Successful businesses are more than just high revenues and internationally recognised brands. Successful businesses have good leadership. Good leaders in business need to constantly work to ensure the business is going well externally and internally.
By definition, a business leader is someone who has the vision, skills and experience to guide an organisation to success. They are responsible for setting strategic goals, developing and implementing business plans, and motivating and inspiring employees.
In this article, we look at the qualities of a good business leader and give you tips on how you can improve your own leadership.
Qualities of a Successful Business Leader
Here are the most important qualities of a successful leader.
Authentic
Being true to who you are is vital to success in any job. As a business leader, you need to embody your best self and inspire those around you. Understanding how your employees and clients perceive you is crucial for growth. As a leader, you should ask for feedback for improvement and remain open without being defensive.
Curious
Good business leaders are open to new experiences and people outside of their immediate division, function and industry. Additionally, business leaders are not scared to ask questions to gain further information to make informed decisions.
Analytical Skills
Good leaders break down complex issues, identify the cause and come up with innovative solutions. Successful business leaders are able to dive into the complexity of data collection, understand the implications and be on the lookout for any potential biases.
Adaptable and Flexible
Because of emerging technologies like artificial intelligence (AI), business leaders are expected to react and adjust to shifting market demands. When a business has an agile leader, it fosters an agile team culture.
Creativity
Business leaders need to be creative. They don’t necessarily come up with the ideas but facilitate an environment that nurtures creativity in your employees. This ensures innovation in the company and gives customers new products and services.
Comfortable in the Unknown
Good business leaders are able to manage conflicting ideas and deal with competing priorities. This means they immerse themselves in complex situations and look at matters from different perspectives.
Resilient
Successful leaders are able to recognise the fluid nature of situations and work to understand the cultural context of the environment they operate in. Most importantly, they exhibit the resilience to remedy if they are veering off course.
Empathy
Understanding and connecting with others on an emotional level is an important trait for successful business leaders. Good leaders work to foster relationships, build trust and actively engage with their team members.
Tips for Becoming a Good Business Leader
Here are some tips you can use to become an even better leader within your business.
1. Think About Your Personal Success and Well-being
Take time and think about how you would define success and well-being for yourself. Being in business can make time disappear and leave you caught up in the hustle and bustle of it all. If you know what the measures of success for you are, what’s important to you and what your non-negotiables are, you will make clearer decisions and take better actions in your business.
2. Be Humble, Lead and Always Follow Through
It’s important to remain humble even when you are the boss. This allows you to learn from others and follow through on important decisions. Leadership is something you need to practice from day one even if you are still an intern.
Additionally, by following through with plans, you build confidence in yourself and gain respect from your employees, stakeholders, industry colleagues and consumers.
3. Have a Growth Mindset
Ensure that you stay curious especially now in the time of emerging technologies. Embracing new challenges and prioritising employee skills development will help reshape the way you and your employees work.
4. Solve Problems and Fully Contribute
As a leader, you should always look to resolve issues, not create new ones. Take the opportunity to collaborate with your team and contribute to the development of strategies. This will also provide your employees the comfort to come to you with new solutions that could potentially solve problems or give birth to new products/services.
5. Network, Network, Network
No matter what type of leadership position you find yourself in, you will need to grow your network. If you are a business leader, connecting with other leaders can open up partnership opportunities, give you industry insights and provide you with more knowledge.
6. Be Patient with Yourself and Others
Business leaders are ambitious and like to see success quickly, however, business is a long-term game. In some industries, experience is key, so you need to be patient with yourself if you have not reached the levels you want to reach. A good leader also exhibits patience with clients, employees, stakeholders and customers.
7. Build a Personal Brand
Your personal brand is part of your business. When people see your online presence, they will immediately connect it to your business brand. Ensure that your LinkedIn profile, skills, projects and anything your business is working on are present within your own personal brand.
8. Stay Flexible
The corporate industry changes constantly so being flexible is an essential skill to have. Expect your professional values and interests to change as you adapt to market changes. Embracing your own flexibility allows your team to be agile and allows your business to grow.
Remember, a leader is not just the person who calls the shots. You are also the facilitator, innovator and mentor for your team and yourself.
If you want to speak to a fellow leader, visit SME Advice for more information.
