Strategy

Do You Have The Right Leaders For Your Growth Strategies?

Do You Have The Right Leaders For Your Growth Strategies?

In the last few years, so much has been said about leaders. People recognize that leaders are important. But why? Perhaps this is because leaders make decisions, decisions that affect everyone.

How can we apply this in the business context? How important is it to have the right leaders for you business growth strategies? We hope to answer these questions for you today.

In an article by Katharina Hermann, Asmus Komm and Sven Smit on McKinsey Quarterly, the finding of a recently drawn comparison between leaders and growth strategies was further explained. The authors said, “We found that leadership quality is critical to growth, that most companies don’t have enough high-quality executives, and that certain competencies are more important to some growth strategies than to others. Companies that know how they want to grow can use these insights to cultivate the right skills in top executives.”

“An effective leader that will deliver your growth strategy is someone who understands your customers and has a passion to serve them.”

Business Goals

The right business goals will propel the right growth strategy.  When choosing leaders for your business, you must first ensure that you have identified your business goals. Be clear and do not have multiple business goals.

Choose one or two business goals and focus on achieving them. Your growth strategy should complement your business goals and that will make it easier to pick the right leader that suits your business.

Efficiency

An effective leader is efficient.  The person leading your growth strategy should deliver quality results within the desired time frame. He or she should be able to find a quick solution to the challenges that come up.

They should never blame others. They should effectively learn to prioritize and be responsible for their decisions. Such a leader will be able to go against the odds and deliver the growth strategy.

“If you have a growth strategy to develop your market, choose someone who has experience in market development and not just product development or diversification.”

Talent Time

The important thing is to learn how you can shape the current leaders in your company by sharpening their competencies in accordance to your growth strategy. When hiring new leaders, evaluate their competencies in accordance to your growth strategy.

If you have a growth strategy to develop your market, choose someone who has experience in market development and not just product development or diversification.  Ask them questions pertaining to your growth strategy and see how your candidates fare. You’ll know who is the best fit.

Customers First

An effective leader that will deliver your growth strategy is someone who understands your customers and has a passion to serve them.  Your growth strategy is often decided after considering what your customers are seeking.

This simply means your leader should be able to identify the needs and wants of your customer and then provide them with a means to achieve their needs and wants. Happy customers are every company’s dream.

Believe in the product

You cannot have a vegetarian leading a meat business. It’s a simple as that. Your leader needs to be 100% committed to the product or service that your company is offering. Believe is important. With believe and passion the impossible is achieved.

People Power

A good leader is someone who knows how to treat his or her people. A good leader with all the right competencies, love for customers and believe in the product will not be able to achieve targets if he or she does not know how to engage with people within the business.

It is important to ensure the leader connects with the employee and is open to receiving suggestions, feedback and constructive criticisms. This will help the leader form a winning team that will ultimately see to the success of the growth strategy.

In conclusion, to achieve greater growth, companies must always align these leaders’ roles and skills with the companies’ growth strategies. As mentioned in the Mckinsey article, the best companies conduct detailed assessments of the talent required across the organization and by business unit and geography.

They then create clear leadership development targets for executives and managers and incorporate these targets into performance-management, recruitment, succession, and reward processes. In this way, top companies systematically build excellent leaders with the skills needed to drive growth.

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