The word mining may strike fear into the hearts of some, but it doesn’t have to. If you’re thinking about starting your own mining company like Trillium Gold Mines or if you’re thinking about joining an existing one, this guide will tell you all the essentials you need to know about how to lead a mining company from scratch. Even if you already work at an established mining company, this resource can help give you ideas on improving your leadership skills and preparing for future growth in the company and your career.
Understand The Market
Look into your resources: Get started by looking at what natural resources are around in your area. If you are going to start a mining company, you need first to understand what kind of market there is. It will help you determine if it is even worth starting or not. In addition, it will make sure that your success rate is higher and therefore more likely for financial success.
Before you can lead, you need to understand what technology means for your business. For example, understanding how technology can solve an existing problem or improve workflow will make it easier for your leadership team to know where they should allocate their time and money when it comes to allocating limited resources. This will also help you in better understanding what direction your staff and management team should be taking as far as technological investments are concerned.
Know Your Finances
To be an effective leader, you have to know how your business is doing. Cash flow, expenses, and other numbers will give you insight into whether your team needs help with better time management or if they need more staff. If things aren’t going well financially, work on analyzing where money is being wasted to fix it sooner rather than later. You mustn’t panic and make rash decisions, however, if nothing else, take some time off to think through all your options before making any final decisions about what has to change for your mining company.
Hire Good People
One of the biggest hurdles as an entrepreneur or leader will be hiring people, and once you’ve done it, keeping them. You may find that prospective employees are hesitant about accepting positions at your fledgling company. If they understand what you’re building, why you’re building it, and where you want to take it in five years, their hesitation will fall away because they’ll recognize that their current path is taking them where they want to go. So, make sure every new employee knows what your goals are for your company and how he or she fits into those goals, as well as building a strong team around them.
Work On Risk Management
One of your top priorities will be ensuring that you and your people are safe. Don’t let safety fall by the wayside just because it’s not as exciting as increasing production. Remember, it only takes one incident to halt production and destroy all of your hard work. An excellent way to stay on top of risk management is by creating formal policies and carrying out regular inspections of critical areas. If someone is unhappy with any policies you create, then they can use a referendum vote to change them instead of walking off in anger. Please work with your workers to formalize health-and-safety procedures so they don’t feel like outsiders looking in at how things are done.
Leading a mining company like Trillium Gold Mines is challenging, but experience and understanding your people will help you. The field is rich with opportunity, and you never know what you’ll discover next.