A company that has experienced management is a company that is structured, defined, well-organized, financially stable, and technologically sound; and has the flexibility to be relevant in all facets of a business.
An experienced manager has no problem making solid decisions, working with others, and if necessary, relying on outside sources such as consultants and vendors.
First, let’s talk about vendors and consultants. An experienced manager must have a checklist of questions before deciding on a particular vendor and consultant. In making the decision, the manager must first decide if the entity is the right fit based on the company’s and client’s needs.
Hiring a vendor or consultant is much like any other important facet of a company. Due diligence is required. Part of the due diligence is investigating their knowledge of your industry and client base. In addition, the prospective vendor’s or consultant’s reputation, successes, financial security, business histories, and professional references are extremely important; much like an interviewer would do when hiring employees.
A strong and experienced manager will not just take someone’s word about a particular vendor’s or consultant’s capabilities. A strong manager will make sure that they complete a thorough investigation before hiring. On the other hand, it is important to note that an experienced manager has to think about whether or not hiring an outside vendor or consultant will be cost effective; and can their problems be solved from within? In addition, they must decide (if outsourcing is the option) whether their company will need short or long term help.
According to the Journal of Accountancy, Fierce competition has led many businesses to restructure and downsize staffs in an effort to save money. As in the case of General Electric, even thriving companies do whatever possible to reduce staff and costs.
According to Solomon RC Ali, using a vendor or consultant, may turn out to be a good move. However, only an experienced manager woud know how to make that determination. Therefore, it is more than beneficial for a company, who may or may not be in serious trouble, to at least look at the possibility of outsourcing.
The Blog of Myles Vives, “From Passion to Profession” describes 4 key management functions which are: Planning, Organizing, Leading and Controlling. Myles Vives also defines management as a dynamic set of processes that can be effectively used to help grow your business. However, Myles says that the only way to know is to go out there and be hungry to learn more. Solomon RC Ali.com couldn’t agree more. Solomon RC Ali believes that Myles Vives is right on the money with his 4 key management functions, definition and the fact that one has to be hungry to succeed.