As a result, many companies have had to get creative by offering their employees something enticing that is not a cash bonus. —Optimum Employer Solutions The latter strategy is obviously more effective because it makes the company more efficient. This type of audit should be done regularly since it’s so very easy to become blissfully ignorant of what’s actually happening with the business’ finances. Company owners who enjoy a nice regular profit line are typically the ones blindsided most when things change and go in the wrong direction. Regardless, if you really can’t afford holiday bonuses this year, be honest and upfront with your team members. This way, they will understand the gravity of the situation and be grateful for whatever you decide on as a substitute. Employee Bonus Alternatives Before you panic, be sure to know the exact numbers. The situation might not be as dire as you think. Although, if it isn’t truly feasible to give your employees holiday bonuses this year, here are some great alternatives: Extra paid time off. What’s wonderful about this alternative is that employees will appreciate this just as much as bonuses. People like extra time off when they don’t have to forfeit anything and this will not cost the business anything directly out of pocket. Incremental pay raises. Another option is to schedule incremental pay raises for every quarter over the next year. If possible, start this in the immediate future and your employees will feel appreciated and valued. Better benefit packages. Yet another alternative to giving out bonuses is to give your employees better benefits which they can always use. Look into better health insurance, dental insurance, and other benefits What other employee bonus alternatives would you suggest? Please take a moment to share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

The Biggest Pros and Cons of Strategic Partnerships

August 27, 2021 No Comments

A strategic partnership can provide a number of advantages to just about any size business. In fact, it’s the reason that some multinational corporations team up together. Even though they have vast resources of their own, there are often specific tools, appeal to a certain base, experienced skill sets, and more which simply make it more advantageous to partner than do it on their own. Small businesses can likewise benefit from strategic partnerships much in the same way. However, just because there are some distinct advantages doesn’t mean these are always the best choice. Biggest Downsides of a Strategic Partnership There are drawbacks to entering into a strategic partnership. For instance, you must rely on this particular partner to carry out some responsibilities. How, when, and where should obviously be agreed on beforehand. But, this doesn’t necessarily mean it will all go according to plan. Then, there’s the matter of putting your reputation in the hands of another company. If you rely on your strategic partner to represent your business in any way publicly, you are obviously putting a great deal of trust and faith that they will execute accordingly and bolster your company’s name rather than tarnish it. One of the biggest mistakes business owners make is trying to do everything alone. To combat this error, business owners must hire and train the right employees. In addition, they should leverage strategic partners. So what is a strategic partner? A strategic partner is another business with whom you enter into an agreement that aims to help both of you achieve more success. —Forbes.com There is also the possibility that your strategic partner doesn’t truly possess the means and resources you think it does. In other words, you might have to put far more into the relationship than you get out of it. Of course, that would pretty much defeat the entire purpose of teaming up in the first place. Lastly, your strategic partner might be put in a position where they must decide between their own self-interest and their shared interest with your company — you likely know which they will ultimately choose. Biggest Advantages of a Strategic Partnership Of course, strategic partnerships aren’t always bad or no businesses would ever team up together. There are some compelling advantages to partnering with another company. Here are some of the biggest benefits of entering into a strategic partnership: More resources. The single biggest benefit is usually almost instant access to a greater amount of resources. By partnering with another business, you’re essentially expanding your own team and reaching more customers nearly immediately. More versatility. A strategic partnership can also bring with it various skill sets and experiences. Instead of having to seek out individual talent and spend time and effort to bring these things on board from within your own company, you already have an established organization to help your business grow. Different perspective. Perhaps one of the most valuable aspects of having a strategic partner is having another set of eyes and ears to examine situations. Rather than having to rely on just your own judgment, past experiences, and biases, you’ll have someone that has their own interest (and therefore yours too) at heart, which can be extremely beneficial in various sets of circumstances. What other pros and cons of strategic partnerships should be included? Please take a brief moment to leave a comment and share your thoughts and experiences so others can benefit from your strategies. Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Manage Your Teleworking Staff

April 9, 2020 No Comments

Managing a staff remotely presents a number of challenges, some of which are completely unexpected. When a business first goes to a telecommuting or teleworking structure, it naturally undergoes some growing pains to adjust to the new dynamic. Although it is ostensibly more beneficial, cutting down on some expenses, and providing more convenience to staff who no longer have to commute, there are still some issues which can arise. So, it’s best to know what to expect. The Upsides of Telecommuting for Small Businesses There are a number of advantages to remote work situations. It gives team members more flexibility with their schedules. Also, it cuts down, if not nearly eliminates, office politics. Additionally, another benefit is that it can reduce operating costs, having to rely less on a dedicated, physical location. Particularly for small businesses, telecommuting seems an effective strategy for maximizing a workforce while still keeping costs low. You don’t need to pay for a centralized office space or deal with a drive to work, but you do have to contend with YouTube, Facebook and myriad other online distractions. —American Express But, it also means having to wrangle with coordination efforts, relying on different forms of communication, along with various other things to work out. With just a bit of tweaking here and there, it’s possible to make it work and even to reach a point where pretty much everything flows seamlessly. Ways to Manage Your Teleworking Staff Of course getting from Point A to Point B requires a combination of ingenuity, cooperation, and some out of the box thinking. To effectively manage a remote staff, you’ll need to do the following: Clarify roles. Each team member must clearly understand his or her role within the organization to eliminate duplication of effort, gaps in productivity, and more troublesome issues. Every person should have a defined, central role, as well as alternative responsibilities, just in case there is a need. Set expectations. In addition to defining everyone’s role, you’ll also need to clearly delineate your expectations. Otherwise, people won’t know exactly what you want out of them, and that’s a recipe for disaster. Develop procedures. It’s pretty straightforward to set up and explain and demonstrate procedures in a face-to-face environment, but presents quite a challenge with remote staff. This is where most of the initial communication will be necessary, in order to coordinate how things should be done. Set Regularly Scheduled Conference Calls. Regular communication is key with your staff in order to develop relationships and high trust cultures with accountability. Have a set time and day with a set agenda on key performance metrics and results, project updates, review current challenges and opportunities and collaborate openly so that there is a sense of community. Use a video conference application like ZOOM or GoToMeeting.com or other for more effective communication. Understand security issues. With remote work comes the risk of work-product being compromised. You need to learn about and address any potential issues by being proactive as possible. Reach out for help when needed. Lastly, if things just don’t seem to work, you should seek help with the right people. you might need to consult or hire a technical professional in order to get everything you need in order for the system to be fully functional. What other suggestions do you have? Please, share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.