Small business owners and entrepreneurs are innovators. You create new services, products, and systems. Consistent development of your business is likely your zone of genius. Here’s a question: Do you consider leadership development in your strategy too?
Great Leadership = Profitability
The best tool to establish your business as a competitor is you. As the leader of your business, there are several strategies you can implement to strengthen your leadership skills and improve your business’s profitability.
1. Hire The Right People.
Finding and hiring the right people is crucial. You may think hiring someone who fits the job description is the best way to go, but I have found that skills and expertise are not enough if you want a truly loyal team.
To develop a team that treats your business as if it’s their own, you have to recruit people who share your values and vision. And you don’t necessarily have to hire based on a candidate’s experience. When you hire people with your shared values and the right attitude, you can offer training resources and share your systems so they can learn the job.
Align talent to the task. Stay in tune with who gravitates to what, or if there is an untapped skill or interest. Sometimes you find that an employee may be able to expand on their role to create more efficiencies for you. You also may find that an employee is a more organic for an entirely different role in the organization. I know it’s unconventional, but it works.
2. Define Clear Goals And Communicate Them Effectively.
Make sure everyone on your team understands what the company’s goals are and what role they play in achieving them. This will help everyone stay focused and motivated toward achieving your business objectives.
3. Encourage Open Communication.
Make sure your team members feel comfortable being themselves and sharing their thoughts and ideas with you. Encourage an open and honest communication pathway to help foster a positive and collaborative work environment.
4. Invest In Training And Development.
Employee development is an excellent way to invest in your business, and your employees will feel more invested in you. You don’t have to necessarily pay large sums to send your employees to training either. You have the best tools at your disposal–your systems. By creating systems, your employees will have access to empowering resources that help them perform their tasks better. In our office, we have a shared drive with everyone’s tasks and include all pertinent information such as links, training videos, and documents. This accessibility creates stronger efficiencies–and profit.
5. Lead By Example.
Set a positive example for your team by demonstrating the values and work ethic that you hope to see from them. Show your commitment to your goals and your team will follow your lead. To note: once upon a time, I thought this translated into being a workaholic so everyone would work just as hard, if not twice as hard, but I found that to be a recipe for burnout, not success. Now I make time for my personal life, physical and mental health, travel, and hobbies, and I see that my employees feel more inclined to do the same. Work-life balance cannot be a fairy tale. It has to be intentionally implemented in your business to avoid burnout and increase overall well-being.
It starts with you. By implementing these strategies, you can become a better leader and empower your business to achieve greater profitability. Remember that being a good leader is an ongoing process, and it requires your continuous effort and commitment.
You’ve Got This!
