Leadership styles play a crucial role in shaping the success of an organisation. Some leaders take an aggressive approach, while others prioritise innovation and customer service. Understanding different leadership approaches can help business owners and managers develop a style that fosters growth and success.
This segment of Money Matters is dedicated to exploring leadership, governance, and how different management styles influence the direction of a company. By understanding the role leadership plays in business growth, we can learn to cultivate our own leadership skills effectively.
THE ROLE OF LEADERSHIP
For entrepreneurs starting a business, leadership is often an overlooked aspect in the early stages. Juggling multiple responsibilities while taking a hands-on approach to daily operations can be overwhelming. However, as a company grows, leadership becomes even more essential. Business owners must navigate complex issues such as company expansion, staff development, and strategic planning.
Leadership plays a vital role in defining a company’s vision and ensuring that employees align with that vision. A strong leadership approach helps set a clear roadmap for growth and ensures that employees are motivated to contribute to the company’s success.
Many people assume that a great leader is someone who is charismatic, well-spoken, and highly confident. However, history has shown that charisma alone is not enough to lead a company to success. While effective communication is important, true leadership lies in inspiring a team and ensuring that they perform at their best.
SHARING THE VISION
The goal is not just to be a great leader but an effective one. Effective leadership requires hard work, strategic thinking, and accountability. A business owner must clearly define the company’s objectives, who does the business serve? Employees? Customers? The community? These goals must be realistic and well-communicated to ensure alignment throughout the organisation.
Additionally, leadership is a responsibility, not a privilege. Effective leaders take full responsibility for both successes and failures, rather than shifting blame when things go wrong.
A strong and motivated team is critical for the long-term growth of a company. Business owners should not be afraid to surround themselves with ambitious, talented employees who share the company’s vision. Many entrepreneurs neglect succession planning, which can be detrimental if the company struggles to operate in their absence. Leaving a legacy should not be limited to financial assets, it should also involve shaping a culture and vision that employees can carry forward.
Ultimately, the mark of great leadership is the ability to build a team that shares a common purpose, ensuring the company’s continued success long into the future.
This article is for general information purposes only and while the information in it is believed to be reliable, it has not been independently verified by us. You are advised to exercise your own independent judgement with the contents in this article. – Standard Chartered Bank
