Not all businesses become successful even with enough funding and logistics support. Bigger corporations are not exempt from this. Instead of looking at external factors, it would be a good idea to look at your own business organization to find out what’s dragging your company’s performance. For all you know, it might be a case of business managers failing to do their jobs properly. This is not to say that you have incompetent business managers. They may be equipped with all the knowledge, training, and expertise in their field, but they might not have the right attitude to become effective business managers.
Micromanaging – there are some managers who think that effective leadership has to do with knowing every little detail about what’s going on in their own turf. On the contrary, this practice of micromanaging is counterproductive. It is a waste of the manager’s time and is too stressful for both the manager and the employees. Given certain rules and standards that need to be followed, employees should be allowed the freedom to work on their tasks in the most efficient way they deem fit. Managers, on the other hand, should stick to evaluating employee output and motivating the employees to work towards the company’s goals.
Unreasonable Budgeting – in challenging economic times like the past few years, corporate finances are cut and managers are forced to operate on tight budgets. The common reaction is to hold the funds and limit spending. While this is often necessary, cutting back on every item on the budget is unreasonable. Managers should be able to identify which budget lines to allocate funding for. Business cannot be generated without spending. There are essential costs that the company should spend for in order to expect a decent amount of revenues. These costs should be properly evaluated to ensure that only those that are likely to bring in the most revenues will be prioritized in the budget allocation.
Demanding Too Much From Employees – this is another common incidence during difficult economic conditions. As companies pare down their manpower, the existing employees are left to handle more workload than they originally had to. Productivity is hampered when managers start demanding too much from the company’s employees. The employees might not be able to cope with such demands, increasing sick days and maybe even causing the company to lose a few good men.