How Good Managers Impact a Company’s Bottom Line

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Let’s face it, it’s hard to find a good manager. It often requires an extensive recruitment process and sometimes several rounds of interviews. Why? Because good managers are more likely to have a positive impact on the company and they are in high demand. Check out the information below regarding how good managers impact a company’s bottom line. This includes practices and skills you should develop and hone as a manager.

Communicating the Vision

It’s been proven that when employees know the vision, they’re more likely to act in a way that advances business objectives. This is why good managers communicate the vision with clarity. Vision casting can happen during team meetings and even electronically in email messages.

The important thing to consider is that everyone’s motives and goals in life are different, and those goals transfer into the workplace. That means that your vision for the company has to take everyone’s goals into account; you cannot just assume that everyone is working towards the same goals that you are. In fact, that’s the quickest way to  fail as a leader.

Take your employees into account when developing plans and be sure to compliment or congratulate them when they do well. Your company’s vision should take your employees into account, and a good manager can effectively communicate that fact and help your employees to invest in the company’s success.

Development Coaching

Every professional is constantly growing and developing. Good managers are also effective coaches and it’s usually something that comes naturally. Coaching employees doesn’t have to be complicated. It can simply be a matter of noticing and acknowledging when something is done right. It can also involve constructive feedback when there is room for improvement. Quite frankly, there will always be room for improvement. It’s simply a matter of providing feedback that’s useful so that everyone is growing. This inevitably results in financial gain for the company.

Pro Tip: You want to avoid focusing only on what’s wrong. The best practice is to sandwich a criticism between two positives. That’s simply the way in which most people are able to digest feedback that might be considered negative.

Emotional Intelligence

Having high emotional intelligence in the workplace includes being able to handle difficult situations under pressure while remaining calm. Every manager will be faced with a challenge that they must overcome. When this happens, not being able to handle the situation with diplomacy or overreacting can make it worse. This will often have a far-reaching impact on the team. In fact, it can result in low morale and that’s not good for the bottom line.

Active Listening

There are many challenges that arise in the workplace that could’ve been avoided if someone had just listened. A lot of peopl  communicate without actually listening. It’s mainly because there is a tendency to focus on formulating a response instead of intently listening to what the person is saying. Good managers master the art of active listening so that they understand what’s going on with the team and can make decisions accordingly. A byproduct of active listening is that people are more willing to speak about issues that arise. This allows you to get ahead of problems before they blow up.

Cultivating Innovation

In an era where technology is constantly advancing, there is always a better and faster way to get things done. The more productive you are, the greater your chance of success. There is a clear and obvious link between productivity and the bottom line. Good managers cultivate innovation by soliciting feedback or implementing a program that rewards employees for creativity. The opposite of this would be micromanaging employees and not allowing them to be innovative. The only constant in life is change and you’re much more likely to achieve business goals when you allow employees to be part of that change.

Focusing on Results

Cultivating a result driven environment in the workplace can be transformational. It’s easy to get bogged down with small details that don’t really matter. By focusing on results, you have a better chance of identifying any issues that are hindering desired outcomes. Although the process is important, many times there is more than one way to achieve a goal. A results-driven work environment is more likely to build a team with high performance. In addition to focusing on results, it’s important to measure results so that you know where you are and what’s required to get the job done.

On a final note, it’s important to treat people fairly in the workplace. The reason why it should be a priority is because a lack of  fairness will impact productivity. It’s about making sure that everyone on your team is treated without bias. Studies have shown that companies with a commitment to fairness are more effective and profitable.

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