Accepting the role of company manager shows great bravery. It also shows ambition, as those willing to take on management roles usually have dreams that they desperately want to achieve.

But – and it’s a big but – being a company manager is a lot different to being a standard employee. Standard employees are part of a team structure, and have significantly less requirements bearing down on their shoulders. On the other hand, company managers have mountains of pressure to soak up and endless tasks to complete – it’s a totally different ball game.

Thankfully, you don’t have to do it all alone. You can use this carefully crafted, 7-step guide designed specifically for first-time company managers. Once you’ve read this guide, you’ll be unable to live without it!

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1. Experience the efficiency and convenience of deal rooms

All managers – not just the first-time ones – need to be on top of their documents. Failure to manage documentation will lead to a disaster: this is a fact.

So, what should you do? Your first priority should be to use a deal room. This will make storing, accessing, and sharing documents with employees and partners unbelievably simple and easy.

2. Be a manager your team loves

Whether you employ 10 people, 100 people, or 1000 people, as company manager, you need to be a lovable manager. Does this mean handing out flowers and gifts to your employees each time they walk through the office door? No! Instead, it means being a voice of assurance; someone that listens to employees and works carefully to make them comfortable and perform to the best of their ability.

Whatever happens, don’t become a dislikable manager. This will lead to a demoralized workplace, which then causes a snowball effect of chaos. Remember, you’re the heart and soul of the company, so make sure your influence is positive – not negative.

3. Keep your eyes glued to competitors

Your core employees won’t be focused on your competitors. All they will be focused on is completing their day-to-day tasks and everything in-between: it’s the job of you and your management team to keep your eyes glued to competitors and market trends. With your finger on the pulse, you’ll be able to steer your ship in the direction it needs to go. If you notice your competitors are creating new and exciting products, you’ll need to revamp your existing product line. If you see that competitors are collapsing due to poor market demand, you can be smart and enter other markets instead.

4. Be shrewd when hiring

One of the biggest challenges you will face is hiring new employees. Be shrewd during the hiring process by hiring a mix of employees; from the young and ambitious to the older and more experienced. Having a workforce that is too similar will cause stagnation – and you don’t want that.

5. Establish an exciting company culture

Your company culture should be exciting, progressive, and fun – something that will ensure your team is loyal to you. To do this, hold events such as catered lunches and happy hours to allow your team to unwind and socialize.

6. Hire senior advisors

Senior advisors can help your company with finances, marketing, sales, product development, and a whole lot more. These people can be hired as consultants, or can even take the form of seminars or classes that you attend with or without your team.

7. Implement contingency plans

Economic disaster can strike at any time, so make sure you implement contingency plans as soon as possible (you never know when you might need them). The recent COVID-19 pandemic has shown just how important this is.