Production is concerned with land, labor, capital and entrepreneurship.Leadership is the major factor that makes everything work together seamlessly; without leadership, all other business resources are ineffective. Switched-on business leaders are aware of the concerns of their employees, and are on top of new developments in leadership theory and practice to create more effective working environments.
There are different types of leaders; some are more comfortable dictating to their employees, while other prefer a more collaborative approach. It’s always a good idea to tap into the creativity of your staff: if they have a great idea that may increase the revenue of the company, why not take advantage of that? On the other hand, facilitative leaders delegate most tasks to their subordinates, and will spend time giving their employees the tools necessary to excel in their positions. Company culture is dependent upon the specific leadership style of the executive in charge.
Significance of leadership
All successful organisations and businesses need effective leaders. The leadership of effective and well trained leaders is paramount to providing an agreed upon goal for the company’s success. Leaders are invaluable when it comes to formulating and communicating new strategic directions, as well as communicating with and motivating employees to increase dedication to organizational goals. Ongoing leadership skills training is essential to making sure that leaders are on the right track.
It used to be, that the leadership focus was on speed and flexibility. But in this constantly shifting landscape, where a global focus, digital necessity and social-political shifts are commonplace, leaders have to be agile and resilient. In a constantly changing business environment, being able to recover quickly and stay the course in the face of repeated challenges is crucial. CEOs who can achieve this are emotionally intelligent and can quickly come to grips with complex shifts and assist others in moving forward to achieve the win. They stay on top of what is going on within their industry through staying on top of what is current in business leadership philosophies and ideas. Blooming in spite of adversities is the truest leadership test.
Further Reading: The resilient leader, CEO's Desk, The CEO Institute Blog
Leadership & delegation
Any successful business leader recognises that delegation is essential. This should lead to building leaders for future enterprises. It is important that leaders are able to spot people who are on the rise to the next career trajectory and let them take the next step to management.
Business leadership considerations
Every business could benefit from an overview of its leadership style. Take, for example, a new CEO in an established company- they may benefit from altering their leadership style to be more in line with the current sensibility of the company (they may find leadership coaching helpful in this situation). When experiencing a decline, top executives may need to be replaced.
Functions of leadership
In order to lead their organisations, leaders need to wear many hats. They are tasked with training staff to fulfil their KPIs, as well as monitoring their progress and completion. An effective leader garners enthusiasm for the company while bringing out the best of their employees.