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Good leadership is the lifeline of any business and the growth of a business is strongly influenced by the quality of its leadership. Effective leadership in an organisation, regardless of the size of the business, can make a significant difference and can boost profits. So, how can your small business benefit? Find out here!
1. This hurts profits for 70% of businesses
Lack of productivity is hurting 7 out of 10 Australian businesses. Help your small business become more productive by ensuring you are being a strong leader. Inspire your team to do more, be innovative and encourage them to push the boundaries. All this creates a culture of high performance and collaboration, which can help improves productivity by almost 50%. Employee morale will be higher, and customers will be happier. You will have more repeat sales and these customers will become advocates for your product or service to new customers.
2. A.B.C. of better staff retention
One of the significant impacts of effective leadership is a higher level of staff engagement. Staff who are more engaged tend to be highly loyal and committed towards the business’ initiatives. What’s the secret?
A) More interest from prospective clients: The greater the brand appeal, the number of leads increase accordingly. This could be around 50% or more.
B) Lower staff turnover: When staff are loyal, they stay longer in the jobs so you can retain the best talent in your business. This also means that subsequent costs related to staff turnover, such as recruiting new staff, as well as training them, are lower.
C) Reduced absenteeism: Staff that are highly loyal and engaged tend to be rarely absent from work and have fewer sick days.
3. Lower operating costs
Businesses with highly engaged and productive teams tend to innovate and create processes and systems, which others can follow and execute easily. They also ensure that any inefficiencies are removed when they setup such processes. This lowers their operating costs, while they remain highly productive.
4. Get 30% higher revenue per employee
Highly engaged employees produce about 30% higher revenue per employee. That’s potentially 30% more revenue than other businesses similarly sized and structured as yours. As you scale up higher, the revenue benefits can be realised even further.
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