Despite the anticipated recession as a result of the Biden Administration policies, many companies are dominating their competitors and creating new opportunities for growth.
Do you remember when J.P. Morgan CEO and prominent Democrat Jamie Dimon once said the Trump economic policies the economy would continue to roar in growth we haven’t seen since Ronald Reagan’s Administration?
Under President Reagan, the gross domestic product was consistently above 4 percent. During President Barack Obama’s eight years, the GDP was consistently 2 percent or less.
Citing a spike in business confidence and consumer sentiment in polls initially after the election of President Donald Trump, Mr. Dimon said the president’s agenda has awakened “animal spirits” in business.
Indeed, prior to the pandemic, the four years under President Trump led to the best economy in history.
But now, along with other knowledgeable analysts, my sense is that President Biden is destroying the economy (see these analyses).
However, many businesses are thriving and other companies might still have greater opportunities to succeed as leaders in generating capital.
Many have been mired in a zero sum game by merely staying alive by taking market share from competitors, and not by innovating. For them to dominate the competition, it will be best to create new opportunities for growth.
Many have been mired in a zero sum game by merely staying alive by taking market share from competitors, and not by innovating. For them to dominate the competition, it will be best to create new opportunities for growth.
This will only be accomplished if a company’s culture is positive and every employee acts as a team member.
For that to occur, leadership is required.
For a positive leadership quotient, here’s a quick checklist:
1. Budget time for “blue sky” planning.
Imagine how the company can become a market leader.
2. Review your strategic mission and plan.
Set priorities and communicate them. The biggest single complaint that employers have mentioned to me – their employees fail to see the big picture.
Find ways to communicate your values on a regular basis. Explain to employees how their roles contribute to your company’s overall success.
3. Motivate.
Make certain your supervisors are motivated and aspire to be leaders. They need to know the differences between leaders and mere care-taking managers.
4. Be authentic.
Be open in your communication, create a climate for honesty to deal with mistakes, and listen. Drive clarity and promote accountability. Position yourself to profit from employee respect.
5. Bring your employees together for collaboration.
Invite them to contribute their perspectives. It’s amazing how many problems are solved and profits are created by listening to workers – where the “tire meets the road.”
Many have been mired in a zero sum game by merely staying alive by taking market share from competitors, and not by innovating.
6. Simplify processes.
Nurture your employees. Understand their desires, passions and talents. Give them confidence to accept challenge and to reach their full potential. They will propel you and the company upward.
Further, remember that there’s a definite link between financial performance and succession planning.
7. Create a fun environment.
Keep focusing on the positive. Engage your staff regularly.
8. Keep yourself moving forward.
Learn the characteristics of a successful CEO.
9. Innovate.
Stretch and grow by understanding how and where you need to mature personally to become a top innovator.
10. Monitor your progress.
Keep fine-tuning your culture. Keep an open mind. Look for ways to evolve and innovate.
From the Coach’s Corner, editor’s picks for related reading:
Why Companies Fall into the Management Lawsuit Trap — News headlines continue to show there are a myriad of ways managers set themselves up for lawsuits. Small and many big companies are ripe for EEOC complaints. The majority of lawsuits targeting management usually stem from a half dozen poor practices. You’ll get into trouble using these six bad practices.
HR Management: Think Like a Sales Pro to Recruit the Best Talent — One-size-fits-all approach to recruiting employees is not a strategy. You and your peers in human resources might be enamored with technology, but job candidates want more focus on the personal touch. That necessitates thinking like a sales professional.
Classic Red Flags You’re about to Lose a Sale – How to Save It — You’re in the hunt for new business. You’ve done your research about a prospective anchor client. You’ve had some preliminary discussions. Now, you’re seated with the person and making your case. But will you seal the deal?
“No institution can possibly survive if it needs geniuses or supermen to manage it. It must be organized in such a way as to be able to get along under a leadership composed of average human beings.”
-Peter Drucker
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