In these times of unprecedented economic changes, every business in need of capable leadership. So much has changed in the last eighteen months that maintaining the status quo will certainly end in business failure. However, besides capable leaders, successful businesses also need practical leadership strategies to remain successful. Today, we will attempt to define what such a leadership strategy is and explain why it is important. In addition, we will highlight five strategies you can use to grow and keep your business successful.
It’s not an exaggeration to say that only a handful of businesses had contingency plans for a Covid-19 lockdown scenario. In fact, it caught the whole world by surprise. Still, some businesses were not completely unprepared for remote business. For example, moderately prepared companies had websites, an online store, a strong social media presence and a marketing team. This contrasted with other businesses that had none of these or a team in place to manage it.
We believe this example above highlights the usefulness of leadership strategies; to prepare for the future and to minimize risk.
Before we continue, here are some related posts on the subject that you might find useful:
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- Top Five Reasons Why Small Businesses Fail
- Five Effective Marketing Strategies to grow your Business
- How to Build a Successful Business: Seven Helpful Rules
- Five Keys to Success in Business
- Seven Things to Know Before Starting an Ecommerce Business
- How to turn your Freelance Side Hustle into a Business
- Seven Signs of Poor Time Management
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In the following sections, we will discuss at what leadership strategy is and four reasons why it is important.
What is a Leadership Strategy?
The purpose of leadership is to provide vision and strategic direction and to communicate it effectively to a team. In other words, leadership strategy is the direction capable leaders provide their team to move them towards their set goals. It is a set of principles adopted by an organization that produce a unique pattern of decision making.
As we already mentioned, capable leaders are necessary in developing leadership strategies and motivating employees towards accomplishing them. On the other hand, a leadership strategy provides a clear roadmap of actions and priorities needed to achieve desired goals.
While these definitions may sound complicated, it is not, as you will come to see in the following sections.
Why are Leadership Strategies important?
It is rightly believed that organizational strategies cannot work without effective leadership strategies. Just like soccer teams need great coaches to guarantee success, work teams also need capable leaders to run effectively. On that note, here are four reasons why leadership strategies are important to run a successful business:
- Leadership strategies helps identify organizational knowledge and develops capabilities in people that can align them with organizational tasks.
- They help increase human and social capital within organizations to create value and achieve sustainable competitive advantage.
- A leadership strategy allows for effective collaboration across departments to achieve a common goal.
- It creates a spirit of innovation versus a culture of risk aversion, thus increasing performance.
In the next section, we will share five practical leadership strategies you can use to run a successful business.
Five Practical Leadership Strategies to run a Successful Business
Understanding how to employ leadership strategies to influence team effort and improve performance is necessary for success. Here are five of such leadership strategies one can use:
- Define and Communicate a Vision: Clearly communicating one’s vision helps motivate employees to act with passion and purpose. Without it, there is no collective effort to produce exceptional results.
- Delegate and Empower: Another practical leadership strategy for running a successful business is to delegate and empower teammates with responsibilities. By delegating tasks, you establish a culture of trust and vested interest among
- Encourage Employee Recognition: Employee recognition is another strategy that can help one run a successful business. This is because everyone likes to be appreciated for going beyond their basic duties. When such appreciation is not provided, it can discourage exceptional work that produces success. On the other hand, such recognition can encourage excellence, healthy competition and ultimately produce success.
- Adopt Two-Way Communication: Most companies lose a lot of business because they do not entertain feedback from their employees on company decisions. Two-way communication can be exceptionally useful in getting feedback on customer issues, most asked services or questions, etc. By providing a safe, backlash-free method for communication with leadership, businesses can identify bottlenecks and areas of future growth.
- Commit to Continual Learning: Our final leadership strategy for running a successful company is a commitment to continued learning. This includes career advancement based on merit, skill acquisition, and learning. By so doing, companies can effectively develop new leadership potential and create a culture of learning, knowledge, and success.
Do you run a successful business? What unique strategies have you employed to grow and keep your company successful? Leave us a comment at the end of this post. We would love to hear from you.
Today’s Funny Quote
Our funny quote for today is by Jonh Steinbeck, the American Author and Nobel Laureate. He said:
Ideas are like rabbits. You get a couple and learn how to handle them, and pretty soon you have a dozen.
Leave us a comment or message if you agree that ideas are like rabbits. As always, we would love to hear from you.
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