by Surabhi Chourasia
Leadership is setting and achieving goals, tackling the competition, and solving problems decisively and quickly.
Leadership in business is the capacity of a company's management to set and achieve challenging goals, take fast and decisive action when needed, outperform the competition, and inspire others to perform at the highest level they can.
Individuals with strong leadership skills in the business world often rise to executive positions such as CEO (chief executive officer), COO (chief operating officer), CFO (chief financial officer), president, and chair.
Understanding Leadership
Leadership provides direction for a company and its workers. Employees need to know the direction in which the company is headed and who to follow to reach the destination. Leadership involves showing workers how to effectively perform their responsibilities and regularly supervising the completion of their tasks.
Leadership is also about setting a positive example for staff to follow, by being excited about the work, being motivated to learn new things, and helping out as needed in both individual and team activities.
Leadership involves setting and achieving goals, taking action, and beating the competition, but it also relates to the tone of the company's management and what kind of culture is built for the employees.
An Example of Leadership
Jack Welch exhibited leadership as chief executive officer (CEO) of General Electric Co. from 1981 to 2001. He played an integral part in 600 acquisitions in emerging markets and increased GE’s market value from $12 billion to $505 billion at the time of his retirement.
Because the world is constantly changing, Welch insisted everyone at GE embrace change. To continue evolving company operations and producing greater output, managers, and employees had to continuously reinvent themselves and their work.
Welch hired managers who shared his vision of GE, had endless amounts of energy, and were able to encourage employees to stay engaged in their work. He sought managers who created, developed, and refined ideas for the future and found ways to make them a reality. He also insisted that managers work side-by-side with employees as a way of understanding what they were doing and why.
As a result of Welch’s leadership style, managers and employees were more empowered, products gained higher quality, and customer satisfaction and profits increased dramatically.
Leadership advantages for business managers
In this day and age, organizations are going through a dynamic shift and adapting the importance of leadership. Modern companies are not only focusing on success, rather encouraging collaborative and team-minded environments. The best part – employees love this atmosphere! It promotes transparency, freedom of speech, and open communication.
However, leadership, the lifeline of business, doesn’t imply being the best in all. It isn’t necessary that an employee who is good at his work is a good leader too. In some cases, these individuals are promoted on the basis of their lifespan in the company.
Improves Productivity
Businesses with “high” productivity have one common thing – robust leadership. Through this, leaders motivate their teams to work more and contribute to their fullest potential. What’s more? They encourage them to push their boundaries and open their boxes of creativity.
When productivity reaches heights, the employees’ morale shoots up, and your customers get more bang on their buck. This means a happy customer and a healthy company! McDonald’s, for example, takes pride in having excellent customer service, which makes them stand out. Their staff isn’t trained about sales, but they’re coached to serve their customers and generate satisfaction.
Enables To Look at Opportunities
A visionary leader has the power to bring revolution. They tend to look at the big picture, keep a proactive approach and focus on the main goals. And almost all businesses benefit from these skills in a leader; they help the organization to step ahead in the race.
Take, for example, Nokia, Google, and Kodak; these giant companies haven’t tasted success merely because of their innovative ideas but also due to their leaders. Unique leadership has contributed to their success by spotting opportunities at the correct time.
Flourish Adapting Changes
Every now and then, organizations opt for changes. Being able to survive in these changes and flourishing requires determination. Broadly speaking, changes can make or break the moment for small and large organizations. If leaders are fearless, no one can stop organizations from tasting success.
To incorporate changes, seizing the power and creativity of employees in every department and level is the best way. Leaders can empower workers, and by using their capabilities, they can bring in a creative approach. Furthermore, they can encourage their teammates to embrace change and thrive in it.
Ensures Effective Communication
Looking at communication skills as a two-way street typically is a simple approach. Leadership communication, being a core function, not only consists of passing on information on regular processes, but it also includes the company’s culture and core values.
However, according to statistics, nearly 57% of employees report poor communication of directions by 69% of managers. Leaders who fall short in communication harm employees and the overall organization.
Conversely, a strong line of communication not just keeps the business afloat but also flourishes in the industry as a whole. A few ways to do so are – being honest, getting a little personal, keeping an open mind, listening properly, reading between the lines, and speaking to groups as individuals.
Leaders Train Other Leaders
Numerous companies look at the benefits of personal development. Great leaders always understand the need of developing themselves and others, resulting in a thriving organization. If good leaders develop other employees, there’s a high possibility of employers promoting confident employees. Thus, improving employee engagement and retention.
Furthermore, great leaders make great mentors. They not only like to succeed and pass on their knowledge and skills to others, but they also inspire their juniors to do the same.
Promotes Good Working Culture
Culture is a renowned, however, crucial jargon in the business world! In simple language, a company’s culture showcases its vision and personality. Furthermore, it displays its values, ethics, goals, and mission.
Great leaders support the positive working culture and direct their team members to walk on the same path, ensuring success for the business. In fact, companies should treat their employees the same way they treat their clients. That way, they prosper their business.
Efficiency In Resource Management
Resources develop business, and there’s no denial to it. It includes facilities, equipment, assets, and employees. Managing these resources is one of the leadership skills that leaders need to improve. This makes the future of business bright.
In 2018, LinkedIn discovered through the Workplace Learning Report that talent development leaders should determine and develop employee skills that bring success in the future. This gives a boost to the retention and holistic engagement of employees toward work. Additionally, it inculcates confidence.
Double Profits
Lastly, strong leadership and engaged employees create processes and systems, which are typically followed by others. They eliminate inefficiencies from the team, lowering operating expenses, meanwhile focusing on high productivity. Moreover, employees tend to work more when treated equally.
As a consequence, the company generates above 40% revenue per employee. As you scale up the leadership skill, the revenue generation goes higher than you’ve ever expected. And the business stays ahead in the competition.
How Can a Manager Showcase Good Leadership?
A simple list of actions is enough to develop good leadership qualities as a manager. Following are six of them:
Apply Equality: In a scheduled meeting, don’t show up late. However, even if you get late, be accountable enough to own up. Remember, leaders should lead by example.
Build Networks: Attempt building connections with the team, overall organizations, suppliers, and clients.
Be Honest: Whether you’re evaluating the performances of employees or providing feedback, keep honesty in mind. That’s the key!
Realistic And Optimistic: This might seem like a no-brainer, but actively remind yourself to be realistic with the target and expectations and, at the same time, stay optimistic.
Ask For Feedback: Yes, the valuable input of your team members gives you a way to find growth.
Develop Flexibility: The manager should be able to cope with constant changes. For that, a manager needs to adopt a flexible approach to looming challenges.
Surabhi Chourasia (MBA)
Marketing Manager
Aircrew Aviation Pvt. Ltd
www.aircrewAviation.com
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