For a business to achieve successful growth, they must have passionate and innovative leaders driving their ambitions throughout the company. Where there exists a gap between performance and potential, there is also an opportunity to develop leadership capabilities. In a McKinsey study conducted in 2011, it was found that ‘good’ leadership capability demonstrated no correlation to financial performance, but companies with leaders who showed ‘excellent’ capability also reached the top quartile in financial performance. There are three key areas of leadership in which an individual must focus their development in order to achieve leadership excellence.
Understanding your individual strengths and weaknesses as a leader is integral to understanding why others should follow your guidance. The majority of this aspect of leadership is centered around psychology and mindset. What is particularly important is your personal determination to develop your skills. Executive coaching programs can be a crucial tool for those looking to develop their leadership capabilities prior to applying for higher positions or taking on more responsibility. These are highly individualised programs that aim to help you achieve your personal development goals and manage change effectively. They drive engagement and increase the overall performance within the organisation.
To be an effective leader of other people, you need to be able to provide them with inspiration and motivation. Leading high performance teams to success is challenging. Excellent leaders are uniquely skilled in this because they have dedicated their own time to learning how. Organisational performance is closely driven by the relationship between leaders and their team. Leadership development training that utilise the 360 degree feedback model provides leaders with insight into how they are perceived by their teams. In this way, leaders gain a fuller understanding of their team’s mindset and how they can build a stronger relationship with them.
Leading the Business
Establishing a culture of high performance is an important aspect of leading the business. To have strong commercial performance, the output of your teams must be of consistently great quality. Linked closely to leading others, building high performance teams is done by establishing strong relationships that promote constructive collaboration and engagement with the work. One of the key capabilities of high performance team leaders is their ability to encourage innovation and inspire their team to reach greater levels of success by setting stretch goals. These leaders are able to balance the goals of the business while motivating their teams to outperform expectations.
For growth to continue and success sustained, leadership capability development must be incorporated into the system of the organisation. Doing so creates a pipeline for high potential employees to develop their skills and move into leadership positions. Though it may take some time, the leaders you nurture will be the best equipped to move the company forward in reaching its goals and achieving commercial performance.
For more information about The Leadership Sphere and how we can help you unlock performance through leadership, by supporting your leaders at every level of the organisation with leadership development, executive coaching and high performance team programs please visit our website or call us on 1300 100 857.