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With globalisation the rise in start-ups, new business models are eating into the traditional local businesses’ share of the pie, according to Colin Price (pictured).
\nThe executive vice president and managing partner and at Heidrick & Struggles and author of the book Accelerating Performance says it is imperative for business leaders to have the ability to adapt to changes in the business world. \n
Through his book, Price provides these leaders with a set of tips for prepare them for future challenges in a rapidly changing and unpredictable business world.\n
Here are five of his golden leadership rules:
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Put the right team in place: A leader cannot move the company forward alone, according to Price. He advises leaders to develop the capabilities of team members as quickly as possible, and be able to move people out of the team just as fast if they are not performing or are not a good fit.
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Set only three to five strategic priorities: The most important thing for a leader is work out the three to five most important initiatives the team can do to move the company forward, says Price. \n
“Get these priorities right and the team will have a natural energy to execute,” he says.
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Plan properly: Price advices leaders to take time to develop a good execution plan, allocate responsibilities and accountabilities and set a regular operating rhythm for delivering while constantly measuring against the plan.
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Put rigorous rhythms and processes in place:
\n“Adopt a fit-for-purpose rhythm of meetings, then map out your annual calendar of meetings, and never miss one.
\n"Leaders use these meetings to be in control of execution, to trouble shoot problems and to challenge, support, and coach. Do less telling and more asking,” says Price.
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Generate energy: Leaders who could maintain optimism and manage stress levels were much more successful than those who did not, according to research done by Price. \n
“The energy of a leader spins out into an organisation for the most senior levels through to the front line and across organisational boundaries. \n"
It creates a social movement within companies that infuses customers, stakeholders, regulators and opinion formers,” he says.