It seems that small businesses are not having it easy in the digital era. Everything changes so fast that it has become very challenging to find and keep customers or create a thriving workplace. The accessibility of global markets increase competition and finding your niche business can seem relentless. How do you lead a small business during these times? What are the leadership traits that can be beneficial to your business? As a business owner, you should be a leader and not a manager.
What is the difference? As the leader, it is your job to set the vision, create strategies and determine the values and culture of your business. You should be able to unite everyone for your business’ cause. It is important that you know what powerful questions to ask and how to bring people together. A manager, on the other hand, finds, nurtures and evaluates the team members and daily operations of the business to achieve the best outcome.
“Management is doing things right; leadership is doing the right things.”Peter F. Drucker
Leaders should be able to lead by example and show the way to the team. You should be able to make your vision tangible so people would want to join your journey. It’s important you “walk the talk”. Do what you say and say what you do. It’s not easy being a leader. Sometimes you have to make difficult decisions, for the highest good of all concerned, not just one person or a group of people.
It is also the leader’s job to look at the trends and opportunities and keep an eye on the future by regularly reading data. Bills Gates and Warren Buffett spend hours and hours reading quality information. You should be able to cope with the rapid change to stay afloat not only by using data to your advantage but also by staying curious and insightful. A leader needs to build the business by design and not by default.
Remember to adapt to technology by keeping speed, convenience and content as a priority. Listen to what your customers are saying, ask what they need your product or service for, what problems you are solving and how many of your customers have those problems? Survey your customers regularly with a net promoter score system. Where can you find your customers and how will you find them? Asking these questions will help you become a customer centric leader. Specializing in a niche can be very helpful.
Leaders should engage with their teams and encourage them to pursue their career goals and align those goals to the business’ goals. A good way to do this is to implement an employee feedback system like TinyPulse. Continue to learn as leaders, keep going and keep growing.
“A business is a commercial, profitable enterprise that works without you”.
As you look for different ways to grow and improve your business, seeking professional advice on good leadership traits could prove to be an important and helpful decision. You can click here to speak to experts who specialise in business consultancy. We would love to help you develop your business into a passive investment and streamline your processes to take your business to the next level.
Sky Accountants have a proven system for delivering virtual CFO & virtual finance team services, particularly to hospitality and tourism businesses. As part of this service offering, Sky Accountants harness the power of state of the art technology to help CEO’s and Boards to drive improved outcomes throughout their organisations.
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