Why Leadership is an Important Factor in Business
Any task or project that needs to complete with optimum results requires a good team and a great leader heading the team. Leaders and his leadership qualities are of major importance in the growth of any business or organization. Leadership is the action of impacting the behavior of other people in such a way that they take interest with sheer will in the fulfillment and accomplishment of tasks and projects. The tasks and projects that are completed under strong leadership immensely benefit a business or organization. This is what a leader should be capable of. A leader should be proficient in building and maintaining good relations with subordinates and encourage them in performing efficiently as a team.
Provide Guidance and Advice:
Individuals in leadership positions should be able to provide effective guidance and meaningful advice for employees and team members. If the need emerges, these leaders should be even able to guide people on how they can perform given tasks and jobs in an effective as well as efficient manner. Moreover, providing assistance and support that will lead the team members towards growth and development is an important leadership trait that can vastly benefit the business.
Plan and Initiate Tasks:
Another benefit of leadership in business is that they properly plan a task and execute accordingly to ensure smooth fulfillment of a task. This involves the distribution and assignment of tasks amongst team members and how will they complete it. If business goals, tasks, and objectives are not planned then the failure of the same is sure. Constant communication, planning, and initiation matter the most even if other leadership qualities are strong. Utilization of resources whether human or material in an effective manner is also part of proper planning and initiation.
An example of the importance of leadership in business is Reza Satchu Alignvest Management Corporation – Director, Co-founder, and Managing Partner. Reza Satchu has co-founded, built, and/or managed several operating businesses from inception only because of leading the organizations with planning and initiation of action. The companies he led include Alignvest Management Corporation; SupplierMarket, a supply chain software company that was sold to Ariba Inc. for share consideration implying an enterprise value of US$924 million; StorageNow, which became one of Canada’s largest self-storage companies prior to being sold to InStorage REIT for cash consideration of C$110 million; and KGS-Alpha Capital Markets L.P., a U.S. fixed-income broker-dealer, that was sold to BMO Financial Group, to name a few.
Share Resources and Be a Role Model:
We can offer incentives at various levels to reinforce learning and adapting leadership skills. Above that, we can set an example by ourselves that will get employees excited about continually developing their leadership skills. We can also encourage individuals at higher positions in the chain to regularly share and discuss articles on leadership development and take available courses on the same and share their valuable experiences and struggles as leaders to have a rich discussion with others and help them develop the requisite leadership skills in business.
Share the Vision:
In the business world, having a vision is to do with envisaging a future and converting it into reality. And one of the great attributes every leader has is this vision and ability to share it with their employees or co-workers. This motivates them drives them towards a shared goal while binding them together. Ralph Lauren, an American fashion designer, and philanthropist says, “A leader has the vision and conviction that a dream can be achieved. He inspires the power and energy to get it done.”
Enable Continuous Feedback and Inclusivity:
As the saying goes complacency is the enemy of progress. This continuous feedback is necessary to overcome complacency. This continuous feedback in the weak areas is very important since it provides us with an overview and fresh perspective in areas we may tend to overlook. Hence feedback provides us with an opportunity to progress continuously and hone our leadership skills.