By Rafael Caamano, BBA, MBA
Several essential elements contribute to businesses or organizations’ success, including a unique product or service, adequate capital, and effective management. In my years of professional experience working in private organizations and academia, one element that is very important and can have a positive or negative effect on many areas of a business is something as simple as effective management. Effective management is crucial for making the right decisions and attracting the best people for coaching and development. If you are a progressive or forward-thinking manager, you will recognize that there are plenty of untapped resources within a company, including its employees. As managers, we must unleash the strength and extensive talent pool that exists within our organization.
So, as you build your company or organization, it is essential to consider the following:
The buck stops with you! Everything begins and ends with management. If you are trying to get your business off the ground but don’t see the expected results, look at yourself first. If you don’t like your margin percentages or profits, don’t blame inflation; take a hard look at your business model. The buck must stop with you! An effective manager accepts personal responsibility for results.
Don’t hide behind excuses! Some managers accept personal accountability for their successes and failures, while others refuse to take responsibility for their position and constantly blame external sources, conditions, or other people for their losses.
Self-confidence! One attribute of a good leader is having enough self-confidence to admit mistakes. The true challenge is recognizing what is wrong as early as possible and rectifying the situation appropriately. Remember that we all make our share of mistakes; after all, we are human, and those mistakes allow us to build something more significant.
Lastly, please don’t feel compelled to project the image of being the one who knows it all; tap into your sources and talented individuals and show emotional maturity. Encourage employees to seek answers with guidance, encouragement, and compliments.
Management is the most essential piece of the puzzle because it directly impacts all the functionalities of your business or organization. Therefore, let’s take responsibility and adopt new methods to improve our management skills. By embracing effective management practices, we can foster a positive work environment, maximize employee potential, and drive the success of our businesses. Remember, great leaders are not just born; they are developed through continuous learning, self-reflection, and a willingness to evolve. So, as you embark on your journey as a manager, make effective management a top priority and witness the transformative impact it can have on your organization’s growth and prosperity.
The University of Central Florida Business Incubation Program is a community resource that provides early-stage companies with the tools, training, and infrastructure to become financially stable, high growth/impact enterprises. Since 1999, this award-winning program has provided vital business development resources resulting in over 300 local startup companies reaching their potential faster and graduating into the community where they continue to grow and positively impact the local economy.
With eight facilities throughout the region, the UCF Business Incubation Program is an economic development partnership between the University of Central Florida, the Corridor, Orange, Osceola, Seminole, and Volusia Counties, and the cities of Kissimmee, Orlando, and Winter Springs. For the 2017/2018 fiscal years, the activities of these participating firms have helped to sustain more than 6,725 local jobs and have had a cumulative impact of over $725 million on regional GDP and over $1.3 billion on regional sales. During the same period, the program has returned more than $12.00 in state and local taxes for every $1.00 invested in the program. In addition, for every $1.00 of public investment, the firms also produced $118 of additional regional GDP and $226 of regional sales. For more information, visit www.incubator.ucf.edu.