Last Updated on August 2, 2022 by
As a leader, you are always wearing multiple thinking hats. All these hats must work for the company’s growth.
A leader can make or break an organization. Therefore, they must know how to lead their companies towards growth. Some are born leaders, and some learn to become one on their business journey. There isn’t one hat fitting all. Every leader has a unique leadership style and a different approach to business growth.
As you can see by Richard Warke’s net worth, Chairman, Titan Mining Group or Alan Zekelman, Director JMC Steel Group, their leadership style is something others may want to mirror.
Whether you are a born leader or not, you can always learn how to lead your business to grow.
Listen to your stakeholders: Your customers, employees and your shareholders are your brand image. A happy customer can grow your company much faster than the people working for you. And, a happy employee results in a satisfied customer. Therefore, you must pay attention to your employees and their concerns. Help them give their best performance and see your company grow in leaps and bounds.
Promote your team while you take the backstage: Richard Warke’s net worth is a good indication of strong leadership. Give your team the credits for your company’s success. Let them take the centre of the stage, and you perform as backend support. When you appreciate and reward your team, they work harder to achieve the company’s goals.
Don’t just focus on sales, but after sales: It is easy to sell your products and service once, but to keep a customer returning to you, you need to provide the best after-sales services. A loyal customer is 10x profitable than acquiring a new customer. Invest in your customer relations and customer support services.
Track your cash flows: when you grow fast, you focus on sales and ignore the collections and receivables. High sales turnover is good, but if you aren’t collecting money out of it to fund and expand your business, you will have to rely on inorganic means of capital. High on debt and low on cash flows will eventually hamper your business growth. You will cut costs to sustain, adversely affecting the quality of your products and services, and demotivate your employees. Therefore, reduce your collection cycles for sustainable growth.
Continue to upgrade your products and technologies: In this fast-changing economy and especially after the technological tsunami, you must continuously pull your company towards innovations. Relying on age-old methods can leave you far behind your competitors. Proactively look for providing value propositions to your customers and invest in new markets.
Invest in training your team: If you upgrade your processes and don’t train your team to execute them, they will disappoint your customers with the lack of knowledge. Ensure that your team is proactively trained on new processes and technologies and are well aware of their competitive strategies. Involve them in designing products and processes and leave them free to share their ideas.
Businessmen like N.Murray Edwards, invest a great deal in self-learning and training his people to give their best performances.
Leading your company to growth is challenging. Read more about successful businessmen and their leadership styles and learn from their failures.
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