Key activities you need to master as manager

Manager at the company I advise recently asked me a question, the answer to which should be obvious but it is mostly not at all. At the time we were discussing first what he should not do as a manager and what kind of activities do not bring desired results – from business, from employee and from management perspective. Shortly after we finished our discussions, he said that we did discuss, what he should not do, but he would like to know not only what he should not do, but even more so what he should do as a manager.

I believe that his question is spot on and is rarely answered in simple and easy to understand manner. You can find tons of content regarding management all over the internet and in various books, but it is rarely right to the point and is almost never easy to understand or implement – it is also usually focused only on specific aspect of management, rather than on management of company in general. To better prepare myself to answer him in connection with his specific situation – in connection with his company and their processes – I decided to put together a short list of 10 key assignments that manager has to master – together with a few practical tips and tricks on how to do it. Therefore, here it goes … The list of key assignments you have to perform as a manager is comprised of the following:

Know your customers – successful companies are always oriented towards their customers and you as the manager should be also – if you know your customers, you can adapt your products and services accordingly and lead your company towards success; practical tip 1: take every chance you get to talk to your customers and ask them questions about your services and listen to them (don’t try to persuade them that your services or products are the best, just listen to them closely), think about your customers – about who they are and why they use your services and products, last but not least, find out who your customers are in terms of a demographic profile (or in case of business customers, in terms of company profile) – you can find this out by conducting appropriate research among your customers or by noting your customer’s profile prior and in the middle of your business relationship with your customer.

Know your products and services – if you want to manage your company successfully, you have to know what your company does – what kind of products it makes and sells and what kind of services it offers – if you don’t know your products and services well enough, you will not be able to lead your company successfully; practical tip 2: use services and products of your company as if you are the customer, real ordinary customer and not VIP customer – go also through all the procedures that customers need to go through – keep in mind that you do not need to be an expert regarding your products and services, but you should still know them in enough detail (and from customer perspective).

Know your company and its processes – in order to be able ti improve anything in your company, you need to be familiar with organizational structure of the company (formal and informal) and with its processes (actual processes, not only written processes); practical
tip 3: review everything you can find written about your company’s organizational structure and its processes – then talk to your employees, first to managers of individual departments and if necessary afterwards to individual employees from specific departments – take enough time to get to know the company and its processes well enough, otherwise you will not be able to manage successfully any changes that need to be implemented in the company, because you will not know and understand your starting point

Prepare your business plan – you need to establish your company’s position at this moment (your starting point), where you want the company to be in 1 month or in 1 year or in 3 years (or more) and how is your company going to get there – this helps you get the big picture and concentrate on those activities that bring you and your company best results; practical tip 4: use the term business plan loosely – you don’t need to write a lengthy document for it, instead opt for business model canvas or any similar method – just make sure you have clear overview of where you are currently, where you want to be in the future and how are you going to get there – and if you got to know your customers, your offering and your company well enough, you will be able to prepare the business plan with little effort.

Monitor and control – one of key aspects of being a manager is the fact, that you need to know, where you, your colleagues and your company are at any point in time – if you know your position, you can act accordingly, if you don’t you will make wrong decisions; practical tip 5: do make sure that your controlling function in the company is providing your with timely and relevant information – define what kind of reports do you want to receive (what kind of data, comparisons between plans and budget and realization etc.) and how often do you want to receive them – please, keep in mind that too many reports will obstruct your ability to see your general company’s position and will also drain your company’s resources (be reasonable with what you wish to receive)

Decide and act – the key assignment that you took with your management position are decisions – this is also the main decision between top management and others – the higher you are, the more you need to decide; practical tip 6: don’t try to stall your decision and stay undecided for too long – keep in my mind that you can always take the decision to keep status quo for certain period of time and review your decision again after that time – the difference between not deciding and deciding to change nothing at the moment is huge – with the latter you know, where you stand, while with not deciding you leave everything to chance

Inform – always make sure you explain reasoning behind your decisions and actions – your colleagues will appreciate it, because they will know and understand why certain decisions are being taken and will accept them more easily; practical tip 7: share as much information as possible with employees – let them know company’s business results, its current standing and current goings-on in the company – people like to know where they stand and will usually surprise you with increased motivation, improvements and adjustments of their work and actions

Manage people – companies exist because they enable people to work together towards common goals more efficiently than if they would be on their own – without people, there would be no companies; practical tip 8: make sure your decisions are constant and transparent and your colleagues are sufficiently informed (rather more than too little) – and your colleagues will generally be willing to follow your lead

Manage relationship with company’s owners – lots of times relationship with owners tends to be overlooked, when speaking of what manager’s tasks are – as a manager you need to make sure you are aligned with owners of the company, if you want to implement your plans and if you want to be successful; practical tip 9: owners of the company are not enemies – they are the ones, who sign off on your reward and they are people like yourself (or at least represented by people, if your company’s owners are other companies) – therefore you need to make sure and invest enough time to build positive relationship with them

Keep focus – don’t let yourself be consumed by tiny everyday operational issues – make sure you keep your focus on where do you want to take your company, otherwise you will not be able to successfully manage your company; practical tip 10: re-read your business plan at least once a month – it will enable you to set your current priorities properly and keep your focus and executing your business plan successfully

If you cover all of the above successfully, then you should be on your way towards becoming a solid manager. And you can then start to occupy yourself how to improve your management skills – the managing people and managing owners part of the list – and how to be a great manager …

 

Economists ‒ What They Do

Economists study how society distributes resources, such as land, labor, raw materials, and machinery, to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts on a wide variety of issues, including energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels, among others.

