A company is only stable if its employees are strong. That's why building a top-notch management team is vital if you want your company to succeed.
Analyze Your Business
Take a close look at your business to determine what is going well and what areas need improvement. To do this, you may want to look at data from your company. Besides looking at the bottom line, you should also look at customer retention data, sales forecasts, and how you compare with other companies in your industry. You may also want to survey your clients and employees to determine how satisfied they are with your business. You may want to consider hiring an outside consulting firm to evaluate the state of your company since it is challenging to assess yourself. This process may take time to complete.
With your current company's leadership, set growth or improvement goals for your company. These goals should be both short-term and long-term goals, and they may cover other aspects of your business besides sales. Decide what you need to achieve these goals. Does this involve expanding or retraining staff? Does this include expanding into a new market? Does this involve finding more reliable vendors?
Even though this is difficult to do, understanding your strengths and weaknesses may help you make wise hiring decisions for your company. If you lack sales skills, know that you will need to hire a manager with a strong background in marketing. If you are not detail-oriented, you need to hire managers who make your ideas come true. If your personality allows your employees and vendors to take advantage of you, you may need to hire someone with a stronger backbone. You are essential to your company, but you can’t and shouldn’t do everything. Hire people who are experts in their fields so they can take control over aspects of the company of which you may struggle.
Create An Organizational Chart
Once you have determined which roles you excel in and enjoy, it is essential for you to create an organizational chart to determine your hiring needs to lead each department. Research organizational charts for other companies in your industry. With your goals in mind, write a list of job descriptions for each manager. See if you have overlapping responsibilities and determine where you have gaps in leadership.
Assess Your Current Management Team
Once your organizational chart is created, and your job descriptions are rewritten, look at the skills of your current employees. Keeping your company goals in mind, determine where each of your current employees fit within the organizational chart. This may be a complicated process, especially if your current employees do not buy into your goals or if they lack the necessary skills to grow your business. It could be that underperforming employees are managing the wrong department, or it could be that your managers' job responsibilities were previously poorly communicated. Respectfully and communicate with employees during this process.
Look Within The Company For Strong Leaders
Once you have shuffled your current management, and have let go the workers who do not have the necessary skills, assess your current employees to see if any rock stars deserve a promotion. Young people are not afraid to move from company to company if they feel they are underappreciated or are not promoted within a timely manner. Don’t lose a budding talent because you think he or she is too young or just not experienced enough to be a leader. He or she may surprise you.
Recruit Talented Leaders
List job openings with online job sites. Talk with other leaders within your industry. Attend job fairs in your community or on college campuses. Use social and professional networks to find people who may be ready for a career change.
Communicate Openly With Your New Team
Once each position has been filled, make sure the team members understand their roles as well as other’s responsibilities. If you hired a manager to take charge of a part of your organization, give your managers the authority to act independently when they need.
Listen to the suggestions of your new employees. Even if your company has not made it to the list of Fortune's top 500 companies, you should take time and special consideration on who leads each of your company's departments. Happy workers will lead to much more success. Whether the manager's role involves inventory or how to prevent work injuries, make sure you pick the right person for the job.