8 Best Practices in Business Management
A great business leader inspires their team and applies effective management methods to achieve success. Business management is the process by which an organization can ensure its employees achieve maximum effectiveness with minimal effort and resources available to them. A master’s program in business administration will equip you with the knowledge of what drives employees to perform their jobs efficiently, as well as provide you with top strategies for making an organization’s culture more productive and efficient. Patrick Lencioni, the best-selling author of 10 books on business management, created this program to help transform struggling businesses into efficient systems where employees feel motivated to do their best work.
1. Align Workers
Workers who feel alienated do not care about the work they do, only about earning a wage and furthering their personal interests. Therefore, managers must first figure out how to get their employees more committed to the company’s vision. Engaged personnel are not only more motivated and productive but they take ownership for their actions as well as attracting fresh talent into the business. Engagement not only boosts motivation levels and productivity levels but also leads to active citizenship by taking responsibility for actions taken and increasing productivity levels.
2. Recognizing and Appreciating Work Excellence
No one likes their efforts going unappreciated. Recognizing accomplishments and showing appreciation for successful tasks helps employees feel appreciated. While this may seem like a no brainer, business training for management often overlooks its positive effects. Certain managers may fear that being “touchy-feely” undermines their authority; however, rewarding motivates people to be more productive while increasing customer loyalty to your company.
3. Be Vulnerable
Lencioni often revisits the topic of vulnerability in his articles on business management. He believes that managers must cease being Business Management Tips anonymous figures in junior employees’ lives, and get to know their staff members in order to engage them effectively. Moreover, vulnerability plays a crucial role in team dynamics; when one cannot express one’s thoughts freely within context it becomes difficult for teams to build trust.
4. Stay Committed
Without trust among team members, they often attempt to avoid conflicts instead of discussing and reaching a consensus. A fog of uncertainty arises instead, leaving clear objectives and strategies undefined from group discussions. Lencioni describes this lack of commitment as the “third dysfunction” in team dynamics – leading to poor decision-making and decreased productivity. Committing yourself to the team’s vision allows disagreement to be welcomed rather than feared; different perspectives help shape an achievable goal together.
5. Strive for Clarity
Many companies struggle with a lack of harmony among managers who either quit working towards fulfilling the vision for their company or don’t understand what that vision actually is. Lencioni suggests businesses focus on aligning core values and asking questions such as:
- why are we here?
- What are our rules of conduct?
- What can we do?
- How can we succeed?
- And most importantly: what’s most important at this moment?
- Who Is Responsible for What?
Without leaders developing and sharing an understanding of the vision, mission, core values, strategic goals, and responsibilities assigned to each employee, even effective business management training cannot be of any use since there is no focus or direction within the business.
6. Foster Cultural Cohesiveness
“Culture” here doesn’t refer to someone’s socioeconomic or ethnic status. Rather, culture refers to an understanding of shared values shared by all that, when coupled with appropriate involvement, will lead to effective and efficient results. As a business practice, selecting new hires based on aligning with your company’s fundamental values and vision is beneficial; people with similar attitudes make excellent team members. Diversity of gender, race or socioeconomic standing may contribute towards collective understanding but it cannot destroy a business entity itself
7. Focus Team Effort
Some managers dedicate all of their efforts to making sure the team starts on the right path, organizing retreats to promote unity and being aware of ideas when they arise. It is essential to pay attention to team dynamics but you must ensure members aren’t distracted by personal activities which could take them down an unproductive path. Continuously assessing and reorienting goals within your team is the most efficient method for achieving optimal outcomes.
8. Hold Regular Meetings
In his book The Advantage, Lencioni emphasizes the significance of meetings for organizations’ success: “No action, activity or process is more essential to creating a healthy organization than meetings.” To make meetings successful, managers must take these measures:
- Establish separate meetings for both tactical and strategic business plans.
- After each team meeting, review the action plan created from that discussion, clarifying any important points raised, and assess progress made against goals.
- Make sure there is ample time set aside for discussion, clarification, and resolution of outstanding issues.
- The group meets quarterly outside the office to discuss developments within the business and industry with staff participation.
Meetings provide companies with regular opportunities to reflect upon and clarify their core values. It provides participants with a chance to review their principles and offer fresh perspectives on business practices.
If you want to be successful in a competitive field such as management in business, loyalty to yourself is essential. In the end, the most efficient methods involve creating authentic connections with colleagues, staff members who lack experience and the company overall.