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Leadership and the Success of Your Small Business

woman showing leadership skillsLeadership Tips for Small Business Owners

We’ve all had experience with different leaders in our workplaces and communities. Some people are calm and collected, and some are fiery and passionate. Some are more courageous and others cautious and methodical.

There are benefits and drawbacks to the various leadership styles, but no matter how outwardly different, successful business leaders have a few things in common.

Leaders do their homework, and they plan for success. No matter how unpleasant, identifying risks and problems before they become too big to avoid or handle gracefully is key. Many small business leadership guides stress the need for analysis of strengths, weaknesses, opportunities and threats, or a SWOT analysis. According to Susan Ward’s article in Small Business last month, this thorough analysis identifies not only the strengths of your small business but the places where weakness or problems may lurk. Additionally, you may find the perfect opportunities for growth and change in just those places. You will be able to develop a leadership and marketing plan that addresses every issue. Some benefits or improvements are immediate, and others are long-term, so cultivate your ability to see not only now, but five or ten years from now.

Your team will perform at its peak when every member understands what your vision and goals are. Share the information and dreams you have for your business with your staff. Have a mission statement – better yet, develop it with your staff. Listen to the talent you’ve placed in your organization so that they know they are heard, appreciated, and made a part of the future of the business.

Successful leadership is also in your actions, and your team will be witness to your actions. Be an example of the qualities you want to see in your team. If your mission statement or goal requires innovation, integrity, kindness, vision and focus on the customer experience, model it in the workplace. Be an example, and be someone your team can rely on for support as they strive toward the goals you’ve created together.

Never stop learning. We’ve only touched on a few topics here, but there are so many opportunities to improve and grow as the leader of your small business. You might seek out seminars, webinars, reading materials or even workshops for yourself and those you may place in leadership roles. Share ideas with staff and invite discussion and plans of action. Make changes with thoughtful consideration and without fear. With your commitment to learning and growth, your team and your business can thrive.

Success in business depends on a number of things including leadership skills, market timing, cash flow and more.  I hope this article has provided you with some valuable tips on how to improve your leadership skills. If cash flow problems are creating problems for your small business, invoice factoring may be the solution you’ve been looking for.  Visit us online to learn how factoring works or give us a call at (972) 404-4726 to learn how our flexible factoring solutions help businesses like yours.

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