Build your business for the people
One of the great challenges of leading a business is properly attending to your various stakeholder groups.
How do you communicate with your most junior employees? Are you so sales focused that you’re only considering your customers? When was the last time you touched base with your partner companies?
This might seem like a matter of simply splitting your budget, so that each group receives appropriate investment. However, I would argue that dividing your attention and demonstrating you care is even more vital. They need to understand that you see them as an integral part of your business.
A limiting mindset – Delegate down
Finding the correct balance between leadership and empowerment can be complicated. As I see it there are two scenarios to choose from:
1. Delegated responsibility – This relies on a small number of people to oversee tasks in your business. Whilst delegation might seem like spreading responsibility effectively, it can cause a bottlenecks, where reports need feedback and actions require approval. This can be efficient when all processes are standardised, but allows little room for individual accountability.
2. Shared accountability – In this scenario, employees are trained to respond to a greater diversity of situations. They are trusted to find solutions and given appropriate leeway if errors are made. Instilling this culture into your organisation fosters innovation, having the twin benefits of engaging employees and reducing the strain on its leaders.
Don’t let people hide in your company. Encourage them to excel.
A missing element – Complimentary clients
There is certainly an increasing focus on marketing in modern business, but it doesn’t matter how many blog articles, social media posts or videos your organisation creates, if you aren’t harnessing the words of your existing clients.
With a great number of options to choose from, the most valuable differential for people choosing your company is the opinions of others. This objective measure shows what the product/service you offer will be like and how trustworthy you are. What’s important first off is to ensure that you are delighting your customers, but second providing them with a means of sharing this delight.
Create an automated system for generating testimonials and case studies. Target your most loyal clients and further their loyalty by giving them a discounts and special offers. This will incentivise them to write/record more flattering things about your business. Implement these actions and you will be creating a far cheaper, autonomous marketing department.
A different perspective – Reciprocity rewards
Too many companies view the relationship with their partner organisations, such as suppliers, as transactional.
Whilst being a business leader is all about maintaining professional relationships, it should also be concerned with making connections. Demonstrating you appreciate the efforts of people around is the surest way to continue positive outcomes for both parties. If it’s clear that one party has little regard for the input of the other, this will lead to mistrust, limited engagement and ultimately substandard results.
That’s good for nobody.
Build healthy, long-term relationships with your partners. Communicate what you need from them and ask them what they need from you. Having a clear, uncomplicated relationship means that when deadlines or targets aren’t quite met, you can have an honest conversation to prevent this happening again.
A leadership role is so much more than knowing the technical ins-and-outs of your organisation. You’ve got to be a people person to get the most out of those around you. This doesn’t mean you have to be their best friend, just show that you appreciate their contribution. Whether its employees, customers, or partners, you wouldn’t have a business without them.