Effective customer service is a huge part of business success, and much of that success depends on how leaders lead their organization. What gets in the way of their success? Leaders’ mere focus on short-term goals is one of the reasons for organizations’ failure. Industry experts believe that leaders must balance the short-term and long-term goals to produce value that benefits all stakeholders. In this article at strategy+business, Harry Kraemer explains what leaders must do in the world of uncertainty to focus on the organization’s long-term growth.
Leadership Skills for Long-Term Success
Whether you are an entrepreneur, CEO, or any other type of business leader, here are skills that you must cultivate to succeed throughout your career.
Balance Your Perspective
“Leaders can focus on the major areas that impact shareholder value: growth, profitability, capital requirements, and cash flow,” says Kraemer. Additionally, focusing on value creation for the long-term will help companies weather economic uncertainty.
Leaders must practice flexibility and open-mindedness. While the work-from-home trend is gaining a lot of attention, flexibility goes far beyond accommodating these types of workplace requests. Flexible leaders are those that take disruptions in stride and explore alternative methods.
Encourage Goal Setting
The ability to set challenging yet realistic goals for yourself is a skill. The best leaders gauge their abilities through goal-setting skill tests. They anticipate and plan for pitfalls. When they cannot, they reevaluate their goals and find alternative ways to achieve them.
Rightsize Human Capital
An organization grows faster than its competitors because it has talented people and a low turnover rate. For instance, if business leaders lay off employees due to economic slowdown without considering the cost of finding the right people, the action will negatively impact business success in the long run. Though layoffs are unavoidable during a severe crisis, cutting costs in other areas such as travel or office space will help you maintain your talented workforce.
To read the original article, click on https://www.strategy-business.com/article/Why-leaders-need-a-long-term-view?gko=0bfa5.
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