The term "leadership and management" is often banded around as two separate aspects of business, with the familiar quote (and the image that goes along with it) - "Are you a leader or are you a manager?", "Boss or Leader?" Yada yada yada... Truth is both are crucial to the success of your business.
This simplistic view of a leader and a manager are not (or don't have to be) as black and white as traditional theories suggest. Both come with benefits that compliment each other, especially at senior manager level. Senior managers and business owners need to look at how they can develop their leadership AND management skills, not only to learn new skills and improve their CVs, but to ensure the business thrives!
Investing in leadership and management comes in different ways - workshops, bespoke training, one-to-one coaching and mentoring etc. But how can we get the best out of our leadership and management investment? Research has shown that it's not just typical high growth businesses that are benefitting from leadership and management improvements, nor is it certain sectors like tech, or in certain areas like the bigger cities, businesses of all shapes and sizes and locations can achieve rapid growth - if they have the right support.
There's also a knock-on effect that comes with better leadership and management that touches many aspects of the business and its employees. Here's 7 additional benefits that come from better leadership and management:
You may be hesitant to spend on leadership and management, especially over other more tangible assets, but unlike most capital expenditure there's a range of grants and funding available to support you. It's worth checking out what programmes or projects are available in your area to get a piece of the pie!
Getting advice from impartial and experienced experts is invaluable. Bringing in external expertise can really help - not only deal with the particular issue that they're there to help with, but also with other aspects of running a business that crop up in conversation. Business coaches, advisers, growth managers etc. can equip you with the skills or insight required, plus they are usually self-employed and have a little black book FULL of useful contacts, and would be happy to make introductions to help you get the best support that's right for your business!
3. We all win.
Leadership and management training should be shared and deployed throughout the business. In some cases, match funding applies to the whole senior management team - not just the head honcho. With the business leaders energised and encouraged, the positivity will spread throughout the business and a new culture can begin. If the training will only benefit the MD then it's a waste of time - the whole business needs to gain as a result.
4. Specific solutions.
Leadership and management is a pretty broad brush area. Sometimes a generic workshop about how to be a better leader is no real use to anyone. Find out exactly what would make a difference to you and your company. Business advice is best when it's bespoke - one size doesn't fit all. Usually a growth manager or the like will spend time really getting to know the senior managers to truly identify the needs of the business. This could include looking at types of learning style such as Belbin, or identifying where a clash of personalities on the board causes conflict and friction. Only then can you understand EXACTLY what is needed and how best to help the business to grow. In a recent case study, a firm of solicitors received digital marketing training for every partner to get with the times.
5. Supporting the local economy and creating jobs.
Building a better business may mean pursuing your passion and achieving your goals, but hiring those new employees and taking on an apprentice also means the business is helping its local economy. This is fantastic and should be shouted about. Get in touch with the local business press and get some publicity - apprenticeship schemes or colleges may even help promote the fact you've taken on young adults and write up a press release for you. Supporting the local economy and creating jobs also means you'll be painted in a good light which attracts more investment opportunities and therefore further good publicity.
Leadership and management development is a key driver in embedding a culture of innovation. As the saying goes, 'If you do what you've always done then you'll get what you've always got'. A new perspective and great insights can come from leadership and management training - who knows what your business is capable of? So many times a business has become more successful by diversifying as a result of better information and acting on it. Innovation isn't just a new product; it's the way you do things. Leadership and management training can be done alongside other core workshops, master classes and coaching, ensuring that you get the new ideas and insights to drive the business forward.
7. Did I mention Finance?
Why spend more than you need to? Plus there's a whole host of other benefits that add up, so always ask what else is available or included when thinking about the support you take.
We can help pay for your business coaching. A scale up coaching grant will give you the support you need to effectively develop your business. Whether this is through developing your leadership skills, expanding your management knowledge or advancing your business strategy, a coaching grant gives you the head start that you need. Find out more.