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4.6 Strengthen Your Management Team"There is at least one point in the history
of every company when you have to change dramatically to rise to the
next performance level. Miss the moment, and you start to decline."
By now, you should have a fairly good idea of your team's weak spots. There are several ways to shore up these weak areas, depending on what suits you best. Here are some options:
Upgrade Your Managers' SkillsIf you can afford the time or if the skills gaps are minor, consider upgrading the skills of some management team members. There is a wide variety of training options available: short intensive business-type courses, college or university courses and programs, self-study programs, and Internet-based training courses like this one. Hire New PeopleHire people with the skills you need to fill in the gaps. Be sure your hiring process is carefully targeted to recruiting to gain the necessary capabilities, and rejig the roles and responsibilities so new managers aren't perceived as invading someone else's turf. Modify Team Structure and RolesAre your management team's skills and abilities being used to best effect? Consider whether a reworking of management roles and responsibilities might open up the opportunity for an existing manager to use more of his/her qualifications and skills. Change is an integral part of a growing business. Changes in management should put key members of your team where they are best qualified. Many companies rebuild the management team continually — to adjust to changing circumstances. Bring in Outside Directors and AdvisorsYou can improve your management team by forming a board of directors with reputable and credible outsiders. They can legitimately help a growing company grapple effectively with the many challenges of the early years. And investors will be impressed with your foresight. Another option is to seek advisors with abilities in areas where your team is weak. Look for people who have a reputation for integrity, foresight and success. Consider part-time advisors: your lawyer, financial advisor, accountant or even your potential investor. Look for Investors Who Will Enhance Your Team
The degree of investor involvement in your company is sometimes based
on the investor's perception of your team's management capabilities.
If investors have confidence in your team, they may play a passive role
and allow existing management to continue. Otherwise, they may want
an active role in policy decision making, financial problem solving,
and recruiting managers. This could be good for you, especially if investors
complement a specific skill or provide growth opportunities that you
would otherwise not be able to exploit. |
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