Building a Management Team

To have a successful business, you need to create a winning management team. There are several things to keep in mind when you are building that management team. It’s important to recognize the different backgrounds, personalities, and experiences of your employees in order to best direct their strengths in a way that will benefit your business.

The first step is to develop your business mission if you have not already. The team that you assemble must adopt and align themselves with your business mission statement. The business mission is the glue that binds the business together—it is how the day-to-day business operations are conducted. Team spirit and a sense of camaraderie are created through a shared belief in and passion for the mission of the business.

Determine what skills you need and what skills that you already have. Do you need a CEO to take on the role of a leader, or a CFO to direct your financial strategy? Do you need an Operations Manager because you are planning on expanding your business, or a Marketing Director because you do not have the time or know-how to develop your brand? It is a good idea to review your existing team and identify the skillsets, strengths and weaknesses of each member to know whether you need to look outside the business to hire the talent. As a small business, you may have a few roles that can be covered by the same person.

Set clearly defined goals and objectives. When your management team doesn’t clearly understand the intent and aim of their work, there is an increased risk of failure. Know what you want to achieve, make the goals measurable, create an action plan, divide the action plan among your team, and then review the goals. Goals will give your team a measurable mission and will help the team move themselves and your company forward.

As you work with your team, build trust and respect. If an employee doesn’t trust their manager, the company suffers and oftentimes the morale of the other team members will as well. When your team trusts and respects you, the productivity of the workplace will increase. Your employees rely on you to help develop their careers and give guidance on how they can improve their skillset. “Individuals don’t win in business; teams do.” —Sam Walton

Take time to reward your team and celebrate with them. Your employees work hard every day, performing essential functions for you and your business, and that should not go unnoticed. In return, you should take time to let them know that they are appreciated, be supportive of them, and share thoughtful and kind gestures that let them know that you recognize what they do.

Once you have your team put in place and have begun working on the measurable action plan, it’s important to keep reminding your team of the priorities, even if it begins to feel redundant and repetitive. People learn through repetition. Studies have shown that people need to see or hear a message at least seven times before it sinks in.

Continue to challenge and train your team. A management team that continues to pursue knowledge, strengthening and growing their skills, and keeping up with any changes in the industry, will be an exceptional, well-prepared team. Exactly what you set out to find from the start.

Author
Amy Alonso
Transaction Director
Benchmark International

T: 512 347 2000
E: Alonso@benchmarkintl.com

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Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximizing solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $7B across various industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from 14 offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.

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