Our website is getting a new look! But don't worry; you'll still have access to all the same great information.
In an effort to improve your user experience and to ensure better website and application accessibility, we'll be changing our website's appearance in the next few weeks.

Strengthen your management team

When you start your own business, you may be used to doing everything yourself. As your business continues to grow, you will need some help in overseeing your operations. Some of your employees who have strengths in marketing, sales, accounting or informatics could assume that role. Otherwise, you may have to hire a senior team to oversee your operations, so you can concentrate on the growth of your business.

What makes a good management team?

If your team is weak in some areas, start planning to improve it now. You can strengthen your team by:

Upgrade your managers' skills

If you can afford the time or if the skills gaps are minor, consider upgrading the skills of some management team members. There is a wide variety of training options available: short intensive business-type courses, college or university courses and programs, self-study programs and Internet-based training courses.

Modify team structure and roles

Are your management team's skills and abilities being used effectively for the benefit of your business? Consider whether a reworking of management roles and responsibilities might open up the opportunity for existing managers to use more of their qualifications and skills. Change is an integral part of a growing business. Changes in management should put key members of your team where they are best qualified. Many businesses rebuild the management team continually to adjust to changing circumstances.

Hire new people

Hire people with the skills you need to fill in the gaps. Be sure your hiring process is carefully targeted to recruit with a view to gaining the necessary capabilities, and modifying the roles and responsibilities, so that new managers aren't perceived as invading someone else's turf.

Bring in outside directors and advisors

You could improve your management team by forming a board of directors with reputable and credible outsiders. They can legitimately help a growing business grapple effectively with the many challenges of the early years. Investors will be impressed with your foresight.

Another option is to seek advisors with abilities in areas where your team lacks strength. Look for people who have a reputation for integrity, foresight and success. Consider part-time advisors: a lawyer, financial advisor, accountant or even a potential investor.

Could setting up a board of directors or an advisory board be good for your company?

Was this information useful?
  Characters remaining:

Please click "submit" even if you did not add a comment, so that we can capture your rating. Thank you!

Thank you, your submission has been sent.


Share this:


Government Activities and Initiatives