Edition: December 14th, 2021
Curated by the Knowledge Team of ICS Career GPS
- Excerpts from article by Ross Franklin, published on Entrepreneur.com
The success of any company is created by the leadership team’s ability to execute and take massive action toward the company’s goals and objectives. Everything about a company is a direct reflection of whoever is in charge.
With the abundance of new companies being formed, especially by the millennial generation, it is critical that leaders follow proven strategies for success and don’t take shortcuts.
Honouring the following proven leadership strategies will help millennial leaders move from strength to strength:
1. Clearly define the company’s mission and values.
- A company’s clearly defined mission and values are the foundation for its culture.
- Step number one in this is to engage the entire team so that everyone feels like part of the process.
- By including your team in the creation of the company’s mission and values, you build a sense of inclusion and help team members embrace the mission and values on a deeper level.
- For companies that already have clearly defined mission and values, team members at all levels should be able to communicate them.
2. Don’t over-delegate; practise full operational engagement.
- As a leader, one of the most important actions you can take is being fully engaged in your company. All too often, leaders lose touch with the nuts and bolts of their businesses.
- Many millennials tend to be over-delegators, and they delegate almost every component of their business to the point they are not able to make the right high-level decisions for their business.
- This is because they lack a clear understanding of what is happening at the ground level.
- The front-line workers of an organisation tend to be the ones who are directly interacting with customers. When leaders rely on their executive team to find out front-line information, there is much that can get lost in translation.
- A fully engaged leader knows exactly what is happening on the front line and doesn’t hide in an ivory tower or rely on others to get a pulse for the business.
- Full engagment in your company requires discipline as well as humility. A fully engaged CEO is one that regularly communicates directly with the front-line workers and listens carefully.
3. Be aware of the numbers and have clear financial targets.
- All leadership executives should be aware of their numbers – profit and loss, revenue, expenses, etc.
- When you ask an entrepreneur what their revenue and profit is and they stutter or provide a rough estimate, it is quite clear that they are not aware of the numbers, and this is a red flag.
- Leaders should be reviewing their numbers daily and have clearly defined financial targets.
- Founders and CEOs should constantly drill their teams on the numbers to ensure they are aware of them and are dialled in to the company’s financial performance.
4. Create a success road map.
- It is critical to identify the key metrics for your business that drive success.
- By creating a road map and identifying the specific actions needed for achievement, you work to close the gap between where you are and success.
- Every member of the leadership team should have a clearly defined road map for his or her department.
5. Utilise action-oriented meeting minutes.
- Too often, companies have meetings, and nothing gets done afterward. In such cases, meetings are a waste of time.
- It is a critical to have a dedicated member of the team send out action-oriented meeting minutes directly after every team meeting to everyone who attended it.
- Whether it is a Zoom or in-person meeting, if there is no follow-up, the meeting loses value.
Consider how well your company executes the leadership strategies listed above and implement changes where necessary to reach new levels of success.
(Disclaimer: The opinions expressed in the article mentioned above are those of the author(s). They do not purport to reflect the opinions or views of ICS Career GPS or its staff.)