Lack of management skills limit business growth

A lack of leadership and management skills may be inhibiting the growth of businesses.

Just under half of new start-ups in the UK last less than 3 years. The UK also has a growing productivity gap, currently 18% below the G7 average. A report by the Federation of Small Businesses looked at the level of management training that businesses are currently exposed to.

The report found that of the surveyed businesses:

  • 59% update their skills and knowledge at least once a year
  • 25% have undergone management training in the last year
  • 26% have never had any management training whatsoever
  • 19% offer external management training to their staff.

The report indicates that there are 2 main barriers to increasing training. 43% of respondents cited cost as a deterrent, while 34% reported availability of training as the main issue.

What makes a good manager?

Effective management is a skill that must be developed over time. Here are the key areas that often differentiate the good from the bad:

  • delegation – the ability to assign tasks and balance the workload of your team while ensuring that the right people do the right job
  • prioritising – keeping track of what is important
  • setting goals – short, medium and long-term goals for you and your team
  • avoiding multitasking – concentrate on 1 thing at a time to avoid being pulled in too many directions at once
  • the ability to have fun.

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