Economists develop methods for obtaining the data they need. For example, sampling techniques may be used to conduct a survey, and various mathematical modeling techniques may be used to develop forecasts. Preparing reports, including tables and charts, on research results also is an important part of an economist's job, as is presenting economic and statistical concepts in a clear and meaningful way for those who do not have a background in economics. Some economists also perform economic analysis for the media.

Many economists specialize in a particular area of economics, although general knowledge of basic economic principles is essential. Microeconomists study the supply and demand decisions of individuals and firms, such as how profits can be maximized and the quantity of a good or service that consumers will demand at a certain price. Industrial economists and organizational economists study the market structure of particular industries in terms of the number of competitors within those industries and examine the market decisions of competitive firms and monopolies. These economists also may be concerned with antitrust policy and its impact on market structure. Macroeconomists study historical trends in the whole economy and forecast future trends in areas such as unemployment, inflation, economic growth, productivity, and investment. Monetary economists and financial economists do work that is similar to that done by macroeconomists. These workers study the money and banking system and the effects of changing interest rates. International economists study global financial markets, currencies and exchange rates, and the effects of various trade policies such as tariffs. Labor economists and demographic economists study the supply and demand for labor and the determination of wages. These economists also try to explain the reasons for unemployment and the effects of changing demographic trends, such as an aging population and increasing immigration, on labor markets. Public finance economists are involved primarily in studying the role of the government in the economy and the effects of tax cuts, budget deficits, and welfare policies. Econometricians investigate all areas of economics and apply mathematical techniques such as calculus, game theory, and regression analysis to their research. With these techniques, they formulate economic models that help explain economic relationships that can be used to develop forecasts about business cycles, the effects of a specific rate of inflation on the economy, the effects of tax legislation on unemployment levels, and other economic phenomena.

Many economists apply these areas of economics to health, education, agriculture, urban and regional economics, law, history, energy, the environment, and other issues. Economists working for corporations are involved primarily in microeconomic issues, such as forecasting consumer demand and sales of the firm's products. Some analyze their competitors' market share and advise their company on how to handle the competition. Others monitor legislation passed by Congress, such as environmental and worker safety regulations, and assess how new laws will affect the corporation. Corporations with many international branches or subsidiaries might employ economists to monitor the economic situations in countries where they do business or to provide a risk assessment of a country into which the company is considering expanding.

Economists working in economic consulting or research firms sometimes perform the same tasks as economists working for corporations. However, economists in consulting firms also perform much of the macroeconomic analysis and forecasting conducted in the United States. Their analyses and forecasts are frequently published in newspapers and journal articles.

Another large employer of economists is government. Economists in the Federal Government administer most of the surveys and collect the majority of the economic data about the United States. For example, economists in the U.S. Department of Commerce collect and analyze data on the production, distribution, and consumption of commodities produced in the United States, and economists employed by the U.S. Department of Labor collect and analyze data on the domestic economy, including data on prices, wages, employment, productivity, and safety and health.

Economists who work for government agencies also assess economic conditions in the United States and abroad to estimate the effects of specific changes in legislation and public policy. Government economists advise policy makers in areas such as the deregulation of industries, the effects of changes to Social Security, the effects of tax cuts on the budget deficit, and the effectiveness of imposing tariffs on imported goods. An economist working in State or local government might analyze data on the growth of school-age or prison populations and on employment and unemployment rates to project future spending needs.

 

Work Environment

Economists have structured work schedules. They often work alone, writing reports, preparing statistical charts, and using computers, but they also may be an integral part of a research team. Many work under pressure of deadlines and tight schedules, which may require overtime. Their routine may be interrupted by special requests for data and by the need to attend meetings or conferences. Some travel may be necessary.

Education & Training Required

A master's or Ph.D. degree in economics is required for many private sector economist jobs and for advancement to higher-level positions. In the Federal Government, candidates for entry-level economist positions must have a bachelor's degree with a minimum of
21 semester hours of economics and 3 hours of statistics, accounting, or calculus, or a combination of education and experience.

Economics includes numerous specialties at the graduate level, such as econometrics, international economics, and labor economics. Students should select graduate schools that are strong in the specialties that interest them. Some schools help graduate students find internships or part-time employment in government agencies, economic consulting or research firms, or financial institutions before graduation.

Undergraduate economics majors can choose from a variety of courses, ranging from microeconomics, macroeconomics, and econometrics to more philosophical courses, such as the history of economic thought. Because of the importance of quantitative skills to economists, courses in mathematics, statistics, econometrics, sampling theory and survey design, and computer science are extremely helpful.

Whether working in government, industry, research organizations, or consulting firms, economists with a bachelor's degree usually qualify for entry-level positions as a research assistant, for marketing or finance positions, or for various sales jobs. A master's degree usually is required to qualify for more responsible research and administrative positions. A Ph.D. is necessary for top economist positions in many organizations.

Aspiring economists should gain experience gathering and analyzing data, conducting interviews or surveys, and writing reports on their findings while in college. This experience can prove invaluable later in obtaining a full-time position in the field because much of the economist's work, especially in the beginning, may center on these duties. With experience, economists eventually are assigned their own research projects. Related job experience, such as work as a stock or bond trader, might be advantageous.

Other Skills Required (Other qualifications)

Those considering careers as economists should be able to pay attention to details because much time is spent on precise data analysis. Candidates also should have strong computer and quantitative skills and be able to perform complex research. Patience and persistence are necessary qualities, given that economists must spend long hours on independent study and problem solving. Good communication skills also are useful, as economists must be able to present their findings, both orally and in writing, in a clear, concise manner.