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.

Get in touch to talk about growing your business.