Does Your Management Team Have the Skills for Growth?

management-team-on-steps

As your company develops, you will need different sets of skills. The skills you used several years ago to propel your company through the start-up and early growth phases are not the same as the skills you now need for growth and maturity. Does your management team have the skills for growth?


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Growth requires not only a broader range of skills but also deeper understanding and ability in each.

You need to decide which areas of your business are most critical for its growth and analyse your own education, experience and skills (and that of your other promoters and management team) in each of these.

Here's an exercise on looking at education, experience and skills gaps and filling them. 

Download the Management Team Skills For Growth Exercise for free below:

DOWNLOAD GROWTH EXERCISE PDF

 

Exercise on Education, Experience & Skills

First summarise your education, experience and skills in each table. 

Education

Period

Institution

Course

Applicability to your business during growth stage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Experience

Period

Organisation

Position/Responsibility

Applicability to your business during growth stage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skills

Period

Source

Nature of skill

Applicability to your business during growth stage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skills Gap Analysis

Next, identify the areas critical for growth in your business – and how your education, experience and skills match and where gaps remain:

Area

Match of:

Gap

How to Fill the Gap

Education

Experience

Skills

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

It cannot be emphasised enough that the promoters and management team are the most critical determinant of a company’s growth. Without able, committed management to drive the business forward, growth will not happen. Hence the importance of further analysis in this area.

Recommended reading: Choosing the Right Growth Strategy

Skill Levels

Every stage of a company’s life cycle demands different skills of management. The table below shows the business life cycle, the issues that each stage brings, the key success factors for each stage and their relative importance.

Business Life Cycle

STAGE

Survival

Consolidation

Control

Expansion

ISSUES

Owner is the business

Developing systems

Taking on and managing staff

Delegation and decentralization Market expansion

KEY PROBLEMS

Finding customers Managing cash-flow

Generating repeat sales Maintaining financial control

Fighting competition Developing new markets Control of margins/costs

Maintaining financial control

KEY Success Factors

 

 

 

 

Owner

 

 

 

 

Goals (personal & business)

3

1

3

3

Operational ability

3

3

2

2

Managerial ability

1

2

2

3

Strategic ability

1

2

3

3

Business

 

 

 

 

Financial resources (cash/borrowing power)

3

3

2

3

Personnel resources (quality of staff, especially at management level)

1

1

3

2

System resources (information, planning and control systems)

1

2

3

3

Business resources (goodwill, market-share, technology, reputation, etc)

3

3

2

2

Drive, value and passion are internally driven and are hard to change. But skill levels can always be developed, whether one is talking about “hard” skills (functional capabilities, such as marketing or financial skills), or “soft” skills, like dealing with people or managing change. You need to analyse the current skill levels of your management team and identify the new skills that the business will require in the future.

Exercise on Skill Levels

Current skills Planned requirement Skill Gap

  1. What are your strong points?
  2. What are your weak points?
  3. What areas do you need to improve on?
    • Sales
    • Finance
    • Innovation/product development
    • Production
    • Marketing
    • Management
    • Communication
    • Negotiation
    • Change Management
    • Other (specify)

Once you have completed this exercise you will have a good idea of where gaps lie and how you can go about filling them. 

Over to you now. Any other tips for telling if your management team has the skills for growth? Tell us in the comments below. 

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Tuesday, 19 November 2019
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