Business leaders can suffer serious setbacks if they do not prepare for and avoid common derailers. But what makes a good business leader? What core competencies does a business leader require to be successful in their industry? Business leaders face numerous obstacles during the course of their careers, but some can derail even the best of entrepreneurs. Here’s a guide on derailers that business leaders face and the core competencies they need to develop. Lack of Coachability Those who lack coachability are people who do not hear or act upon the advice of others. Great leaders are coachable and know that there is always room for growth and self-improvement and welcome feedback in all forms. Lack of Emotional Intelligence As a business leader, it’s crucial to be able to walk a mile in someone else’s shoes. Emotional intelligence refers to our own self-awareness along with our capacity to understand how others think and feel. It also impacts a business’s bottom line. Lack of Commitment Individuals with limited commitment lack the motivation to fully integrate into the organization and excel. Enthusiasm is an outstanding trait, but it is no substitution for commitment. Lack of Branding Awareness If you’re not paying attention to your branding, you’re not marketing your services or products properly. For example, your business should have an eye-catching and recognizable logo that attracts the attention of customers. Simplify the logo creation process by using a free online logo maker and tailoring professionally-designed templates to your needs. Lack of Temperament If you are difficult to work with, do not behave in a way that aligns with the standards of the organization, or make cooperating with other stakeholders difficult, your business career won’t last long. Lack of Self-Improvement One of a business leader’s most significant flaws is not changing with the times. It’s vital to continually learn and focus on self-improvement, whether it be through free online courses or working with a business coach or consultant. Lack of Administrative Intelligence Some leaders make the mistake of neglecting administrative details, which sets them on the fast track to career derailment. Many business owners, especially small business owners, get overwhelmed with the minute details of a business’s legal and financial aspects. Among the most important steps you need to take early on in business is to duly register your business. However, it’s not enough to simply file a few forms and call it a day — you need to structure your business right from the get-go. Forming your business as a Limited Liability Company can set you up for long-term success, tax perks, and personal protection. But if you don’t have the time or knowledge to do the due diligence yourself, business formation services are an easy way to get the ball rolling. If you’re unsure of where to begin, this guide can show you how to start an LLC in New Hampshire. Core Competencies for Business Leaders To be a successful business leader, an individual must possess a set of core competencies. Those core competencies include (but are not limited to): Communication Teamwork Management skills Decision making Problem solving Conflict management Basic administrative knowledge Social and emotional intelligence Industry knowledge Another component is a commitment to self-improvement and self-care, which starts at home. Practicing self-care and making changes to your home to promote healthy practices like eating well and exercising are key when it comes to staying in your best form, both physically and mentally. The Takeaway Great leaders possess these traits: Are open to advice and feedback Have emotional intelligence Are committed Can manage themselves (and their temperament) well Embrace change and self-improvement Ensure administrative details are handled properly Now that you know the common derailers of business leaders and how to prepare for and avoid them, concentrate on building your core competencies. Join the Upper Valley Business Alliance to unlock a world of opportunities! As a member, you’ll make connections with other business owners in the area, grow your network and access valuable resources to assist with marketing and operations. Invest in the future of your business - join now!
