7 Timeless Management Techniques That Work for Finance Today

When your employees hum along and do their best work, you probably hum along feeling pretty good that you have a great crew.

But make no mistake. That’s not luck. You’ve done a good job leading them.

And some timeless management techniques have probably helped you along the way.

Management Techniques to Practice More

But, as with all things that seem to come second nature, timeless management techniques can be forgotten in the rush to get everything done in Finance.

So you don’t want to lose the great environment you created. You might have to work a little harder to sustain it.

That often means leaning more into seven of the most time-honored and successful management techniques. And if you’re new to leading a finance team, this can be a helpful tool to identify the most important components of managing people.

1. Give Reasonable And Clear Expectations

It’s a common misconception that even your best employees know what’s what. But the truth is, people need to be reminded of what is expected.

Make a special point to sit down with them regularly, especially with new employees, to explain in a straightforward manner what your standards and expectations are.

2. Delegate To Build Trust

Trust is another essential. Building trust is best done by sharing responsibility. So when you delegate a task, delegate the responsibility that goes with it.

Allowing people to assist in a meaningful way sends a clear message that you have faith in them, you value their skills, and you want them to succeed and grow in their careers, too.

3. Grow Your Star Performers

Who wouldn’t jump at the chance to supervise a team of A players? They’re smart, hard workers and high achievers who know what it takes to get the job done.

Embrace their abilities, show them the way up the ladder, then get out of their way.

Remember, really good people will find their way elsewhere when they don’t get what they want.

4. When You Make a Mistake – Admit It, Fix It

So, you blew it. You’ve made a mistake that cost someone. What you do next will make all the difference in winning the respect and support of the people around you — or not.

When you admit a mistake and then fix it, employees know they can invest themselves in you safely.

5. Send Daily Signals That You Are Engaged

Employees know when their manager is engaged and involved. And they know when someone is just going through the motions.

Remember all the bosses you’ve had? Each one sent signals that let you know whether they were up to and interested in the job.

Good people take their signals from what you do, not what you say. Use daily moments to motivate and reward.

6. Offer Blueprints For Improvement

Sooner or later, you’ll encounter the employees who just aren’t cutting it.

Their behavior alienates others. They miss deadlines. They do a sloppy job. They always have an excuse.

Your first temptation may be to fire him or her. Cut your losses and move on. But it’s likely there’s been a lot of time and money invested in the person, so the loss will be costly.

Before you give up,  give them one more shot, but this time, lay out an improvement plan for them that has a real blueprint for success. With a clear picture of what to do, he or she may turn out to have that special something you thought you spotted when you hired them.

7. Toss the Bad Apples

But when that doesn’t work, cut your losses. Experience shows that one bad employee – even among a group of strong ones – can ruin the rest. You can’t afford to keep him or her.

Cohesion, value, fun and productivity are all at stake.