As business owners and CEOs kick-off a new year and ponder what the next decade will bring, let’s start with this question: Ask yourself whether you understand leadership economics and leverage it as a growth strategy?
Understanding leadership economics is priceless. Looking at your past wins and victories over your competition, what role did leadership economics play in leveraging your strengths, and how do you build on them to retain existing customers, find new customers, retain your talent, and expand your footprint?
In these times, when minority business owners struggle to find funding to expand, what other ways can you cash in using leadership economics? Here are three ways to capitalize on leadership economics:
- Tilt your CEO hat to take a look at your leadership team’s strengths and how you can exploit them to gain a competitive advantage over your competitors.
- Invest in developing your leaders to understand business economics – decision making, market advantage, talent acquisition, and how to leverage company strengths for growth.
- Increase cash flow by acquiring new clients. Leverage your leadership team’s network to connect with their warm market and influencers to acquire new clients.
- Be more intentional to position your leaders to connect with potential customers in decision-making settings. Seek out opportunities for your company to participate in thought-leadership events as panelists or presenters.
- Host VIP events for target customers to showcase your expertise, new product, or service. Showcase your leadership acumen and the advantages of doing business with your company.
Lastly, by investing in the development of your leaders, you will also reap the following rewards:
- Improved business acumen
- Improved performance
- Improved talent retention
- Greater value for funding options
- Improved capability to pivot or shift to meet customer demands
- Enhanced ability to attract talent
- Improved business sustainability
- Improved profitability