Effective business leadership skills are integral to success irrespective of the industry or the kind of product or service the business sells. While there are different leadership styles, a great leader is one who inspires their team to be more productive, creative, and engaged.
Leadership is also about leading from the front and protecting the business against financial losses from risks such as malpractice or negligence lawsuits.
According to Statista, direct losses in the U.S. and Canada pertaining to professional liability insurance were $4.5 billion this year. Clients are holding businesses to higher standards while subjecting them to greater scrutiny. A recent study shows that there is a rise in legal malpractice lawsuits with millions of dollars settlements. While every business owner strives to excel in providing the best services or products, there are inherent risks of perceived or actual errors, delays, breach of contract, or non-adherence to budget.
Professional liability insurance is the ideal solution that covers the financial cost of defending against expensive negligence or malpractice lawsuits for service-based businesses. Check here to know more about professional liability insurance.
Understanding what it takes to become a better business leader is the first step to transforming yourself, your team, and the business.
Five steps to becoming a better business leader are below.
1. Connect And Inspire
Great leaders are those who can inspire their teams to give their best. Studies show that when business leaders infuse a culture of openness, warmth, and positivity at the workplace, employees are more engaged, motivated, productive, and creative.
Effective leaders are able to connect with the teams by encouraging employee growth, facilitating open communication, and receiving and giving constructive feedback. A culture of kindness, as research shows, directly impacts performance and engagement levels at the workplace.
2. Encourage Professional And Personal Growth
Focusing on getting to know the team members' interests, personality, weaknesses, strengths, and preferences can provide an insight into their career and personal goals. Successful business leaders can recognize the individual strengths and challenges while encouraging and empowering them to grow professionally and personally.
3. Set Goals And Expectations
Great leaders not only ensure every employee understands the collective and individual goals and expectations, but also include the team members in the process of goal setting. With clearly established objectives, team members can track progress and work towards the company's goals collectively.
4. Develop Your Skills
To become a better business leader, it is important to work on your leadership skills and to develop expertise in the concerned field. Successful business leaders such as Bill Gates, Warren Buffet and Mark Cuban to name a few were voracious readers. It is crucial as a leader to stay on top of industry best practices and current market trends.
5. Lead The Way
The best business leaders work with their teams and not over them. By learning to delegate tasks and avoiding micromanaging, leaders can establish a culture at the workplace where everyone is respected, and each individual’s contribution is valued.
