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Why Leadership Development is Essential to Your Business Success

by | Aug 10, 2018

Why Leadership Development is Essential to Your Business Success

Many small business owners dream of a business that runs without them. Once you’ve dedicated your time and energy into building a great business, to the point where you are ready to step away from the day-to-day, you need to know that you are handing over the reins to a team of leaders that will enable your business to thrive. It is the responsibility of yourself and your management team to invest, develop and grow your firm’s next generation of leaders. 

Before you begin to construct a solid framework, with which you can develop the next generation of leaders in your firm, you must first establish your vision for the future. It might seem obvious, but how can you expect your team to engage and develop their skills in a way that contributes to the success of the business overall if they do not understand the overall vision and strategy of the business. Don’t have a clear business vision? Book in for a free Momentum Coaching Session with a senior GrowFactor coach here.

Once you have a clear vision, you can next align your expectations of future leaders with the overall objectives of the firm. To do this, you must identify the behaviours that you want to reward and articulate this to your future leaders. 

Ask yourself: what do I want my future leaders to achieve? What does success look like to me? What attributes would I like my leadership team to embody? 

Then you can begin to identify potential employees for your leadership programme. It might be that you only have a small team and you’d expect them all to develop into positions of leadership as the firm progresses and grows. Or you might need to select from a bigger pool of employees and therefore it would be best practice to select those that bring the most energy, ambition and success into your company currently. 

You should be aware that your best performing employees might be excellent within their area of expertise but they might be not be the best manager. Learning how to manage a group of people is not a skill that comes without first exploring, experimenting and experiencing a range of management techniques. Your leadership team will need opportunities to make mistakes to develop their skills.

Once you’ve identified your future leadership team make sure to communicate with them! Start by having a conversation with your employee to understand their personal vision for the future – does it align with your vision for their role within the firm? It might be that they are committed and ready to develop or perhaps they hadn’t even considered leadership as a possibility for them. Alternatively, you will have employees that are comfortable within their role which could prevent them from fully engaging in any leadership programmes you develop. 

Overall, it is within your best interest to develop your team. Establish your business vision and start to align and build your employees into a spectacular leadership team.

If you don’t yet have a clear vision and need help unlocking your potential as a business leader then book in for a free Momentum Coaching Session with a senior GrowFactor coach. No strings attached.

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