/ / / I want to manage a business
step 1

Take responsibility

Whether you’re running a small family business, or a multi-million dollar organisation, there’s no room for wallflowers.

  1. Up and running

    Most management roles will require you to hit the ground running, so it’s important you know what to expect of the role. You’ve accepted the job, so own it. Own it all – the title, the responsibility, the pay, and establish yourself as a strong, confident leader. If you’re able, speak to previous occupants of the role to learn what challenges they faced – you won’t regret it.

  2. Buck stops here

    There are two sides to every coin, and in the case of managing a business, the flipside to the benefits is surely that all roads lead back to you as leader. When times are tough, you may have to take one or two for your team and make some tough calls, but the sooner you can reconcile this fact, the better a manager you’ll become.

step 2

Don't micro-manage

So many small and medium business managers will have trouble with this one, as the very nature of their business means that they take on a lot of extra responsibility. This may be because they don’t have many employees, or they like to be across all aspects of their organisation.

As a manager, you need to learn to delegate appropriately and to avoid micromanaging your staff. This will serve multiple purposes. Firstly, it will empower your workers to know that you’ve placed your trust in them to get the job done. If your staff don’t possess the equipment or skills to handle a specific task, it’s up to you to ensure they get what they need. This will show that you’re willing to invest in them as an integral part of the business.

Secondly, it will free you up to work on other aspects of the business.

step 3

Be all things to all people

Depending on what sort of business you’re in charge of, the most important factors in running the show may change, but you’ve got to be prepared to be all things to all people. Some more common areas of expertise you’ll need will include:

  1. Financials

    From understanding your financial statements, to invoices, ordering, taxation and payroll, getting your head around the money side of things is essential.

  2. Legal

    Every industry has its own regulations, tax requirements and legal potholes to be aware of.

  3. Marketing

    It’s a crowded market out there. Are you using best practice to identify your customers and target them at the right time, using the right marketing mix?

step 4

Be prepared and make good contacts

Being a manager lets you get above the day-to-day grind of running the business so you can look ahead and try to plan for your organisation’s future.

  1. The unexpected

    As a manager, it’s your job to be adaptable and handle change as it occurs. But there are some changes that are difficult to handle on your own, such as a natural disaster, or the loss of key staff. For smart managers, these are precisely the sort of events that a Business continuity plan can help with. Speaking to a Financial Planner can help you to understand your options.

    Make an appointment with a Financial Planner

  2. Who you know

    You’ll no-doubt have a ‘little-black-book’ full of important contacts you’ve made over the years, but it can’t hurt to count a Business Banking expert as one of your go-to’s. No matter what the problem facing your business, knowing a specialist that can help can be an all-important lifeline when you need it most.

    Speak with a Business Banking expert