Growing your business might seem a daunting task when you oversee every aspect of your business. Regardless of whether you are just starting out or have some experience, managing your business has many challenges. This explains why roughly half of small businesses close their doors by the fifth year. How you deal with these challenges defines you as a business leader. That said, below are key leadership traits that contribute to business growth and success.
To lead your venture, you require good communication skills. This allows you to easily articulate ideas and opinions while minimizing misunderstandings. Communication plays a significant role in establishing trust among your employees and across other levels of management. The way you attribute ideas and opinions can directly affect your employees’ performance and their openness to feedback.
Good communication skills also involve respecting your employees’ ideas without making generalizations. You should know how to mediate and manage conflict and situations that require constructive criticism.
A good leader shouldn’t sit in the office, comparing charts and micromanaging their employees. Instead, they should be involved in daily processes of the business and have open discussions with employees about alternative ways of achieving the organization’s success. One key leadership skill that business owners should have is ensuring that their employees feel free and safe to express different opinions and disagreements.
Doing this creates a trustworthy business environment that employees can uncover and exploit their true potential. This improves employee productivity and contributes towards the fast achievement of your business vision.
Change is unavoidable in the business environment, and a good business leader should be highly adaptable to change. The ability to predict, perceive, and manage change will enable your business to stay afloat. As well as be resistant even in tough economic situations. This aside, another crucial business skill that comes with being adaptable is implementing these changes seamlessly without affecting the company’s balance.
Lack of self-awareness is a common problem facing most business leaders. This is basically the ability to understand your strengths and weaknesses. In most cases, business leaders and aspiring entrepreneurs make the mistake of doing everything they can to cover up their weaknesses. However, you should address them openly to find an effective solution. Furthermore, without addressing them, over time, your business will become vulnerable and fail.
An effective leader should be ready to make sound decisions quickly. Unfortunately, most business leaders don’t know that no decision is also a decision, commonly referred to as “paralysis by analysis.” Out of sheer fear that you will make the wrong decision, you may postpone taking action. In most cases, this causes a larger problem and will have a ripple effect.
Most experienced business leaders attest that you should learn these lessons the hard way. Once you face the consequences of making slow or no decisions, you will understand the value of moving swiftly and confidently. Even if you aren’t 100% certain about the direction of your decision.
The ability to bring new and innovative ideas that push your business forward is another crucial trait that will keep your business operational for the long term. Surprisingly, building a profitable business isn’t the challenging part. The hard part is keeping your business profitable through one or two decades. What’s even more challenging is doubling the revenue of an already profitable venture.
Most business leaders think that business growth reflects hard work, which isn’t entirely true. Apart from hard work, creativity plays a significant role in propelling your business forward.
Taking up exceptional leadership traits can be daunting. However, they can be nurtured over time with persistence. Therefore, try the leadership personalities mentioned above for the betterment of your venture.
Looking for help? Tired and believing there has got to be a better way?
Let's talk about your business. With over a decade of experience leading companies and transforming lives, and a Master's degree in Org. Development and Leadership, Mike can help you find the best way forward!