Entrepreneurs have no choice but to be strong, authoritative leaders for their team, and if they fail in their quest, the firm can experience some serious shortcomings. In fact, when enterprises portray that they lack leadership, it can scare customers away and make it difficult for the company to continue to grow. Recent research from global communications firm Ketchum revealed six out of 10 consumers have become less involved with a company due to negative leadership perceptions.
Bad leaders can affect an enterprise
A poor reputation for leadership could make small business budgeting a little bit more stressful for entrepreneurs. According to the research, 51 percent of respondents said they would buy less of a firm's products or services if they don't believe in a brand, while 44 percent said they would lose interest in a company altogether. Leadership has never been as important as it is now for entrepreneurs, and projecting that their company has a strong person in charge will allow consumers to feel better about interacting with a brand.
"With the crisis of leadership and communication continuing to have a direct commercial impact, our 2013 study shows that this formula for establishing meaningful, authentic leadership remains as robust as ever and will only grow in importance over the coming decade," said Rod Cartwright, partner and director of global corporate practice for Ketchum.
Don't suffer from leadership fatigue
Many entrepreneurs have a ton on their plate, and staying strong as the leaders of their businesses can sometimes be a struggle. Not only can failing to uphold a strong demeanor be detrimental to a company, but it could negatively affect the productivity and efficiency of employees.
"You're likely to lose your best personnel when a leader gets burned out," Stephen Courtright, a management professor at Texas A&M University and a leadership burnout expert, told Entrepreneur magazine. "
Entrepreneurs don't want to work so hard at establishing their enterprise, only to let fatigue set in and let it all go down the drain. Use these insights Courtright shared with the magazine about how to remain a positive influence for employees.
- Remain confident: Employees want to know that their boss is always confident that the firm will be successful, no matter how dire the situation. Entrepreneurs can do this by continuing to grow their skill set and ask other professionals for feedback on the status of the firm. Staying on top of everything going on at the company can make it easier to remain confident that the business will find ways to be prosperous.
- Relinquish some control to staff members: It's important for entrepreneurs to remember that they can do it all, and that have to rely on their workforce to carry out important processes. Not only will this give employees the chance to feel empowered by their bosses, but it will also help entrepreneurs groom future leaders. Staff members who feel valued in their positions will often be more innovative thinkers and become a greater asset to their firms.
- Don't let burnouts happen: When entrepreneurs open up their new enterprise, they expect to be working long days and getting little sleep. But when things start to get off the ground, it's important to take some time away from the business to rest, as well as brainstorm new ways to help the company succeed. Doing so will make it harder to experience fatigue in the workplace.
Staying strong in their leadership roles is imperative for entrepreneurs to foster growth and prosperity, and by using this tips to avoid being run down, firm owners can get their enterprises to the next level.