You don’t have to do it alone: A Management Team can help!
Business Rendezvous for August, 2006
Nowadays, the virtue of shared management is one that is gaining popularity in the private as well as the public sector. Although this concept has been around for a long time and has been utilised by larger companies, it is still to be widely employed by many smaller businesses. Shared leadership or the use of management teams provides a useful alternative for business owners to involve others in the management of their enterprises. {{more}} As the need for well-balanced leadership becomes even more recognised as critical to the achievement of the organisationâs goals, it is to be expected that more and more owners would come to appreciate the use of Management Teams.
There are several advantages that can be realised through the use of a Management Team granted that the âbestâ persons are selected to form part of that team. To achieve the best results, there must be a fit between the business goals and mission and the persons who comprise the Management Team. If this fit is accomplished then the business and team as well as individual members stand to benefit in a number of ways.
Benefits of Having a Management Team
⢠The Management Team provides the business with a diversity of talents and skills to meet its various needs. This could lead to increased productivity and profits.
⢠There is a greater assurance of continuity of the business. If one member of the team leaves, the business can still go on with its functions.
⢠Having a strong Management Team can help to build investorsâ confidence in the business. It can also help to attract and retain the best employees.
⢠Opportunities for increased innovation are created.
⢠Members are provided with the opportunity to build their self-esteem, improve commitment to the business and boost morale.
⢠Having a Management Team allows for higher quality decision-making.
Characteristics of a Strong Management Team
Before selecting a Management Team the business should ensure that the members can meet certain criteria. They must possess the competences and or qualities that would lead to a strong team. Among other things, a strong Management Team should:
⢠Have the ability to secure the required resources to run the business.
⢠Posses the relevant combination of education and experience for the specific business entity.
⢠Be able to give competent direction to the business.
⢠Be clear about its responsibilities.
⢠Have the ability to nurture the business.
⢠Members of the Management Team should complement each other.
⢠Be able to assist in developing goals and strategic directions for the business.
⢠Have a passion for the business and a genuine interest in the business activities.
⢠Be able to help individuals realise potential, discover new strengths, create opportunities for development, and enhance skills and competences.
If you feel that your business can benefit from having a management team you should consider giving this approach a try. There are many capable persons in and outside of your business who might be able to help you in diverse ways. Donât be left behind because you are afraid to change.
Submitted by the Centre for Enterprise Development Inc. (CED) a non-profit company that provides business development services to the local private sector.
Telephone 784-451-2235/6. Email cedsvg@vincysurf.com or cedsvg@hotmail.com.
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