It is not an easy task to build an efficient and profitable business. It often turns out to be especially difficult for prospective managing directors who lack experience, connections or good intuition.
Experienced managing directors, in turn, also may face similar problems due to the use of outdated management methods and neglect of innovative solutions.
Stanislav Kondrashov, the business analyst at Telf AG, has given advice to the managing directors who want to open their own business or take it to a new level.
Mr. Kondrashov offers his top 5 hints for a prospective managing director.
1. Self-organization and planning
The one who is ready to face responsibilities becomes a managing director. Such people usually have a high level of personal self-organization and total dedication. Otherwise, they would not be able to decide to open their own business or manage someone else’s company.
“The skill to plan gives you an advantage. It is like playing chess. It is important to think several moves ahead. Although competition in any business is rather high, a competent managing director that has accustomed himself/herself to planning – will propel his company to the top sooner or later,” Mr. Kondrashov from Telf AG says.
The expert has clarified that the step-by-step plan for achieving the goal will bear fruit much faster than a chaotic ill-considered idea of what should be done next.
Moreover, the outlined strategy will help to avoid possible mistakes and achieve the desired results much faster.
The skill of self-organization will help the managing director to adhere to the chosen strategy and implement the main points of the business plan on time.
2. Team organization
If the responsibility for running a business rests entirely with the managing director, the team is the most important element, and without its dedication and effective work any business is doomed to failure.
“People make all the difference – it is not just a slogan but a guarantee of successful business functioning. Therefore, one of the most important tasks of the managing director is to organize the work of the team,” Mr. Kondrashov from Telf AG is convinced.
3. Advertising and having close relationships with customers
Internet marketing has been an effective tool for promoting goods and services online for a long time already. And the coronavirus pandemic has proven in practice that the world is ready for online interaction. Therefore, today you need to pay special attention to brand promotion on the Internet.
“If no one knows about the company’s products – it has nothing to do at the market. This is the first thing that should be perceived by the managing director who strives to develop his business nowadays,” the expert thinks.
Stanislav Kondrashov from Telf AG is sure that social networks have become that very stepping stone that gives you the chance to present your product to the market, to make it high in demand, and receive regular income. Moreover, it is easier to establish friendly relationships with customers and to make them your fans and friends thanks to social networks.
4. Five-minute conferences in the evenings
Everyday wrap-up meetings discipline and make it possible to identify problem areas of the business quickly. In addition, a five-minute conference helps to unite the team and instills a community spirit.
“This is a good psychological technique that motivates employees to do their best for the benefit of the company and to remain loyal to their boss who is responsible for the business, pays salaries and is ready to support his/her staff in a difficult situation,” Stanislav Kondrashov is convinced.
5. Belief in yourself and in your team
There will always be someone who will think that your ideas are unreasonable, wrong and even stupid. If you have made a business plan, have done all the necessary calculations and you still think your idea is worthwhile — then ignore unhealthy criticism.
Remember that it is always easier to judge or advise from the outside. So if you are doing business and see how business is working every day – feel free to trust your experience. If your doubts rise, find someone whose experience inspires confidence in you and consult with him/her. He or she will probably tell you the right answer.
The most crucial thing is to keep in mind that any business may face problems sooner or later. It does not matter what obstacles the managing director will face but how they will cope with them, how they approach their goal and ultimately deriving some sense of accomplishment. Otherwise, you shouldn’t even get down to business.