Featured Image Caption: Group Of Employees Listening To Training On Leadership
Every small business can grow into a large company employing hundreds or even thousands of people and generating billions of annual revenues. Unfortunately, having a great product and a superb business model is not enough to guarantee success.
William Smith of Double Iron Consulting lays out the essential ingredient for success for small businesses – leadership. Without exemplary leadership, even businesses with tremendous potential can have stagnated growth and eventually fail.
The Importance of Investing in Leadership
William Smith of Double Iron Consulting understands the importance of good leadership. Bill and his team have invested in leadership and managed to run several successful ventures, key among them being Double Iron Consulting and Royal Cup Coffee.
Research studies have shown that employees who benefited from leadership training sponsored by their employers improved their capabilities by 25%. The productivity of these employees also increased by 20%. For any organization, improved productivity translates to a greater value for money.
Unfortunately, many organizations typically invest a lot of financial resources in the latest technologies and facilities and improve the efficiency of their operations at the expense of their employees.
Bill Smith has proven that with exemplary leadership, small businesses can experience rapid growth and become successful enterprises within a short period of time. Double Iron Consulting is an excellent example of a successful enterprise that has invested heavily in leadership.
In addition to boosting productivity and improving team member capabilities, the following are five other reasons why every small business should invest in leadership.
Improve Employee Retention Rates
There is nothing as bad as losing a valuable team member to a competitor, no matter the reason. Any decent business owner wants to retain the best employees for the longest time.
Losing employees to the competition can be detrimental to the success of a business because new employees who are recruited to fill the void will take a lot of time to adapt to the new position. This will hurt the success of the business.
According to William Smith, investing in leadership can help improve team member retention rates. A recent study highlighted in the Cornell Post revealed that 94% of employees would consider staying with their current employer if their employer invested in learning and development programs for them.
Training employees on the best leadership practices demonstrates the organization’s culture and commitment to investing in the success of its staff.
Prepares Employees for Change
Change is inevitable in business. As the business expands, leadership positions will be created in the middle and top management. Similarly, vacancies are created whenever middle, or top-level managers exit an organization.
These leadership positions can be quickly filled if employees have the proper leadership training. Therefore, businesses that have invested in leadership will not have difficulty adapting to change as all employers will be prepared for change.
It is always better to have employees who have been working for the firm for a long time and have leadership training, to take up new management positions that may be created when a company grows. This is because they know everything about the business and are familiar with the company culture.
When William Smith left Royal Cup Coffee to start Double Iron Consulting, Royal Cup Coffee used and gained benefits from the company’s investment in leadership and management training.
Develop a Strong Company Culture
Organizational culture is crucial in any business. Company culture provides new employees with the baseline of how they should conduct themselves. During leadership training programs, much emphasis is usually put on company culture.
If responsiveness is one of the business’s core values, then every team member, from top to bottom, should put client or customer concerns above everything else. If a client inquires, they should get a quick and conclusive response.
A culture of team member collaboration is usually encouraged in leadership programs. On the other hand, corporate culture boosts team member morale. Double Iron Consulting and Bill Smith specialize in leadership development. They formulate leadership programs for different types of businesses.
Efficient communication is one of the keys to success in any business. Without clear, consistent, and timely communication, an organization can go into meltdown. That is why communication is a critical component of leadership development.
Managers and supervisors need to understand the best practices to follow when interacting with other employees. Through leadership development programs, employees will be in a much better position to identify any breakdown of communication and come up with solutions to address the breakdown.
The training offered by William Smith and Double Iron Consulting can provide participating employees with options for improving communication.
Develop Future Leaders
Succession is unavoidable. After all, senior managers may retire while others may pass away. Some managers may also leave the company in search of greener pastures.
With a strong leadership development program, there will be many qualified and equally equipped candidates to fill the void left by any senior managers who leave the company at any given time.
This readiness of employees to take up leadership positions can put a company ahead of the competition. With the help of Bill Smith and Double Iron Consulting, any business can have greater chances of success.
There are many benefits of leadership training. William Smith and the team at Double Iron Consulting can provide small business owners with all the information they require and help them develop a suitable leadership training program and implement it. The bottom line is that investing in team member leadership training will benefit any small business in the long run.