Common Mistakes Made by New Company Directors
As new directors learn the practices of their company, they subjected to absorb a variety of different learning curves. Although inexperience is inevitable, the following mistakes are common while learning the ropes. However, Directors and Officers Risks can be curbed with proper insurance coverage and safe business practices.
Keeping the Star Mindset- Getting promoted is not an easy task and requires plenty of effort and work. However, the director’s mindset should be more focused on encouraging other’s success and hard work. For example, Lindsey Pollak, author of Becoming the Boss, stated “Your job is no longer to be the star as a contributor. Your job is now to manage through other people’s success.” What’s more, the change in mentality can result in a struggle if the directors ‘keep trying to do their old jobs and be a manager at the same time.”
Doing Everyone’s Work- As micromanagement is one of the most disliked management styles, it is important to allow employees to complete their duties independently. As a director, it is critical to manage the company rather than attempt to contribute the way a typical employee would. Pollak emphasizes that micromanaging results in a lack of leadership, which she states is “a perfect combination of disaster, which is why so many people don’t like their managers.”
Calling Attention to Insecurities- Pointing out personal flaws to coworkers may be intended to relate to them, however this may ruin credibility. Directors should avoid mentioning a lack of fluency with technology, point out age differences, etc. when communicating with coworkers.
Not Setting Goals- As directors are in charge, motivating and inspiring a team early on is the best way to showcase potential and secure the company’s faith in its leadership.
Burning Bridges- Going hand in hand with goal setting, directors may be called in to restructure the workplace. As such, it is important not to disregard the seniority and wisdom of long time employees. It is important to consider their advice, regardless if it is put into action or not. Take the time to appreciate the employees for the value they contribute.
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