3 Biggest Oversights in Business Management
Filed under: Business Tips
Whether you are an owner or manager, you carry the responsibility to oversee a team and support the growth of the company. Even if you have the best intentions, there are occasionally times when failures happen due to oversight. Luckily, you can avoid these problems by learning from other business owners who can help you avoid these problems before they happen in your company.
Jim McLaughlin
Transformational Business Coach
Today, we are looking at three common oversights for you to avoid:
1. Employee Satisfaction and Turnover
In large companies, there is often the idea that there is always the option to hire someone new if turnover happens. Yes, you can bring in new employees as needed. But, you need to consider the costs of recruiting, onboarding, training and lost productivity. Add up these expenses, and you will see that it is cheaper to focus on employee satisfaction instead of creating a poor environment that results in a revolving door.
2. High and Low Season
Things might be good right now, but don’t be fooled to think that you won’t encounter a slowdown sometime in the future. It is important to look at the trends in the industry and potential economic factors that could impact the success of your company. Prepare during the good times so that you aren’t caught off guard if you encounter a lag in sales.
3. Need for Support
Small business owners and managers can sometimes feel like they are carrying the responsibility on their own. It can be a lonely job to oversee the company from a management position. But, you don’t have to do it without support. Look for other people in the industry who can provide suggestions and advice. Building a network of peers is a valuable way to gain insights from others who have gone through the same experiences.
It can also be beneficial to hire a business coach for the support that you need. These services allow you to tap into their expertise so that you can learn the systems that have been proven in other companies. For more information, talk to Jim McLaughlin about Leadership Development for Business Owners and Managers: (951) 225-2179
