Do you ever wonder what your local competitor is doing to grow their business? Perhaps, you have noticed that they have tapped into your market share. You might be surprised to learn that it’s not only their product or value proposition.
It might be as simple as their management and leadership approach. The success of the company is determined by the people and success of the people is determined by their leaders.
Here are three things you can learn from your most successful competitors:
1. Successful leaders surround themselves with people who are experts
Many Business Leaders think the boss is the boss and should always know the right answer. Often Business Leaders feel agitated about hiring someone who knows more about a specific discipline than they do.
Successful Business Leaders hire people who are better than them. They are not afraid to surround themselves with experts.
These people are the key to understanding and taking actions that need to be done to achieve the business vision.
2. Successful leaders invest in their people
Successful business leaders have a great ability to change, grow and learn. Seeking candidates who are well-qualified is an option. However, unless Business Leaders provide these candidates with the right strategies for building a self-sufficient team it can only go so far.
What about training people from the ground up? Someone may not have the right experience on paper. Yet, they might have right behaviours and attitudes to become a high-performing manager.
Be sure that everyone in the company sees personal development as a key part of their role.
3. Successful leaders know how to manage change successfully
In today’s fast-paced and complex business environment change is a part of everyday life. Yet, there are significantly more examples of poor execution of change initiatives than successful ones. Leaders often set themselves for a failure by not implementing a toolkit for managing change successfully.
Successful leaders understand the impact of change on employees. They also have a systematic approach for facilitating change.