26th Jun , 2022
Reviewing our business mentoring clients with their business mentors and coaches, we have found some critical behaviours and characteristics of successful great business leaders. A confidential mentor or coach from International Business Mentors can help you become a greater leader. Read on below or contact us to find out how.
Critical behaviours, skills and competencies are used by great business leaders when faced with material change and stress. Right now, many businesses face critical human, market, social and political unprecedented challenges as we transition through the massive changes sparked by the COVID-19 human tragedy. This has also led to significant business disruptions and has been added to by other changes such as Brexit, and the change of the US president. Changes on this scale are critical, and leadership needs to proactively adapt and drive optimal business success given the changes we now face.
Great leaders must be able to proactively deliver excellent performance and results against strategic plans and budgets, and lead their people in a distinct and agreed culture that consistently delivers on the business’s vision, mission and purpose.
Great business leaders consistently make decisions earlier, faster, and with greater conviction despite ambiguity, incomplete information or being in uncharted waters.
“Former Greyhound CEO Stephen Gorman led the bus operator through a turnaround, said, “A bad decision was better than a lack of direction. Most decisions can be undone, but you have to learn to move with the right amount of speed.”
Strong leaders focus on what their customers want and single-mindedly deliver business results. They develop a deep understanding of what their customers want, and then align their people and drive performance towards creating customer value.
Great business leaders instil confidence in their people and lead for success, while making the tough decisions in pursuit of business goals using strong conflict management skills. They listen to their people, giving them a voice, not a vote, and then they make their decisions.
Great businesses leaders adjust rapidly to changing environment with their new challenges and opportunities. CEOs know that they are many times more likely to succeed in changing environments if they adapt rapidly. This is an area where a business mentor can provide invaluable assistance.
Great business leaders are reliable, have a strong team around them, are particularly good at managing their organisations and have great planning skills. They establish business management systems so they are organised and know what is happening. This can include predictable focused meetings, dashboards of metrics, clear job descriptions and responsibilities (including their own), and monitoring performance and results from many angles to help make rapid course corrections.
Understanding the financial dynamics of the business is fundamental for any great leader, as they must understand:
This financial understanding needs to be coupled with an understanding of market potential and the elasticity of demand and the likely direction of suppliers’ prices and credit terms as the business expands or changes its offering, volumes and mix of business.
Technology has allowed retailers to switch from physical outlets to online selling. Changing customer demand has been met by service businesses re-evaluating their skills base to target new customers or new services, or both. New technologies and operational models have been adapted quickly to evolve rapidly to compete in the emerging market opportunities. Great leaders find navigating change rewarding and they better compete in the markets than those slower to adapt.
Great leaders effectively communicate their strategic direction and positioning, their ideas, values, visions, missions, policies, advertising and offerings broadly with the following important relationships:
A confidential business mentor or business coach can help you become a greater leader. Contact International Business Mentors today to find out how.