Becoming an exemplary leader requires a purposeful, balanced approach. As a business owner, it’s important to understand how you can actually impact the growth of your company through your leadership style. Investing in your employees is no longer just about doing the right thing; this investment can actually increase your bottom line. The 2016 Workforce Purpose Index found “85 percent of companies that were able to find ways to help their employees feel more purpose-driven saw a positive growth in revenue.”
Does Your Business Have a Purpose?
If you’re going to improve your leadership for the betterment of your business, it’s necessary to first know and believe your purpose, or your ‘why.’ If you want employees to buy in to your mission, you must buy into it yourself. According to Entrepreneur, researchers define businesses with a purpose as ones with an understood mission that has a positive impact on the world, a culture that encourages individual growth and business that is done based on the strength of interpersonal relationships. Revaluate your foundation and then infuse your purpose into every aspect of the business. As a leader, realize that you can make work more engaging, meaningful and inspirational for your team members.
Your Team Plays a Major Role in Success
While it can be easier said than done, hiring people who believe in your company and work to pursue your purpose is the foundation of a successful business. Your team is the core of your culture and the face of your brand. Sometimes finding top-tier and talented individuals who are purpose-driven can be difficult, but you should devote time to refining your onboarding process so that you can ensure you’re attracting the right candidates. Look beyond just skillsets during the interview process—guarantee that each and every member of your team clearly sees your vision and supports your purpose. If people don’t fit with what you’re trying to create, don’t hire them. Business Insider quotes Zappos CEO, Tony Hsieh, “Bad hires cost us 100 million dollars in the early stages of launching the company. Now we hire and fire based on if someone is a distinct fit.”
Invest in People Asset
It’s important to invest in your team members early on, so you can start building their loyalty. People are now leaving jobs that don’t provide them with personal fulfillment and searching for ones that do. Employee retention rates are dropping across all industries because people no longer have to stay at the same job for the next 20 years if they don’t feel appreciated or accomplished. As a whole, jobseekers see that there are many career options in the workforce landscape. Thus, the competitive differentiator among companies is whether they invest in their employees or not. If the people who work for you feel valued, appreciated and trusted, they’re more likely to be more productive, successful and loyal to you and your brand. Your employees should be your best brand advocates.
Value Their Opinions
Many times the greatest ideas come from your own team members. If they’ve been with you for a while and get see the day-to-day operations, they’ve likely learned a lot about your business. As a leader, you must be willing to listen to the ideas, suggestions and often criticisms from those working closely with you. It not only shows that you’re open to other people’s opinions, it could help take your business into new markets that ultimately end up prosperous. While your schedule might be hectic, take time every now and then to truly listen to what your employees have to say—or on the opposite end of the spectrum, pay attention to what they’re not saying. If they aren’t coming to you with fresh perspectives, take a closer look to determine why. Maybe they’re scared it won’t be well-received and need encouragement on your part.
Understand What Drives Employees
In order to lead others well, you have to know what drives them. Getting to know the people who work for you can help you contribute to their success. According to a recent study, the number one fear in America is the fear of personal failure. How are you ensuring that your employees are motivated to do their job well? As their mentor, it requires an understanding of what drives them to excel. Figuring out their work habits, personalities and preferences can truly help you lead them better. An individualized approach may not be necessary for all employees, as some have greater needs than others, but you should spend time getting to know all of them.
Set a Good Example
Expecting the best out of your team should start with the example you’re setting as a leader. If you want your team to succeed, give them a reason to respect you—in other words, practice what you preach. If you encourage others to get behind your purpose, then you should display it and embody it on a daily basis. If you want people to work together, be a team player yourself. Set goals and keep people focused on achieving them. It’s up to you to set the mentality of day-to-day work ethic.
Stay Involved
While there’s simply not enough time in a day to supervise everything that’s going on in your business, if you’re in the dark, you’re risking a lot. For larger companies, you need to appoint lower level management who will know the ins and outs of each project on a daily basis. Employees want to know their leaders actually care what they are working on. In addition, if you’re up to speed, it’s easier to give feedback to ensure the business is moving in the right direction.
Keep an Open Door Policy
The best leaders are the ones who engage with employees on all levels of the company. If people don’t feel comfortable coming to you with questions or concerns, it’s hindering your growth. Communication is the key to managing others and you should always be willing to offer advice when others ask for it. In addition, make sure that you are approachable and inviting so employees will actually open up to you. Show your team that you’re there for them when they need help. It will help to foster positive working relationships among the entire company.
Reevaluate Office Culture
What’s the morale like in your office? If you don’t give employees a place to grow and thrive, you often risk losing top-talent to your competitors. Thanks to platforms like LinkedIn and Glassdoor, your company’s employment brand is public. Jobseekers are attracted to companies that value culture now more than ever before. Flexible schedules, improved employee perks, sustainable efforts and corporate wellness programs are all becoming the norm. All of these enhancements are a result of culture-driven companies recognizing the need for putting employees first. As we discussed, your team is your brand—so be sure to put forth the effort to take care of them.
Perfectionism Isn’t Realistic
Whether it’s real or perceived, being a perfectionist is never a healthy quality for a leader. It wastes time and money and no one likes working with or for a perfectionist. While having high standards and goals is important, if you find yourself demanding perfection from your employees, changes should be made. According to The Office Club, “In the modern workforce, true perfection is flexible—and is completed by working as a team to develop groundbreaking innovations. Even if your method is flawless, it can always be enhanced by the insight of others.” Accept that you can’t possibly control everything and no employee is going to perform perfectly every time. It’s not realistic to assume that mistake and failures aren’t likely.
Change Isn’t a Threat; Ignoring It Is
Businesses that are equipped to adapt to industry changes and consumer demands are overall the most successful. Due to our economy and the rapid advancement in technology, there’s always opportunity for innovation. As a leader, you’re the driving force for the direction of your business. If you’re continuously refusing to acknowledge the need for change, you risk being left in the dark ages. Even if you don’t see it, it’s very likely your competitors have already embraced it. Don’t be afraid to take risks and try new things to advance your position in the industry. Get advice, run the numbers and always work on improving.
Encourage Professional Development
What are you doing right now to help your employees grow in their positions? Training, mentoring and coaching are highly valued by employees across a variety of industries. Clear Company reports, “As one of the top three non-financial motivators, 76 percent of employees want opportunities for career growth. In addition, an alarming 40 percent of employees who receive poor training leave their jobs within the first year.” Strong employee development programs should be a priority for upper level management. Employees want to succeed at what they do, so provide them with the necessary tools and training.
Whether you’ve been thrown into business ownership or been there for years, it can be particularly challenging trying to get all of your employees on the same page. Redesigning a business model that solidifies your purpose, values employees and makes a difference in the world won’t happen overnight. But that doesn’t mean you shouldn’t continuously work toward making your business the best it can possibly be. Staying competitive requires continual flexibility and focus on leadership principles.
Holly Rollins
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