The rewards of business can be valuable to entrepreneurs and organizations alike, but success doesn’t happen by accident. It requires careful planning and implementation of ‘strategies’ that work.
Companies aren’t getting the Leaders they need
Many industries are unable to efficiently respond to changes in their business environment. New products, technologies and even business strategies from competitors can cause your sales to take a downfall. The problem is not the inability to act but lack of ability to take appropriate actions. There can be several reasons for not taking action that range from lack of leadership to sheer incompetence.
A recent study showed, 77% companies involved in a leadership development revealed that their leadership strategy does not align with their business plan. Furthermore, 51% of the participants said their leaders are not entirely ready to lead the business.
The importance of leadership in business can be summarized this way, if you have a weak business plan, a great leader can still make it work in your favor. However, an ineffective leader can ruin even the best business strategy. This is precisely why companies need to develop effective leaders and never leave their leadership positions vacant.
Good Leaders are Invaluable to a Company
When we talk about leadership in business, we talk about what it takes to go the next level. This includes making decisive and timely decisions that help move the organization closer to its achieving its goals. On the downside, wrong decisions, underestimating competition, and more can put an organization out of business quickly.
Organizations these days face two significant challenges in finding and developing leaders. First, they are unable to find qualified candidates to fill leadership roles. Second, they don’t invest in a comprehensive leadership development program to nurture the leaders of tomorrow.
Good Managers should strive to be Good Leaders
Leadership, management, and success are all parts of the same process. Although leadership and management are similar in some respects, they involve different types of skills, behavior, and outlook. Great leaders that can think strategically and navigate the most unpredictable business environments efficiently will lead their organizations to greater heights.
If you have strong leadership skills, you can be persistent in the face of setbacks. You will have the power to see opportunities before your competitors do. Similarly, you are in a better position to gauge your business strengths and weakness and address deficits.
Leaders have a vision of what they want to achieve and they are able to communicate this to others and help them realize the vision. A good leader motivates people and ensures that all the available resources are organized and applied to produce the best results.
When a company loses a great leader, employees may thing, “Is there something wrong with the place?” It’s not just the employees who have questions, your loyal clients might not be happy with the decision as well. When a leader leaves, customers might start looking out for a new service provider. Remember that the effect of losing a leader can be a very costly for your business both short-term and in the long run.
Leadership in Business: The Essential Skills
What are the attributes of great leaders?
Most good leaders have a clear vision, are decisive, possess excellent creative and analytical thinking skills, and most importantly, they are able to manage people and resources and make them work together for a common cause.
1. Have a Clear Vision
Leaders have excellent organizational skills and the ability to communicate effectively. They can detect threats and prepare for the unexpected. Great leaders consider various business scenarios and anticipate where their industry is headed. They can even predict likely customer reactions to new products and potential disruptive offerings.
2. Strive for excellence
Strategic leaders challenge their own strengths and only take action after a careful examination of the problem. They would analyze all available information, and their solutions are always well thought out.
Unlike poor managers, great leaders focus on the root cause of the problem rather than the obvious symptoms. Instead of assuming things, they encourage debate by inviting stakeholders where open dialogue is welcomed.
3. Great leaders Get Things Done
Certain skills are required for a leader to be effective including SMART goal setting, good organization, the ability to communicate tasks and deliver results, and good delegation skills. If you are in a leadership position, mastering these skills are essential in order to gain trust and develop winning relationships that help achieve goals.
What exactly am I supposed to do as a leader? Do I have the required resources?
Great leaders zoom in and out on the details to see the bigger picture clearly. They also watch out for missing information and broken links.
4. An Eye for Talent
It takes a fantastic team to make incredible things happen. That’s precisely why great leaders prefer to surround themselves with creative minds. Make sure you are always on the hunt for exciting new talent.
Moreover, great leaders are strong coaches. Yes, the job of a leader is to guide and lead the employees by having a clear vision and strong focus. Sometimes, a leader also needs to show employees how exactly to carry out their tasks.
Training great minds is an investment that helps save time and improve productivity. When you work with people on a personal level, you can indeed find their capabilities and get the most out of them and benefit your business in the best way possible.
5. Establish Clear Communication
The tiniest of communication gap can cause significant problems for business. Therefore, it is a leader’s job to make sure that things are clear to both the company’s customers and staff. Also, a proper communication record has to be maintained to avoid any and all kinds of problems that may arise in the future.
The energy, knowledge, and ability it takes to develop and grow new leadership skills in today’s fast paced global business environment is essential for success. In addition, careful business planning and effective strategies that involve constituents and create a collaborative environment are critical for developing an organization that is sustainable and admired.