After working so hard to achieve your vision, you have now opened your startup company. There have been tons of challenges leading up to this point, and this phase only opens up a new set of challenges that you need to brace yourself for. But as a newbie company owner juggling a plethora of things as it is, what do you need to focus on when managing your company? Here are some answers.
When you want something done a certain way, you need to prepare the groundwork to show others how it’s done, and only after you have figured out how to do it best. As the manager of a startup company, this means that you need to take the time to train your workforce.
You may be screening applicants tightly and hiring only the best of them. But even if they are proficient in their field, you can’t expect to hand down a few garbled instructions, only to complain about how the results do not match your vision at all. Have the patience to explain, train, and repeat the process with every major foundational task until everything is where you want it to be.
Understand your staff’s personalities
One of the best, sure-fire ways to get better at working with other people is to gain a better understanding of their personalities. Do some research around personality types to have some insight into what makes your staff tick. By doing so, you would learn how to approach each of them in a way that builds greater professional trust and cooperation.
A good starter for this is the Myers-Briggs Typology Indicator (MBTI), which is one of the most popular personality tests in the world. It consists of four main categories of personalities that lead to 16 subcategories. Once you become familiar with these categories, it can be easier to get a general feel of someone’s personality and have an insight into how to interact with them. Getting to know your staff also makes managing conflict in a startup much easier.
Learn to trust
For many startup managers, delegation is often easier said than done. It only tends to occur only when you have worked yourself to capacity. For now, hogging your tasks may be fine, but delegating your tasks will inevitably happen as your company grows naturally.
When delegating something, you need to fully hand over the ownership of the task or project, without holding on to some of its parts. Holding on to some duties may only create confusion about who is responsible for what, leading to the major issue of no one actually possessing full accountability for anything. When delegating something, you should have no intention of taking it back again.
Establish your metrics
Focus on the metrics that primarily drive the performance of your company. These metrics can include monthly conversion rates, the number of accounts closed every month or the success rate of cross-selling additional products or services to your existing clients. While developing your scorecard, you need to touch base with your team and ask them which metrics are most important for them. You also need to measure the performance of your team against the metrics that you set, and you need to do this regularly.
It takes a lot of effort to manage a startup. However, the satisfaction of seeing its growth, with you and your staff growing along with it, is one of the best feelings as an entrepreneur. By training your staff, understanding them, trusting them with tasks and establishing your metrics, you are well on the way towards having a flourishing company.