As a small business owner we wear many hats, from developing strategy and vision, to taking out the rubbish - and anything in between.
The road of growing a business is often a steep learning curve that is rarely a straight line, but more like a bumpy road with plenty of hills and dips.
As we work though the day-to-day, we are also juggling the requirement to have financial control, develop an approach to marketing and sales, have a vision, support our team, keep up to date with legislation - and so it goes on. It’s what we sign up to when we choose small business as our path.
Then now and again we might give some thought to the need for support and guidance on this journey. Making sure we don’t feel too much on our own and to bring on board some objective thinking.
For this, there are any number of initiatives, programmes and equally as many CMACs (consultants, mentors, advisers & coaches) to support us in this regard.
It is not difficult to find a CMAC who will support the development of a business plan or a sales strategy or a cash flow forecast. It is harder to find those that will focus on us as leaders and the need to address our leadership type, ability, knowledge and skills as well as the strategies and projections.
As a business owner we are the individuals at the core of the growth of our business and our strength in leadership is crucial to our business growth. Every business that exists, started as a small business and without doubt requires strong leadership to develop.
While business strategy, marketing, operations, and finance are undeniably essential, effective leadership is the cornerstone that holds everything together and drives long-term success. Small business resources are limited and teams tend to be fairly tight-knit so the influence of the leader is magnified way beyond that in a larger corporate environment.
A strong leader fosters a positive company culture, motivates employees, and creates a space where innovation and productivity thrive. Without effective leadership, even the most well-crafted strategies can fall flat. So why is there such little attention on the need to develop the business owner alongside the business?
Partly, it’s an assumption that when it comes to small business ownership its “a one-size-fits-all concept”. That entrepreneurial leaders are all similar with similar approaches to business growth. Except for those of us that travel that journey and understand that there are unique small business leadership styles that impact differently on business growth. Different situations and different teams require different styles of leadership.
A second-generation family business owner will have a very different approach to business growth than an academic newly commercialising a product. Both developing a small business, both requiring very different leadership approaches.
The most effective leaders are those who are adaptable, able to shift their approach based on the needs of their business and their employees.
As the published author of “In Business With Yourself” (Orpen Press) and tfounder of the MENTupLEADup technique, I’ve made it my goal over the past number of years to focus on the need for entrepreneurs to develop their leadership hand in hand with their business, to gain the maximum return on investment.
In the words of the Department of Trade and Innovation: “The leadership skills of small business owners are positively & significantly associated with turnover & productivity.”
- Michelle Lestas is founder & CEO of the MENTupLEADup technique and a business turnaround specialist.
