How to get featured in Forbes and take your Financial relations to the next level
If you’re looking to start your own business, or you’re hoping to move up the ranks in your current job, being a manager comes with a wide range of roles and responsibilities. In order to flourish in the role, it’s important that you have the right skills in place to ensure your workforce perform to the best of their ability. With that in mind, here are 10 skills that every manager needs.
People Management Skills
As a manager, you will be overseeing your team to ensure they’re performing their roles correctly and productively. Whether it be completing a task or a team project, stress levels can go through the roof, causing your workforce to lose motivation. Therefore, it’s up to you to boost your team to keep them on track with their work. Having a level of empathy and compassion for your team can make all the difference. If any member of the team has a concern, it’s important that you’re there for them to help them perform well. As you will be managing people from all walks of life, people management skills are essential in a managerial role.
Financial Management Skills
As a manager, you should know the basic financial reports of the business, such as the balance sheet, profit & loss, as well as annual reports. This is incredibly important when it comes to working out strategies to ensure the business doesn’t lose money. Overseeing the budget can allow you to identify what money is being spent, where it’s being spent, and why it’s being spent. Although budget and forecasting are one of the harder parts of a manager’s position, it’s essential that you understand financial management.
While you may not always have direct control over every member of the team, you still need to reach your objectives and goals. No matter whether you’re part of a small business or large organization, every member of the team will have a different viewpoint, so as a manager, it’s important that you can influence your team to believe in your goals, helping you to implement a strategy that works well for the business. Developing your influencing skills can have a positive impact on your team in the long run.
If you can’t communicate effectively, the chances are you won’t last 5 minutes as a manager. When entering a managerial role, one of the main duties you will have is to communicate with a wide range of people across the organization. Whether it be making and performing presentations, or communicating with senior management, being confident and direct is key. You need people to listen to what you say and to buy into what you’re trying to get across, so knowing how to communicate is one of the main traits you should have as a manager.
Another key part of a manager’s role is to negotiate. Whether it be with fellow colleagues, business partners, clients, or customers, knowing how to negotiate is essential. However, developing a win-win strategy will take time. To perfect your negotiation skills, you will need to practice until perfect. Knowing when to negotiate, as well as when to stop can make a huge difference, especially when it comes to securing a deal for the business.
Project Management Skills
Understandably, as a manager, you will be expected to oversee and manage projects daily. Projects may be internal processes, client focused, or even involve a range of departments. No matter what the project is, it’s important that you know how to plan, structure, and implement a project. Knowing the costs involved, as well as how to set milestones can ensure that the project is delivered on time and of an excellent standard. There’s no room for error when it comes to completing a project, so having the right project management skills is essential.
Strategy and Planning Skills
In order to meet client demands, or keeping customers satisfied, you should be frequently coming up with new strategies. With many competitors fighting for the same custom as you, knowing how to stand out from the crowd can help enormously. To complete a successful strategy, there will be tons of brainstorming and developing involved, so make sure to have your creative hat on. All in all, the strategies you create should work and create value for the business. Planning is everything in the business world, so it’s better to take your time, rather than rushing and delivering a strategy that doesn’t work.
As a manager, there are many people that will not only rely on you, but look up to you too. Being able to lead a workforce and delegate tasks to the right people is incredibly important in business. Assigning roles to the right people can ensure that tasks and projects are completed accordingly to plan. Being confident, clear, and direct with your team will help them to trust you and believe in what you’re saying. You may even be interested in completing a masters in operation management where you can learn and develop strong leadership skills, which can help you enormously as a manager.
If you’ve been appointed as a manager, you will know first-hand what it’s like to work at the lower end of the ladder. It’s important that you’re supportive and attentive to your workforce. As you will have been in the same boat as them once upon a time, you will know more than anyone what they’re going through. Being able to mentor and support your team in the right way can help to increase productivity in the workplace.
Problem Solving Skills
No matter how much hard work you put into the business, there will be times when things don’t go to plan. Instead of letting it stop you in your tracks, it will be up to you as a manager to be able to sort the problem out as quickly as possible. Knowing how to problem solve and working well under pressure are key skills that you should have as a manager.
Whether you’ve decided to launch your own company, or you want to seek a managerial role in your current job, there are tons of skills that you will need to possess in order to make a difference and help keep the business running smoothly and efficiently. Knowing how to communicate with your workforce, being able to lead a team, as well as knowing how to sort out problems as quickly as possible are just a few key skills that every manager needs.