As part of an ongoing effort to provide free resources for the electrical industry I want to share with you the systems and philosophies that have been successful for me over the years.

This monthly newsletter series will take you through aspects of managing (business, financial, jobs, labor) giving you insights and techniques to help you build a better business.

The following content is extracted from Mike Holt's Business Management Skills Workbook.

One of the best definitions of the term management is simply executive skill. My workbook is about just that—management. Not in the sense of the business school theory of management, but rather the identification and development of the essential skills you need to become a respected and financially successful manager.

Many individuals have a life-long dream to control their own destiny. They are motivated to be self-employed, to be the decision maker, and to have more control over their working lives. For many, this motivation ultimately leads to the start of their own company. Starting your own business results in a greater level of risk but this risk comes with the anticipation of the future rewards of owning a successful business. My workbook will aid in the achievement of that life-long dream. Being effective, efficient and productive is essential to your success.

As a manager, it is vitally important to develop and maintain a sense of objectivity and a willingness to recognize change as an ever-present factor in business today. Change occurs both from inside and outside of a business. You will effect change through implementation of your management plan. It's about action and planning, as opposed to reacting to events. Receiving candid input from your advisers, the people around you who understand your business and your goals, and your employees, can be made a part of the everyday business environment using suggestion and recommendation programs. These programs foster a sense of belonging and being a vital part of the organization.

You don't need to do it alone. If you feel like you need your plans vetted, there are professional management consultants who are readily available to lend an attentive ear, judge options and develop executable business plans for firms of any size or age. Professionals will focus on financial performance and give you advice about competitive advantages using proven management practices.

You need to begin somewhere. By reading and participating in this newsletter series, you’re taking the first step in achieving your goals, by identifying key areas that need your attention.

There are two major considerations that you need to address to be successful in business, support and the willingness to learn. They will take you far in your quest for higher profits and proficiency:

Support. Everyone who wants to be successful needs to have encouragement and positive reinforcement. The support of family and close friends as well as business associates and employees is important. If you do not have a support network, do what you can to develop one. Share opinions and discussions. It’s a significant factor in the success of your endeavors.

Continuing Education. Take time to “sharpen the saw.” By beginning this study, you are already showing that you possess a vital ingredient, the willingness to learn. As a manager, you must keep up. If you stop or slow down, you fall behind. Managers no longer can be satisfied with a high school diploma, a college business degree, or even a master’s degree. Today, managers must actively participate in life-long learning to stay competitive. Attend a short course on accounting, taxes or marketing. Take part in industry specific seminars and workshops. Changes in today's technology result in constant changes to every career field, and a continuing commitment to learn and implement new ideas is vital. Failure to keep up with current business trends, social and technological changes has directly been linked to the failure of many companies.

Ask yourself—“What technical skills and certifications have I acquired lately?” Which of these have your competitors acquired? Which of these do your customers seem interested in? Have you even asked? If you don’t have the latest skills and let your customers and potential customers know, you’re giving business to the competition.

As a successful business owner and manager, I can tell you that it is the most difficult and yet rewarding task that I have ever undertaken. Managing perfectly is never accomplished. To achieve even a modest level of success requires that you convert from a doing-type of person to a planning, organizing, staffing, controlling, and remotely directing-type of person, and from undertaking the task yourself to accomplishing the task through others—others who you must begin to recognize are vital to your success. All of these words simply say that you must prepare—and that you must be prepared!

We'd love to hear from you about this series, and the ways you're using it. Send us your comments and feedback by clicking on Post a Comment below. Look out for the next part in this series a month from now, and please share with your colleagues.

This content is extracted from Mike Holt's Business Management Skills book.
To review or catch up on previous newsletters on Management and Business click here.