Guest Blog | 5 little known tips that could affect your business growth.
5 little known tips that could affect your business growth.
In a complex business environment, it can be easy to overlook some of the challenges shaping the environment that will have an impact on how you lead and grow your company. These are five areas to consider.
(1) Being isolated in your leadership role.
When was the last time you got an in-depth, outside industry perspective on your business and leadership? Although you may network with other business leaders, it’s important to have a group of other people you trust and who will also challenge you to think and behave differently. This can be especially useful if they come from a range of backgrounds and industries because they will bring fresh eyes and fresh ideas.
(2) Focusing on what you do best rather than what creates most value.
Do you frequently say that you “need cloning”? If so, you need to work out a way to step out of that expert role and into a more strategic leadership role. We can all fall into the trap of focusing on the areas of business where we deliver our best performance rather than looking for where we can create most value for the company. Consider making yourself redundant from your comfort zone.
(3) Being a personal development ‘junkie.’
Most leaders I work with have a passion for personal development. However, the books or podcasts consumed need to translate into specific action. I encourage leaders to create a structured leadership development plan for themselves so that they target three growth priorities each year. What are the three learning objectives that will make the most difference to how you lead your company?
(4) Not having a strategic learning and development plan for your company.
Small companies also need a strategic learning and development plan to stay competitive. According to Deloitte’s Readiness Report 2019, only 25% of senior executives are highly confident that their workforce has the skill sets needed for the future. Companies need to, “..think big, start small, become more agile, and—ultimately—move faster than the new realities of work.” An explicit plan will ensure you remain competitive and get best return on investment for your L&D efforts.
(5) Not adjusting your leadership to the ‘VUCA’ era.
An estimate by McKinsey is that this era of technological change has 3000 times the impact of the first industrial revolution. The way in which you lead needs to adapt to a world that is ‘volatile, uncertain, complex and ambiguous.’ Not growing yourself as a leader in this context will mean that you become the growth bottleneck in your company.
Three things you can do:
- Create a leadership development plan for yourself each year to ensure you are a ‘fit for future’ business leader.
- Connect transversally with business leaders in other sectors and industries to keep fresh eyes and ideas flowing to you.
- Focus on value creation in your business, not only competitiveness or efficiency. A strategic learning and development plan can help you target your efforts.
Author bio: Wendy Kendall, Business Psychologist and Global Leadership specialist based near Manchester. Connect with her on LinkedIn here.
Wendy is running a free online training session for how to create your strategic leadership plan on 5th September. You can find out more and sign up here.