Team management is not a skill that comes naturally to most people. It has to be learned, and there are usually plenty of mistakes made along the way. In my case, I fumbled around for about 10 years, lost a bunch of money, and eventually founded Hubstaff to automate the proven processes that I had developed, which had worked very well. This article goes over the management methods that work for my remote teams, but it can be applied to co-located team management as well.
Team management is the most important aspect in business for the following three reasons:
You can’t build a successful company alone. Once you start growing, how your team operates will inevitably define the success of your company.
The goal of any business is to create an organization that can produce income for you, whether you are actively working in the business or not. You can never create that business without an awesome team.
Your team is usually the most expensive line item on a P&L. Hubstaff spends around 30k a month on labor and brings in around 50k – that means that 60% goes directly to labor costs. That does not include anything the founders take. This is important because it’s easy to overspend and “waste” here just like any other P&L line item, but since it’s generally a larger number your processes are all the more important.