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Business schools and business moguls keep bombarding with lots of information, theories, and data. In this blog, we look at 4 of these theories or myths as we like to call them, and how they are partially or completely inaccurate.
Here are some top management myths unmasked:
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Businesses doing well have far – fetched goals. At times leaders / management look at ways of meeting client requirements in novel ways. Tough goals are laid out, risks taken and success is achieved. This is not often, but many take the route and fail. Visionaries know a radical overhaul is required or as they say “ ripping a bandage “ to get things to turn around for the better. The issue arises when the objective has no logic behind it, the scenario calls for determination with incremental enhancements, and the business starts feeling the heat. Brands need to be always alert of the basic assumptions that have led to their success. Setting high standards and lofty goals to get the company out of its stupor is a good idea but it should not become standard practice. Standard practice should be the habit of questioning assumptions.
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Performance targets help in creating business road maps. To implement a blueprint for the business, the management needs to know what is working or what is not as well as if the company is moving on the path of growth. This includes measuring a collective of variables. These measures provide a decision making support system that can allow leadership to calibrate, take remedial action and be flexible to the changing environment. Such KPIs need to be analysed to reveal data on what is taking place. However, this does not mean everything should turn into report cards that revolve around targets. If you let a “ report card “ of targets drive your strategy, it could end up being that the targets become the focus. It gets worse if varied targets demand your attention. In reality, businesses need to know the present situation as well as draw attention to what is important. Creating a strategy is setting a course for the company over time. A set of measures is only a way to measure if you are on the right track or course correction needs to be done.
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Few good performers drive the engine of the company. It’s a widely held belief that a core group of high performers leads the company and its growth. Though this may be the case often, it’s not the real truth. The super employees have their place but so does everyone else. The ship can sink or grow thanks to the efforts of all. Each person in their own contributes to the making or breaking of the company. The company is like a jigsaw puzzle where everyone has to play their role for it to make sense.
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Brands need leaders, not managers. We have been believing that all businesses need leaders to guide the companies to success. The over emphasis and celebration of leaders are misplaced. The person a brand needs has to be a combo of both leader and manager. These roles are not to be found in separate people. Good management skills are a must for running a company.
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About the Author
Mohit Sharma
Mohit is Practice Lead, 15x Certified Salesforce Consultant, Salesforce trainer, blogger, writer, and full-time husband. With over 8 years of experience implementing Salesforce, and an obsession for innovation, ready to tackle any new project that comes his way.
