“Why do businesses fail?” , is an often pondered question. And the answer to it is multitudinous, in some cases, it’s not just one for actor rather a plethora of them that could have resulted in failure or loss.
However, one important element in business that is often accounted as it’s reason for failure is the lack of leadership or in many cases lack of effectiveness of leadership. Any firm can be compared to that of an educational set up, where the educators serve as a guiding force or a role model for the ones being educated. Akin to that the employees seek to emulate actions of a superior/leader who helps them set goals and targets and enables them to have a clear vision of what lays ahead. In such a situation they are motivated and they have the drive and zest to achieve their goal thereby enhancing the goodwill of the company. In short, they need to be inspired. Many a time the employee-employer relationship is that of inferiority-superiority hence it is very rigid and narrow. This creates a kind of disinterest on part of the employees also important are reinforcement and rewards. Award and appreciate your workers when they succeed it boosts them and the others to do the same. A good leader also needs to have the capacity to provide appropriate feedback to their members as it provides a means for them to do better and learn from errors. Last but not the least your team members should be happy, they should be enjoying what they do. The leader ought to look after their needs and ensure that they are taken care of and this can be achieved through communication.