Aspiring managers and directors of companies might have a question regarding the skills essential to managing teams in a company. However, there is no finite list of skills that one can achieve to be a managing director. While they would have assistance from professionals and expert teams from different departments, managing directors must be experts in all aspects of the business with intricate knowledge to make informed decisions and communicate about them; what better way is there to learn more about these skills than by looking at the skills of an accomplished managing director of a recruiting firm in Sydney, James Marroun of TLH Group Company.
Negotiation
In the highly competitive market present today, negotiations form a crucial part of the business. Practical negotiation skills are necessary everywhere, from board meetings to sales, client contracts, and human resource management. It is a vital skill for a managing director to ensure the proper functioning of the company, build relationships with clients and partners, manage conflicts and gain respect.
Entrepreneurship
Entrepreneurial skills involve various skill sets that fall under both soft and hard skills. A managing director must have skills in accounting, marketing, financial planning, and business management that are essential in running a business and soft skills like problem-solving, decision-making, time management, creative thinking, innovation, and risk-taking skills that help establish and run a successful business.
Management and Leadership
Management skill is an umbrella term for a group of attributes that every managing director must possess to perform their executive duties in a company to achieve its goals and objectives. Leadership and management skills are often interchangeable as they involve planning, delegation, problem-solving, motivation, technical, conceptual, and interpersonal skills. These skills enable leaders to be involved in all company processes, predict hurdles, resolve challenges and maximize human potential.
Strategic Thinking
The technological and globalized world we live in today has led to growth and changes at an exponential rate. Strategic planning involves setting a vision for the organization and realizing it through achievable goals and adapting to the requirements and challenges that occur. They must consider their human resource, analyze their business plan, communicate and collaborate with a diverse team, solve problems and plan and implement strategies effectively.
Networking
Building a solid network is essential for any professional, including a managing director, to grow in their careers and help the company achieve its goals. Networking involves building and maintaining social contacts with people of common interest. Generally, networking involves a strategic network, operational network and personal network, which enables managers to cultivate lasting relationships they can mutually benefit from. Networking enhances business opportunities and growth internally and externally in a company.
Communication
Any barrier to productivity, conflict, misunderstanding, or mistake in a company usually occurs through ineffective communication or miscommunication. Managing directors must have the skill to communicate clearly with their teams, build confidence, build team morale, provide clear instructions and direction leading to better productivity, resolve problems and save resources. Effective communication involves rapport building, active listening, assertiveness, conflict resolution, flexibility, open-mindedness, and clarity.
Analytical Thinking and Decision Making
Analytical skill mainly consists of the ability to analyze data, develop recommendations, articulate solutions and communicate them clearly. Analytical thinking has thoughtful, purposeful, and rational thinking to reach company goals, identify patterns in the data, creatively resolve issues and systematically review information to identify relevant information. Assertiveness and decision-making after a thorough understanding of the company’s needs enable managing directors like James Marroun to be successful leaders in large companies.
One can achieve their aspirations of becoming managing directors by developing these soft skills by consulting experts in the recruitment and training industries.
