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"Why is it so important to be a good Business Owner and Leader?"






Some companies just try to do what they think is right. This may limit the business to some extent.

In this post, I would like to introduce some aspects that business owners want to take into consideration and toinspire them to re-think about their own structures they have in place.

INDEX

1) Ethics

2) Smart Mindset of a leader

3) The Company’ ability to adopt to rapid change




1) ETHICS

Without any doubt, business ethics help ensure a good reputation for your company.

Ethical companies are truthful and honest in all their transactions. If a company has its ethics in place, they are more likely to find investors who want to help their business grow. Having the right values in place, the company will face less risk for legal trouble. They act responsively and carefully and they are up to date with any legal requirements, or are even one step beyond and think of future possible legal changes in advance and prepare themselves with no time pressure.

The system of moral and ethical beliefs that guides a company in its values, behaviors, and decisions can also lead to establish clients and customers who believe in the company and want to support it. They become loyal to the business and might reject other competitor’s offers which may be more attractive. Business ethics contribute overall to a company's viability and make that trade, and community organizations want you as a member for being a model of excellence.

Not only are the external factors impacted by having the correct ethics and beliefs in place, from an internal perspective, it brings a lot of advantages to the company.

When the general management philosophy is based on ethical practices and behavior, leaders within an organization can directly be an example and guide their team members in making decisions that are not only beneficial to them as individuals, but also to the organization as a whole. This leading style welcomes diversity. It is tolerant and supports the equal treatment of all persons. They have an open mind and own up to their mistakes. Their aim is to seek constant improvement of their own level of competence and promote learnings among the teams.

The benefit of this, is that these companies would not only be be able to retain highly talented employees,but also save on new employee training costs because there is less staff turnover. They are likely to gain more, because highly skilled and talented individuals would want to be in their employ. Employees will remain loyal to the company and are willing to embrace ethical business practices.

Who doesn’t want to work for and in such a company?


2) Smart Mindset of a Leader

Our modern world is full of advice, how to be a good leader and how a leader is supposed to perform. How can we find good leaders in companies? Are they just a utopia or do they really exist?

Let’s have a deeper look into the qualities a good leader shall have:

As a general definition, a leader is a person that receives tasks of management and then motivates coworkers to work toward accomplishing those tasks. The leader is able to motivate the teams to fulfill the tasks.

But isn’t it more than that?

A leader needs to be clear on the company’s vision and beliefs.

But leadership is an inside role before it is about others. He needs to present the ability to lead himself first.

How often do they fail to behave in a professional manner under pressure? There is still so much room left for another level of self-awareness. In the first instance, a leader shall be able to lead himself consciously. He shall serve as a model to his team. He shall be able to inspire others to achieve their full potential, or even to exceed their own potential.

How many leaders are still managing their teams from an imperative level asking the team members to obey their instructions and micromanaging them?

Often, people find themselves in roles that is only requiring that they do their job. But they are not challenged or inspired or can shine at their best.

A good leader gives his team a place where they like coming to, and where they can experience a good day. He knows which energy types his team consists of and whom to place into the right projects or tasks. He is able to identify each person’s best performance strength and allocates them correspondingly. He is proactive about professional and personal development.

A good leader is reliable and trustworthy, has the confidence of his people and retrospectively, he has trust in their abilities and integrity. He is honest in any kind of interaction with others and stands up for his personal and also for the business’ values. He is able to admit to his own mistakes and can learn from them. He is innovative and can find new choices to integrate into possible solutions for any upcoming challenge.

3) The Company’s ability to adopt to rapid change

As a proven statement, we can say that who adapts earliest to change, rules the world.

Nowadays, fast changes are happening in an instance, and it is not a surprise that a company may struggle desperately against being dragged under. So why not back up with a life jacket?

Some changes are small and easy to adapt to, others are large and are more difficult to process. Companies need to understand how to find a new approach to make effective changes happen and to secure themselves long before the ship is about to sink.

In order to confront the rapidly evolving world around us, they need to have a system in place to adapt with the changes.

In order to prevent disasters, CEOs can create a vision of what the company should be doing five years from now. Try to spot the trends which may be signaling change. It is recommended to watch very closely market tendencies and requests, listen to what the client’s needs are, that you cannot serve so far. Then, by creating the long-term vision plan, all possible setbacks shall be evaluated and considered.

Why not create a forward-thinking committee based of key functional leaders and their corresponding teams in your company; inviting customers and suppliers who can contribute to build a strategy? Adapting to change can request the use of other skills as well, which you might not have acquired yet!

Be visionary and increase your speed. Greater opportunities come to organizations that can respond quickly. Create new ideas and check in by getting market feedback on new, possible projects, services, products, materials, etc. As a side effect, flexibility and a willingness to embrace change will make management more valuable among the organization and integrity will grow.

But companies shall not only look into the HOW, or, by using another expression, into implementation only.

Prior to that, it is even more important to define what success will look like for the organization. In fact, this should even be established before the action plan begins.


Below some examples of questions that shall be asked:

What is the purpose of the new project?

What are your expectations from the outcome?

Which key change objectives need to be defined?

How are you going to measure success and how often?

What will the success actually look like for the company?

How are employees, managers, customers or suppliers adopting and transiting?

etc.

“The journey is never over, we will have to get used to quick changes, and we need to find the right strategies to act quickly and efficiently to them. If we want to continue navigating through the ocean, we need to take all necessary measures to equip the vessel against upcoming storms!”


You want to learn more? Contact me at nicole@nwglobalcoaching.com

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