Owner-managers 'need to upskill'
People who own and manage their own businesses need to be objective when identifying areas of weakness, according to an expert.
Maximising on areas of strength and eliminating areas of weakness within a business can be crucial to ensure survival, but managers are not aware of their own strengths and weaknesses, claims Ashley Ward, chief executive officer of the European Leadership Programme.
Mr Ward told the Daily Telegraph said that self-appointed managers do not tend to have been through the same kind of training and development that a managing director would have experienced on their way up through the ranks, reports the Daily Telegraph.
He added that this lack of management skills can put their business at greater risk during time of recession.
"While many owner-managers are good natural salesmen, they tend not to be so hot at marketing and market development," Mr Ward told the news provider.
Yesterday (September 8th) the National Institute of Economic and Social Research said growth turned positive in the three months to August, rising 0.2 per cent, compared with a 0.3 per cent fall in the previous period, meaning Britain is now virtually out of a recession.
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I don't think this is unique to owner-managers although entrepreneurs may not have had the corporate training of other managers that is useful.
I agree with Vince and also think competing priorities tend to sway towards keeping the cash flow position secure.
In my experience, managing directors tend to be skilled in whatever their business is about, they're not trained managers. So they know the technical aspect of their work really well but the management and marketing of their company is less good.