In a recent conversation with a mentoring friend, he reminded me to stick to the basics of what I was doing. His phrase that stuck with me was, “the basics won’t ever let you down!”
One of my dog-eared, coffee-stained books that is a part of my permanent library is Josh Kaufman’s Personal MBA: Master The Art of Business.
With elegant simplicity, Josh explains the basics – five interdependent processes that are the core of every enterprise.
- Value creation- discovering what people need or want, then creating it.
- Marketing – attracting attention and building demand for what you’ve created.
- Sales – turning prospective customers into paying customers.
- Value Delivery- giving your customers what you’ve promised and ensuring they’re satisfied.
- Finance – bringing in enough money to keep going and make your effort worthwhile
These five parts of every business are the basis of every good business idea and business plan.
Note that two of these five basics center on creating and delivering value. Therefore, any skill or knowledge that helps create value is crucial to your economic success!
This concept prompted this month’s leadership question;
How Valuable Is Your Leadership?
(Five Ways that Good Leaders Deliver Value)
I think we can agree that leadership is a crucial aspect of any organization. Effective leadership can significantly impact a company’s success.
Here are five ways that effective leadership can add value to an organization:
Vision and direction: A great leader can set a clear vision and direction for the organization and then inspire and motivate their team to work towards that vision. The famous management consultant Peter Drucker once said:
“The most important thing in communication is hearing what isn’t said.”
An effective leader can read between the lines and understand the needs and concerns of their team, and then use that understanding to set a clear direction for the organization.
Decision-making: Effective leaders can make tough decisions, even in facing uncertainty. They can weigh the pros and cons of different options and then choose the course of action that best serves the organization. Warren Buffett once said:
“The best thing a leader can do is to listen, to hear what is and isn’t being said. Never assume that you know it all.”
Communication: Effective leaders can communicate effectively with their team and have a knack for clearly conveying their vision and direction. They also ensure that everyone on the team knows what they’re supposed to do and how they can contribute to the organization’s success.
Empowerment: Effective leaders understand that their team members are their most valuable asset, and they make sure to empower them to take ownership of their work. They give them the freedom to make decisions and take risks, providing them with the support and resources they need to succeed.
Adaptability: Effective leaders can adapt to changing circumstances and have the skill and will to lead their teams through difficult times. They have the capacity to make quick decisions and take decisive action when the situation calls for it.
Great leaders have added value to organizations in many ways.
Some examples include:
Steve Jobs, the co-founder of Apple, is widely recognized as one of the most influential leaders in recent history. Jobs was able to set a clear vision and direction for Apple, inspiring and motivating his team to work towards that vision. Under his leadership, Apple created some of the most innovative and popular products of the last several decades.
Jack Welch, the former CEO of General Electric, is another example of a great leader who added value to his organization. Welch was known for his ability to make tough decisions and his willingness to take risks. Under his leadership, GE grew from a $13 billion company to a $410 billion company. Welch was also known for communicating effectively with his team and empowering them to take ownership of their work.
As a leader, measuring your performance and ensuring that you are adding value to your organization is essential.
Three key performance indicators that can help you determine whether your leadership is making a valuable impact:
Employee satisfaction: If your team members are happy and engaged, it’s a good sign that you are providing them with the support and resources they need to be successful.
Productivity: If your team is productive and can meet or exceed their goals, it’s a good sign that you are providing them with clear direction
Financial performance: If your organization is financially stable and growth-oriented, it’s a good sign that you’re on the right track.
Spoiler alert. There are many more ways that leaders add value. Perhaps another time.
For now, it’s food for thought.
“Champions are brilliant at the basics”
– Quote by John Wooden , Reknowned basketball coach
Until next time.
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