While certainly different industries have different expectations of employer / employee relations, there are many key traits of good leadership that traverse all categories of interest. In this article, I will outline 5 key qualities that all good leaders share, and how you can begin to practice these qualities in your day to day operations. If you’re here because you are planning to buy a commercial real estate business or have done so recently, this article is even more so for you. If you think you want to buy commercial real estate (or a franchise), reach out to our preferred agent team.
1. Leaders know how to be curious (in team members, the industry, etc)
Curiosity is a funny thing- it shows an intrinsic desire to learn about a particular topic or subject. For leaders who are managing a team (or about to adopt a team), it’s an undeniable requirement to take the time to be curious about your team members. Everyone is different, but at a fundamental level, being curious about how your team members are feeling, what their goals and aspirations are, etc, will help you become a more respectable leader. Not to mention, being curious about your team is a great way to establish consistent and trusting communication.
Additionally, curiosity about the industry is a good sign of quality leadership. Employees are trusting that their employer has the businesses best interest in mind- from a growth and sustainability standpoint. Leaders who are curious about the states of affairs in the world / their niche, exemplify a mission-driven desire to be the best, and this inspires and encourages their teams to follow them.
2. Leaders know how to self-assess
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There is a certain amount of humility that comes with a leadership role. If you’re just starting out as a leader or perhaps building a new team at a franchise you recently purchased, there are bound to be gray areas in your knowledge. Good leaders know how to self assess their own strengths and weaknesses and not feel inundated by doubt or fear of appearing “weak”. In fact, it’s the ability to understand that you might not be the best equipped to handle a particular situation or task, that exemplifies leadership. Through the process of self- assessment, you instill a culture of sameness within your organization, that nobody is inherently smarter or better than anyone else, and that everyone can learn something new from each other.
3. Leaders know how to communicate
Communication really is key, especially in industries that involve a lot of back and forth conversing (which is basically all industries). Good leaders know effective, clear and trustworthy communication is vital to a teams dynamic. This can look anything like allowing all members a chance to share at team meetings, but at the same time communicating the urgency of timeliness. In restaurant businesses, good communication at a leadership level looks like a head chef or bar manager clearly communicating changes in work schedules, inventory supply levels, customer ingress / egress, etc.
4. Leaders know how to set goals
Being a leader of a team or business means leading your team to company goals, such as sales numbers, inventory stock, etc. A good leader will be able to assess the companies goals (what’s needed from a business perspective) and clearly articulate that to the team in a way that empowers them to personally adopt the goal as their own. It’s a delicate art, really, the process of turning business objectives into personal objectives, but a good leader knows how to set the right kinds of goals that help the team stretch, while also playing on everyone’s strengths. This leadership tip also requires that the leader has enough personal goal management experience to know how to create the right types of goals. For some, this might mean a more effective personal mindset change.
5. Leaders take risk
Depending on your industry, it can be very easy to get caught up in the day to day operations. But as a leader, it’s your responsibility to grow both the team and the company, which means taking risks along the way. Most employees are not willing to take the kinds of risks that will push the company forward, out of fear of failure or perhaps just not feeling like they are allowed to do so. As the leader of your industry (it applies to all industries), it’s your responsibility to be the trailblazer, the person that pushes the envelope, tries new things and if they don’t work, learn from it and move on. There’s a certain humbleness that comes with being a good leader, and risk taking is a great way to exemplify that.
Overall, being a good lead means a lot of different things to different people, depending on your industry, experience, personality type, etc. But in general, good leaders exemplify some common traits that establish trust with their team, and growth for their business (not to mention the personal growth as well). If you’re thinking about buying a franchise or moving into a commercial real estate opportunity, feel free to contact our teams at BizPappa.com for assistance.