THE IMPORTANCE OF OPEN DIALOGUE IN BUSINESS
By Guy Rigby, head of the entrepreneurial services group at Smith & Williamson
T
alking to customers and suppliers is crucial. It’s important to fully understand what they want and need, what they are doing now and what their plans are for
the future. It will often reveal their challenges and lead to potential growth opportunities. By addressing market sectors that are under-served and identifying these unmet needs, you can create a winning strategy for growth.
Leading with your team But dialogue in the wider market is only part of the solution. What about your own team? It’s all very well leading from the front but it is better when the troops are alongside you. Getting too
far ahead can bring isolation
and danger, as well as apathy and disillusionment in the team.
When it achieves scale, every
successful business will have a strong leadership team. These are typically board directors who meet regularly to discuss the business activities and performance. In growing businesses, structures may be less formal but there will normally be key staff on whom the business relies on for its well-being and success. In my view, strategy should always be developed in conjunction with your senior team. Not only will this avoid isolation but it will also add insight (there is no monopoly on good ideas!), gain buy-in and ultimately,
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spread a wider understanding and purpose across the business. It will also serve to reality-check your plans in a way that you would be unable to do on your own. Allocate sufficient time at management meetings to discuss and debate the big picture.
And what about your
employees? How do you get them on board? Do they understand where the business is going and how they can help? Have you given them a roadmap to show them the way?
To translate your strategy into organisational action; you will need to communicate it well. Successful implementation will therefore come down to your leadership style and the effectiveness of your management team. Remember that this need not be difficult. With a good strategy and committed management team, the energy and enthusiasm should be infectious!
There will, of course, be challenges. Communication channels must always be open, with strong alignment across functions, departments,
business
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