Management Mistakes

ProfitSchool

Welcome back to the ProfitSchool podcast with Mercer and Jeff Sauer today's topic is Management Mistakes.

Topics Covered In This Episode

• Introduction to Management Mistakes: Jeff Sauer and Mercer introduce the topic of management mistakes on "Business Unfiltered," emphasizing the value of learning from errors to aid others in avoiding similar pitfalls.

• Early Management Experiences: Jeff highlights his journey from a small team to managing 50 people with no formal training, reflecting on the initial challenges of wanting to be the “cool boss” and the importance of providing structured feedback and coaching.

• Importance of Clear Communication and Expectations: Discussing the "wagon wheel mentality," Jeff and Mercer emphasize the need for managers to empower their teams by providing clear direction, enabling problem-solving skills, and avoiding taking over tasks themselves.

• Hiring and Firing Decisions: Jeff and Mercer discuss the perils of quick hiring without due diligence, the necessity of daily check-ins during onboarding, and the difficulty of firing employees who initially seemed promising but failed to meet expectations.

• Empowering the Team and Setting Clear Goals: They highlight the need to nurture team growth through constant communication about career development, warn against early introduction of incentive plans, and stress the importance of setting clear, attainable goals.

• Investing Smartly and Managing Performance: Jeff advises against hiring for multiple roles unless necessary, sharing insights on making smart investments with clear returns. They also cover avoiding quick bonuses, the pitfalls of profit-sharing incentive plans, and the importance of setting realistic expectations to maintain team motivation.