4 business leader fixes that can fast-track company growth

4 Ways to Become the Business Leader You Always Wanted Yourself – Infographic

Here are four ways you can become the business leader you always wished you had, so you can give your company the leader it deserves.

Infographic – 4 Ways a Business Leader Can Positively Impact Company Growth Potential

If you knew there was a way to increase your company’s earning potential by nearly 60 percent, you’d do it, right? As it turns out, there is, but it’s not a sales trick or a marketing tactic or an accounting formula. Increasing your company’s revenue by 60 percent may come down to your ability (and willingness) to be the type of business leader you’ve always wanted yourself. The type of business leader your company’s employees deserve, and its mission statement needs.

The Gallup data-inspired infographic below titled Untapped Growth Potential: How companies get 59% more growth in revenue shows the cumulative impact an effective business leader can have on its organization.

In fact, without this type of leadership, a company is leaving money on the table – every day. Its employees will only go so far. Teams don’t mesh. Workers aren’t all that confident in the company, coworkers or even themselves. The customer experience isn’t nearly as good as it could be. Employee and customer retention are low (or lower than they should be).

If one or more of these traits characterize your company, the good news is that as the business leader who ultimately pays the price, you’re also the one person with the ability to turn the ship around. Instead of addressing individual departments or single topics with bandage-type fixes, cure the problems at the root – or, more accurately, at the head. Here are four ways you can become the type of business leader you always wanted yourself, and probably wanted to be; the type of business leader your employees deserve and your company needs to thrive.

4 Business Leader Fixes that Can Fast-Track Company Growth

1. Company Revenue Can Increase by 27% When You Put the Right Managers in Place

How can you know whether management skills (yours or those of others) are up to par? Evidence. Effective managers manufacture evidence that points to their competence; such as, the extent to which a manager:

  • Drives desired outcomes (employees have clarity of purpose, their role in the process and the tools needed to get the job done)
  • Builds strong relationships (investors, board members, employees, vendors, customers, community leaders, industry peers, etc.)
  • Overcomes adversity; i.e., what do you do when the only way around a problem is through it?
  • Makes decisions based on performance (vs. feelings, favoritism, politics, greed, safety, etc.)

It sounds easy, doesn’t it? However, in 8 out of ten instances, companies turn to the wrong leader out of a sense of misguided duty (such as seniority) or some other type of favoritism. Before you put someone in charge of a department or project because you “owe” them, remember that your obligation to all employees, and the success of your company, outweighs your sense of obligation to any one individual.

2. Company Revenue Can Increase by 6% When You Hire the Right People

How do you know when you hire the right people? Evidence. Things get done, and they get done faster. Teams get stronger, smarter and more efficient. Problems get solved. Employee turnover goes down; and the employees that do leave aren’t the ones you know you’d miss. More of your employees buy in, work inspired and go the extra mile.

If your company isn’t producing this type of evidence, it’s time to fix your hiring process. This could mean changing the way you source, how much you’re willing to pay, educating hiring and department managers or taking people out of the hiring process who have a track record of making poor hiring decisions.  (You might also like: 6 Small Business Hiring Advantages that Don’t Cost a Thing)

Nor does the “hire the right people” fix stop at the point of hire. Your onboarding process and employee training and development programs also need to be evaluated to ensure that you’re not hiring talented employees and then wasting their efforts (or sending them running for the door).

3. Company Revenue Can Increase by 18% When Employees are Engaged

If you’ve been a business leader for any length of time you already know that companies with engaged employees can out-earn, out-compete and out-grow any and all competitors. You may have even launched engagement initiatives with some measure of success.

However, no employee engagement initiative can succeed over time without support; support that starts at the top. From the CEO to every manager at every level, you can’t afford to have one non-believer, one manager who doesn’t genuinely believe that employee engagement matters. This belief produces evidence too, in the form of management priorities and company resources which are dedicated to employee culture and development.

4. Company Revenue Can Increase by 8% When Focused on Strengths, Not Weaknesses

This idea of discovering and developing individual strengths is also one that most business leaders are probably familiar with. Programs like Gallup’s Now, Discover Your Strengths workbook, strengths assessment and practical advice have inspired managers and employees alike for two decades. Not only does focusing on employee strengths and cultivating workplace changes that allow them to work from their strengths most of the time positively impact productivity, it can exponentially increase employee engagement and loyalty as well.

You can become the business leader that you’ve always wanted to have yourself. You can be the business leader that your employees deserve and create an enviable company culture. Furthermore, you can increase your company’s earning potential in the process, when you pursue the metrics that matter as far as management is concerned.

Via the blog at weekdone.com

4 Ways to Become the Business Leader You Always Wanted Yourself – Infographic