In March 2016 the Federation of Small Businesses issued a paper on leadership and management which recommended small business owners and managers develop their skills.
Research by the Department for Business, Innovation and Skills found that that leadership and management skills to unlocking productivity and growth.
To quantify the value, research by Bloom and Van Reenen shows that a 20% improvement in management practices is associated with the same increase in output as a 25% increase in the labour force or a 65 per cent increase in invested capital.
- What would that give your business?
- What difference would that make to you personally?
Now, if it was possible to improve your leadership and management by 40% o even 60% – that could really transform your results.
Despite this many small businesses to not prioritise developing management skills, especially at the early stage of growth. In my experience, most look to marketing to have all the answers.
When was the last time you invested some time, money and energy developing your skills?
According to the Chartered Institute of Personnel of Development Leadership is about creating a vision of where the company will be in the future and having a strategy of how it this is going to be achieved. Management applies to the operational aspects of the business and processes that keep the organisation functioning. This can be broken down into three areas: strategic, operational and people.
What leadership and management systems does your business have in place?
If you’d like to explore implementing a management system then get in touch.