How to manage Leadership Challenges of Fast-Growth Companies

Tactics to Overcome or Manage Leadership Challenges of Fast-Growth Companies and Business

Companies and business face some challenges both outside and within the work environment. This challenges may hinder the growth of the business and cause a decline in the company’s economy. Firms and companies who seek to tackle the leadership changelings should follow some crucial steps towards achieving the desired goal. Leader and managers of a company should always think of ways to inspire and motivate their employees as this will benefit the company in the long run. Leaders or managers should provide employees with resources needed, and give them support, encouragement, goals and reward people’s effort towards achieving organisation goals. (Tomas, and Reece, 2018). The organization should help managers to develop leadership skills if it is lacking.

More still, leaders should always update their skills and be open to changes and challenges that may come with their role in the company. Leadership skills and training should be offered for free or at a reduced cost to managers to quickly aid in acquiring more knowledge on how to achieve success and be one of the leading firms in a competitive market.  Providing leadership training to managers has a multitude of benefits to the organisation, and one of the most significant benefits is building a culture of trust and respect when the organisation invest in talent development (Wright, McMahan, and McWilliams 1994).

1.1 Developing managerial skills

Leading and managing are different skills needed to manage and control the challenges business face daily. Although developing leadership skill is challenging and at times complicating, given the diversity of the average manager’s work, it is, however, one of the most critical activities expected from all companies and organisations. In other to ensure effective and efficient management of leadership challenges, a good manager is one who focuses on the purpose for (designing a product or project), people, processes involved, places, projects, performance, profit and personal development.

1.1.1        Purpose:

The purpose for any project or product should be evaluated, and the values of what is to be achieved should be made clear to the employees or all involved because people are often motivated when they are engaged in something they see as really significant. Sense of Value and purpose should be fostered amongst employees and the team leader should build plans to deliver his purpose with reasons.

1.1.2        People:

Finding the right employee for a task is crucial, and individual strength should be matched with the role they are capable of doing. Build a better team by delegating work according and when conflict arises between employees, it should be handled promptly and fairly. Jobber D. (2001), workers or employees should be a coach or have training that will help in developing skills that may be needed in the company. Organizations should encourage building an excellent professional relationship amongst co-workers to enable a warm, comfortable and friendly environment. Excellent communication skills such as attentive listening, good written communications, courageous conversations and follow-up conversation are encouraged in a workplace or working environment.

1.1.3        Place:

The environment should be conducive and not hostile. Employees will be more productive working in a conducive environment, and they should be given choice and control on how they do their work. It is also essential to adapt to new technologies in this modern era with rapid technological growth. Managers and leader should encourage dynamism and enthusiasm by first setting an example themselves. Trust a critical factor in managing an organization. Therefore, building trust with the employees and valuing their contributions to the company’s growth is very vital.

1.1.4        Processes:

The processes to be used should deliver value for your customers/users in a simple and efficient way. Good managers reviews processes from the customers perspective, solve problems, develop and sustain customer relationship, understand, review order generation on sales and market and make decisions effectively.

1.1.5        Projects:

Projects should be well defined and initiated to improve ways of working and introduce new practices. Changes may occur during the process or stages in the project, but effective and efficient management will help to update and manage those changes. Also, continuous improvement approaches should be applied to achieve a good result.

1.1.6        Performance:

The performance involves proper management and getting the right thing done. Managing, setting goals, monitoring and controlling performance in a company is among the critical factors for organization growth. It may be challenging to balance the achievements of the company’s performance effectively, but it is a highly valuable way to motivate the team and individual employees. Ensure to point out areas managers need to improve, including the skills that are most relevant and with more significant impact on their specific role and given the present situation.

1.1.7        Profit:

Leaders should always review the possible profit and also forecast the possible loss in any given project that will be carried out in the organization. A good manager will implement ways to balance company’s costs with income, achieve excellent performance within the stipulated budget, improve financial performance, and monitor trends to indicate if changes are having an impact to the company.

1.1.8        Personal Development:

Personal development is a significant investment. Managers and leaders should have an interest in developing management skills on a regular basis. Leadership starts with managing one’s self first and growing the skill of “selling one’s vision” and building confidence in your leadership. Therefore, a leader or manager should practice what they preach by being a source of inspiration or example to his co-workers. Followers of a good leader will believe and follow his plans and also work hard towards achieving a common goal.

1.2  Developing employees

The growth of employees can affect the company positively or negatively. Therefore, it is imperative to invest in the development of the skills of employees. Leaders are obliged to provide training and program that can help to improve the skills and knowledge of every employee. If a leader or manager is promoted or for a reason have to leave the companies, he should ensure that a competent replacement is recruited on time and plans should also be made on how to train the new worker on the required task and other company policies. A manager should be willing and eager in helping employees maximize their contribution and help them grow greater satisfaction with their career.  Employees who are the wagon of success or those seen as quality team members should be pulled forward and put them together with other employees to work together.

1.3  Planning Ahead

A leader should always update their plans and ensure it is still relevant because plans that worked years ago may not necessarily lead to success in today’s economy. For instance, technology has taken over. Nowadays, a business makes use of the internet to advertise and sell their products and service compare to the old way of traditional buying and selling. As the business grows, a new and modern strategy needs to evolve to suit your changed circumstances. Managers should focus on building profitable relationships and maximizing growth with existing customers rather than the old way of just trying to win new customers because existing business relationships often have enormous potential for profit and can also provide reliable cash flow. However, it is risky to just rely on existing customers as every business need to embrace new customers or new opportunities.

Furthermore, it is important not to assume that current success means an automatic advantage for excellent opportunities. Every significant move that will be taken needs planning in the same way as a new business launch as they will help to create a successful business.

Referencing

Tomas, C and Reece A (2018).  Motivating Your Most Creative Employees. Harvard Business Review.

Wright, P.M., McMahan, G.C. & McWilliams, A. (1994). Human Resources and Sustained Competitive Advantage: A Resource-Based Perspective. International Journal of Human Resource Management 5 (2): 301-326.

Jobber D. (2001). Principles and Practices of Marketing 3rd edition, McGraw Hill.