Leadership is an art that requires a combination of skills, knowledge and experience. A positive leadership approach can motivate and inspire a team towards achieving a common goal. A great leader has the ability to create a productive environment for their team and unite their team members, enabling them to perform their best.
To demonstrate the impact of leadership, a report by the Hay Group found that companies who prioritize strong leadership result in 50% higher revenue growth see up to 90% higher employee engagement levels compared to those with poor leadership.
In this blog post, OptiPay will explore the qualities and initiatives that result in strong leadership and discuss how these practices can be applied to motivate your team for business success.
Qualities & initiatives that make elite leaders possess
Setting clear goals and expectations
One of the key qualities a great leader possesses is the ability to be clear with their expectations for the team and set achievable goals. This involves setting goals that are specific, measurable, and time-bound. Breaking down goals into actionable steps ensures that team members understand their responsibilities and the desired timeline for completion. Conclusively, by providing a clear vision of what needs to be achieved, leaders can set their team up for success and be the compass that guides them there.
Encourage self-development among employees
Leaders should always encourage their employees to develop their technical skills and advance their knowledge. Continuous self development is equally as valuable for the employee as an individual and the company who can use the employees new skills. Self development can be achieved by offering training opportunities such as seminars and conferences, mentoring programs, and professional coaching. By investing in an employee’s development, leaders can further their team’s expertise and empower them to expand the projects and challenges they take on.
Encourage collaboration and teamwork
Developing relationships between team mates is a key component of success. Without strong relationships within a team there is a barrier to effective collaboration… and collaboration is essential for achieving goals in a time effective manner. Thus, Leaders should execute initiatives that foster a collaborative and trusting work environment built on teamwork. For example, we recommend providing opportunities for team members to share knowledge, learn off one another and together and promote a culture of open communication.
Create a healthy workplace environment
A healthy, inclusive workplace is essential for employee well-being and productivity. Leaders should create a positive workplace culture that prioritizes the physical and mental health of their team. (P.S, Leaders need to take care of their mental wellbeing too! Click here to find out how). This can be achieved through offering flexible working arrangements such as remote work and flexible working hours, promoting work-life balance by discounting gym membership, insisting on taking annual leave, and providing resources for mental health support such as access to workplace counselors.
Partake in regular feedback sessions
Honest and actionable feedback is essential for personal and professional growth. It is recommended that leaders set up regular feedback sessions with their team in an individual manner and as team meetings to provide detailed, constructive feedback that supports their learning and development.
Constructive feedback involves listening actively, providing clear and specific examples, outlining one or two alternate solutions or methods to achieve a better result and offering support and guidance when putting their learnings in practice.
Recognise and reward hard work
Recognizing and rewarding hard work is a key motivation for employees to work optimally. Standard rewards include bonuses, promotions and gift cards, as well as providing public recognition for their contributions. However, the reward you create for each employee to recognise their hard work and achievements must be tailored to suit their preferences. To ensure they are inspired to reach their KPIs and goals, we recommend sitting down with each employee individually to determine what reward would be best suited to them.
Communicate honestly and effectively with employees
Effective communication is essential for building trust, avoiding miscommunications, problem solving and fostering productive working relationships. Leaders that communicate clearly and openly with their team ensure that they understand the company’s goals and objectives, and their role in achieving them. As well as communicating effectively to their team, leaders should encourage clear communication amongst team mates. Clear communication involves honesty and transparency in a respectful, professional manner. This results in all employees having their voices heard, encouraging open-mindedness and creativity in achieving goals and overcoming hurdles.
Trust employees with autonomy and self-management
Finally, and perhaps most importantly, leaders must trust their employees to take on responsibility, manage their own workload and meet their deadlines – no adult enjoys having their abilities questioned. It’s a fine line between offering assistance and micromanaging your team. As a leader, you have to trust you’ve put the pieces in place for the team to thrive and work collaboratively to achieve the company’s overarching goal. Therefore, you must provide autonomy and empower team members to make decisions, take ownership of their work, and manage their time effectively. By trusting their team, leaders can foster a sense of ownership and accountability, motivating them to perform at their best and support one another rather than relying on the team lead. ConclusionIn conclusion, a Leader acts with compassion and understands a team is only powerful if it works in unison. If you’re a business owner, or Leader, who is executing the above initiatives in aim of scaling your business, get in touch with OptiPay to discuss how we can expedite your growth through our cash flow services.
Who is OptiPay?
OptiPay, one of Australia’s leading business finance providers, has been dedicated to helping small business owners solve cash flow challenges for over a decade and has provided $1.5 billion in business funding to more than 500 Australian businesses. OptiPay specialises in modern financing solutions such as invoice factoring, invoice finance, debtor finance, and lines of credit. OptiPay’s mission is to support business growth providing liquidity in as little as 24 hours, ensuring they have access to tomorrow’s cash flow today. This rapid access to funds helps businesses maintain smooth operations and seize growth opportunities without the stress of cash flow constraints. At OptiPay, we believe that healthy cash flow is the lifeblood of any successful business. Our commitment to helping businesses overcome financial hurdles and achieve their growth ambitions has solidified our reputation as a trusted partner in the business finance sector. Whether you are looking to stabilise your cash flow, expand your operations, or navigate financial challenges, OptiPay is here to support your journey with innovative and efficient financing solutions.
