By Satish Patel
This month we celebrate the President’s Day Holiday, a holiday which recognizes the birthdays of two of our country’s great Presidents. However, it is also a reminder about the historical leadership from which this country has benefited. So, what defines a leader and what leadership skills can small business owners practice to help their company achieve success?
1. Establish a Clear Vision and Goals– In today’s rapidly changing business climate, it is easy to become easily distracted by the “next best thing” or new way of thinking. Having an established vision for your company as well as predetermined goals helps small business owners and presidents remain focused on where they are going. For example, an established revenue goal provides the barometer for you to evaluate if performing a certain function is in line with accomplishing that pre-established goal.
2. Take Holistic View of Your Company– Recognize that corporate success is not determined by a single business aspect. Revenue and profitability figures alone do not tell the complete story of whether a company is on the right track. View financial metrics in conjunction with other cross departmental metrics, key product offerings and customer satisfaction.
3. Build Strong Teams– Successful leaders have the support of strong teams. They recognize their own strengths and weaknesses and build complementary teams of individuals who can provide specific areas of expertise to help move their business forward. A small business owner may possess creativity for developing new product ideas but may need to surround themselves with colleagues that have financial expertise to execute those business plans or market those products.
4. Empower Your Employees– Empathize with your employees (and customers!) and put yourself in their shoes. Acknowledge challenges they may face and be open to suggestions on a better way to perform certain functions. You will establish trust within your organization and be able to get the most from your employees, in a positive way. Empowering employees to offer recommendations, suggestions and decisions will create internal buy-in within your organization thereby fostering realization of a single common goal.
5. Recognize and Embrace Change– Today’s business environment is constantly changing. New technologies for enhancing productivity are consistently introduced. Recognize these technological improvements and use them to your advantage to promote productivity in your workplace. Technological improvements do not replace human capital and ideas; rather, they often streamline operations and allow you to better leverage employee resources and intelligence.
As a small business, our team is striving towards implementing these same practices. We are currently offering a free analysis of your business processes and accounting system. If you would like to learn more on how Analytix Solutions can enhance your business processes in 2012, please call me directly at 781.503.9002 or email me at [email protected]
Satish Patel, CPA
President, Analytix Solutions
Satish Patel, Founder-CEO of Analytix Solutions, has more than two decades of experience as a CPA. He has also advised small and mid-sized businesses on diverse matters such as valuation, accounting, and finance. His experience extends to raising capital and arranging for finance from angel investors.