IBA, as the premier business brokerage firm in the Pacific Northwest, is firmly established as a respected professional service firm in the legal, accounting, banking, mergers & acquisitions, real estate, and financial planning communities. Periodically, we will post guest blogs from professionals with knowledge to share for the good of owners of privately held companies & family owned businesses. The following blog article has been provided by Riley Jade.
Small Businesses and Great Leadership
In a world that is rapidly changing each day, great leadership is a necessity for small businesses.
The effects of a good leader can be felt throughout the business, and can determine the difference between its failure and success. Without effective management and direction, the growth and expansion of a company becomes a difficult challenge to overcome.
Amidst the hustle and bustle of everyday business, it’s easy to lose sight of the bigger picture. A strong leader will be able to make the right decisions to steer the business towards their vision and ultimate aim. Even through changing processes, good leaders will be able to guide and support the business to ensure everything goes smoothly.
Through this, great leadership can inspire and motivate employees to commit to the success of the business. Confidence in business decisions and a clear direction can inspire a collective business identity that will motivate employees to succeed.
In other words, a great leader can lift a business up to flourish and prosper in a competitive industry — but how and where do you start?
How to Become a Good Leader
While soft skills may seem impossible to learn, there are steps you can take to get started.
A great leader should know how to communicate efficiently — whether it is with clients, team members, or even the government.
One way you can start is by addressing any concerns your team member may have. By doing this, members will feel heard, valued, and important, all of which can help inspire and motivate them to help the business succeed. Moreover, clear communication means giving your team a straightforward outline of the company’s goals, their own role in the business, and how they are helping achieve the objectives. After all, Nancy Duarte of Harvard Business Review notes that good communication is about the ‘why’, as it can motivate people to help you.
Additionally, encouraging endorsements and constructive criticism are also solid ways to ensure that everyone is on the right track.
Further your education
The process of learning never stops — whether you’re an employee or business owner.
Opt to further your education by taking courses online, and learn about all the facets of the business. To take it up a notch, consider getting a master’s degree. Online master’s degrees in management and leadership help students learn about key areas that are vital to business, such as business ethics, organizational behavior, project management, human resources, accounting, and finally, leadership. By boosting your knowledge, you’ll get to learn new skills that can make you an effective leader. From critical thinking and problem-solving to team-building and ethics management – you’ll be prepared for anything.
Help others grow
Aside from enhancing your own skills, business success requires hard work and collaboration, which often comes from the growth of your team members.
Leaders should be able to provide meaningful guidance and advice for employees. Where necessary, an effective leader should also be capable of showing employees how to perform their job more efficiently and effectively. Indeed, while it takes time and energy to know how to motivate and help each person grow — that’s what true leaders do.
On the plus side, helping others grow will also groom them to eventually lead the business or head up departments. While you may not be looking to bequeath ownership anytime soon, there’s comfort in knowing that someone can handle your business should you want to take a vacation or encounter some personal problems.
As the President & CEO of IBA, Gregory Kovsky, covered in a piece on entrepreneur talent, success is dependent on vision, execution, talent, resources, and timing — all of which a leader should know how to cultivate. By following our tips above, you’ll be able to ensure your business will grow exponentially in the future.
Written for ibainc.com
By Riley Jade