10 Best Practices In Business Management

Business management

Best practices in business management include involving employees, adopting flexible work policies, leading by example, rewarding good results…

It looks fancy to be a business owner managing your employee and achieving great economic success. However, the process is not rosy as it sounds. As a business owner, you need to implement the best business practices, make tough daily operational calls, motivate employees, and lead your organization into a successful future.

Business management plays an important role in helping managers organize and fully utilize their resources to produce the best results. A Master’s degree in business administration or management can help you learn valuable concepts about managing employees and some best practices in business management.

Nevertheless, you can also learn good management practices by examining what successful managers use and implement.

What are business management practices?

Management practice is a business’ innovative and working methods that managers can adopt to ensure smooth and effective running of the organization. Common management practices include hiring the right people, training staff, motivating employees, embracing new technology, and improving product quality.

This article outlines some of these practices you can adopt and the resulting benefits.

1. Involve your workers

Did you know that 68%of employees feel they are not fully involved in their work? This means that they are not concerned about gaining their managers’ approval or the company’s success.

Disengaged employees will drain your company and stifle your growth potential. You want employees that care more than their paycheck to advance your business interest.

 As a manager, it is your role to motivate employees and make them care about your company’s objectives. Engaging your employees gives them a sense of ownership and builds their enthusiasm to work.

Ensure your employees derives joy, not in the pay, but in their work. If they feel engaged, they will be excited to continue working for you.

2. Implement flexible work policies

Your employees would be adults unless you hired minors, which is illegal. Therefore, treat them as adults. Your employees need to feel respected and not as prisoners.

Successful managers adopt flexible work policies, thus allowing employees to choose suitable work hours or even work from home. Some managers have removed the notion of a specific work dress code, allowing their employees to wear what they feel more comfortable in.

Implementing best business practices means examining your organizational policies and determining how to make them more flexible. Minor changes to your policies to extend more freedom to employees can go a long way in improving their work lives and productivity.

Other benefits of implementing flexible work policies include:

  • Reduced costs
  • improved work culture
  • Better employee retention
  • Diverse team
  • Better recruitment process
  • Better time management

3. Lead by Example

Albert Einstein reiterated that example is not another way of teaching but the only way to teach. As a manager, you will realize the truthfulness of these words.

Leadership is more about guiding employees in their work than telling them what to do. Employees need to see your commitment and passion for a course if you expect them to jump into your boat.

Leading by example will motivate your employees and also train them. Enthusiasm is often contagious, and so is strong work ethics from management. As you lead your team, allow some employees to lead, enabling them to learn from you and grow.

One golden rule that managers do well to remember is that employees look up to the leadership, not the other way round. Management sets the desirable and acceptable workplace behavior through their example.

Therefore, as a manager, ask yourself – What characteristics do you show that rub positively on your employees? Which behaviors can you begin exhibiting to influence your team positively?

4. Adopt an open management style

Another good management practice proven successful for many managers is developing an open management style. This style allows employees to approach management with their concerns and questions freely.

The open management style breaks the office walls, thus allowing employees to contribute new ideas that management can consider. Employees will likely feel that management is helping them accomplish their jobs. Let your employees know that they can approach you anytime by leaving your office door open.

5. Be a good communicator

Poor management practices are the result of poor communication. A manager who does not communicate accurately, clearly, and thoroughly will often encounter problems with their team.

Proper communication is vital, especially when delegating tasks. If you are telling your employees to do something, ensure you have covered the following:

  • Who should do which tasks?
  • What do you want them to accomplish?
  • When do you want the task done?
  • How should the task be done?

These rules apply to all modes of communication. Remember that listening is part of communication, so be ready to listen to your employees’ input.

6. Provide regular constructive feedback

Your employees are human beings who will make mistakes many times. However, how you react to those mistakes will make or break your team. It is a good management practice to know how to deliver feedback.

Excessive criticism will only demoralize your team. Therefore, management should strike a balance between constructive criticism and positive feedback. Actionable feedback will help the team improve their skill and grow your business.

Remember to give feedback to individual employees rather than to a crowded office. Moreover, do not overwhelm your employees with several things they need to work on when giving feedback. Tackle one issue at a time, then address the next issue another time.

7. Reward good results

No employee loves it when their hard work and contribution are unappreciated. Good management practice dictates that managers recognize the achievements and efforts of their employees.

You can reward your employee with a public acknowledgment of their contribution to make them feel wanted and valued. It does not take much time to reward your employees. Unfortunately, business management training often downplays the value of appreciating employees.

Interestingly, some managers even think that telling an employee “Thank you” makes them look weak! On the contrary, appreciating employees help management achieve their goals faster since your team will feel motivated. How can a manager show appreciation to employees?

  • Send an email thanking someone for a job well done
  • Take your team for lunch if they achieve a certain target
  • Give them extra time off
  • Delegate team awards

8. Conduct regular meetings

We have already emphasized proper communication as one of the best management practices, and regular meeting helps you put communication skills to good use. Regular meetings allow you to listen and talk to your employees as a manager.

Employees are full of suggestions that can help the business grow, but it takes a patient manager to listen to what they have to say. These useful ideas could die with your employees if you do not listen to them.

Use regular meetings to build trust and encourage the free expression of one’s thoughts.

However, do not bombard your team with too many meetings that interfere with their jobs. Some workers are afraid to go to work on Mondays, dreading meeting their managers in the meetings.

Lencioni, in his book The Advantage, recommends that management should do the following concerning meetings:

  • Use separate meetings for strategic and tactical planning
  • Review tactical plan after the team reviews its progress
  • Ensure adequate time for clarification and debates on major issues
  • Every quarter, meet outside the company to review the organization’s progress.

9. Encourage an innovative culture

Employees will likely thrive in an environment where they can explore and try new ideas outside the company’s norms. If your employees see that you encourage out-of-the-box ideas, they will stay motivated, knowing that the organization keeps up with modern trends.

Developing an innovative workplace encourages your employees to come to you with their problems. Furthermore, they will be willing to share solutions to various issues the team may be facing.

Generally, encouraging innovation is the way to go for any serious business. The world trends are constantly changing, and you need innovative employees to stay ahead of the competition. Employees will stay loyal to a company that allows them to try out their ideas.

10. Benchmark to Improve your organization

If employees do not know their roles and goals, they may not achieve what you want them to accomplish.

When your employees know the organization and the department’s goals, they will have a sense of direction. Benchmarking presents the goals that your employees should compete against. It is the measuring yard for improvement.

Instead of running blind, make clear the key performance indicators and outlines employees should take to meet them. Benchmarking is good for personal and business growth.

Conclusion

There is a common adage in business that employees do not quit their jobs; they leave horrible managers. Failure to adopt good management practices can result in a mass exodus of employees from your organization. However, by implementing these top ten best practices in business, management will propel your business to greater heights.

Are there any best business management practices you think we did not include?