Lack of Management Skills Limit Business Growth
A lack of leadership and management skills may be inhibiting business growth.
Just under half of new start-ups in the UK last less than 3 years. The UK also has a growing productivity gap, currently 18% below the G7 average.
A report by the Federation of Small Businesses looked at the level of management training that businesses are currently exposed to.
The report found that of the surveyed businesses:
- 59% update their skills and knowledge at least once a year
- 25% have undergone management training in the last year
- 26% have never had any management training whatsoever
- 19% offer external management training to their staff.
The report indicates that there are 2 main barriers to increasing training. 43% of respondents cited cost as a deterrent, while 34% reported availability of training as the main issue.
What makes a good manager?
Effective management is a skill that must be developed over time. Here are the key areas that often differentiate the good from the bad:
- delegation – the ability to assign tasks and balance the workload of your team while ensuring that the right people do the right job
- prioritising – keeping track of what is important
- setting goals – short, medium and long-term goals for you and your team
- avoiding multitasking – concentrate on 1 thing at a time to avoid being pulled in too many directions at once
- the ability to have fun.
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