How Can Leaders Make Their Businesses Successful?
Approximately 80 percent of business leaders fall within the first 18 months of operation. In most cases, startups and small businesses fail because of lack of planning, leadership failure, and ignoring customer needs.
A business leader must be able to make the right decisions at the right place at the right time. From employee management to financial management, leadership failures will boomerang to every component of your business.
While business failure is inevitable, there are ways business managers can help ensure continuous operation and revenue.
Whether you are a novice or an established leader, these tips will take your business into new heights.
Put Up Customer-Centric Programs
Customer loyalty is the bread and butter of every business. After all, without its customers, there will be no business in the first place. Make excellent customer service a priority by examining your current operations.
Check for some inconsistencies and make sure that your business superior customer service than your competitors. Take note that improving customer service does not only bolster your operations but makes customers happy and more loyal.
The good thing about putting up customer-centric programs is that there is no need to spend a fortune to make the needed improvements. Anything as simple as responding quickly to customer queries can pay golden dividends.
Get a Mentor
Mentors have been there, done that, and have seen it all. Remember that multibillionaires like Steve Jobs, Mark Zuckerberg, and Mike Markkula had mentors who put them in their positions today.
One of the best ways to get a mentor is through executive coaching. In this arrangement, the coach will help an executive evaluate his performance and acquire feedback on his strengths and weaknesses.
Likewise, executive coaching also provides you with an experience which you cannot find in the books.
Experience is expensive, but it is vital to the success of the business. Bear in mind that there’s only so much you can gain about a person’s experience in history books.
It’s the unstated truth that most experts do not feel comfortable revealing in that you have to gain.
Plus, executive coaches help managers create a valuable network. In some cases, they might introduce you to their contacts.
Having this knowledge and connection will ensure that your company is always on the driver seat of your industry.
Moreover, several research studies have revealed that 93 percent of startups believe that mentorship was instrumental to their success.
Improve Employee Engagement
Employee engagement plays a vital role in the success of the business. Among the upsides of employee engagement include low turnover rate, less theft, increased satisfaction, and lower absenteeism.
When your employees are actively engaged, productivity rates also spike upwards, which results in higher profits.
Encourage employees to be more creative with their tasks. Having creative freedom in the workplace enables workers to succeed because they invest their interests on the job.
Furthermore, seek feedback from employees to resolve grievances and promote a healthier and more employee-friendly work environment.