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Key management skills

Leadership

Strong leadership and a sense of direction are hallmarks of almost all successful businesses. Good leaders offer direction to people, get them to share his or her vision for the business, and aim to create the conditions for them to achieve results.

You can show leadership to staff by involving them in decision-making, providing personal encouragement, recognising and rewarding good performance, helping to build their confidence to use their own initiative and inspiring them with a vision for success.

Strategy

All businesses need a strategy to succeed. A business strategy is different from a business plan. It is longer, looks further ahead and is more visionary.

Spending time on strategy will help you know where your business is heading and how to position it to get there. It will help you understand the challenges and opportunities your business faces and the best ways to address them, thus improving the overall performance of your business.

Delegation

Delegating involves passing on the responsibility for completing a task or controlling a process in your business. You may find it difficult if you are used to completing most tasks yourself.

Effective delegation makes good business sense because it frees you up for forward and innovative business thinking and ensures your team’s potential is maximised. Could your time be better spent? Could others be trained to take over? Might others even be better suited to the task than you? Delegate if it will prove more cost-effective to do so.

Managing your team

If your business is to work at maximum efficiency and achieve its full potential, all your employees need to work together as a well-functioning team. This means you must acquire team-management skills.