Businesses have various ways of ensuring that they improve their productivity and development. For instance, many companies have focused on leadership since it is one of the factors that influence the performance of employees. Leadership in business is also essential since leaders can help the organization to meet its goals by encouraging workers to work harder and improve their performance. Moreover, leadership skills in business can influence the performance of workers and also inspire workers to focus on both individual and organizational goals. Decision-making processes in companies can also control the performance of a company. Thus, many companies have focused on ways of ensuring that decision making helps in improving the productivity of the business. Building relationships is also essential in business as it helps in maintaining and attracting more customers. Besides, business to business transactions are necessary and are achieved by creating a good relationship with other companies. Human resource management also plays a significant role in companies since it involves the workforce in an organization. Therefore, various concepts can be analyzed to determine how they affect the growth and production of a business.
Leadership Theory and Practice
Leadership plays a significant role in the performance of an organization since it enables businesses to focus on their performance. Leadership mainly involves ways and styles that an individual or organization practices to guide the workers. Various aspects can be analyzed to show how leadership in business influences the development of an organization. For instance, leadership traits are one of the factors that have primarily been associated with the performance of a business. Typically, having excellent leadership skills helps leaders to guide their followers and improve their performance (Bennis, 2009). One of the leadership traits that have been encouraged is having excellent communication skills. In this case, leaders with excellent communication skills can interact with the team with ease and learn about various challenges that could be affecting their performance. Besides, leaders with excellent communication skills can introduce new strategies to the group with comfort and also be at the forefront, motivating the group about the advantages of the changes (Bennis, 2009). Change in business is challenging, and workers may find it hard to adapt to the changes. Hence, leaders can use their communication skills to motivate the members on ways of ensuring that they adapt to the changes.
Another vital trait in leadership is being confident. In most cases, leaders fail to have confidence, which affects the performance of the team. Trust in governance is vital since it boosts the morale of the workers. A confident leader can help workers to believe in themselves and become more innovative in the company (Bennis, 2009). In most cases, workers emulate their leaders and view them as their role models. Consequently, team members can follow the characters of a confident leader to improve their production in an organization (Chaleff, 2009). Honesty and integrity in leadership are also vital, and leaders are encouraged to be honest and have integrity for them to increase the production of an organization. Moreover, honesty in leadership is crucial since it helps followers to be accurate in all their duties, which can limit losses in an organization. Decision-making capabilities is another trait that can influence the performance of a leader (Chaleff, 2009). A good leader should be a good decision-maker and also have the capacity to make the right decisions in difficult times. Poor choices can lead to massive losses in businesses. Hence, leaders should always ensure that they improve their decision-making skills to avoid losses in their companies (Chaleff, 2009). In some cases, leaders are also encouraged to involve others in decision making to ensure that they acquire more ideas about a particular issue before making their decisions. Moreover, followers can learn from leaders about how to make quality decisions in their fields of work.
Leadership styles have also been emphasized in businesses since they can influence the growth and development of an organization. In this case, leaders are encouraged to focus on a leadership style that can fit into an organization and improve its productivity (Chaleff, 2009). Some of the leadership styles that have been encouraged include;
Autocratic Leadership Style
This method of leadership entails decisions being primarily made by leaders with little or no input from team members. In most cases, autocratic leadership is discouraged since it limits team members from presenting their ideas that can help in improving the productivity of an organization (Bennis, 2009). Nevertheless, the leadership style is essential when crucial decisions need to be made on the spot.
Authoritative Leadership Style
The authoritative style has also been exercised in some organizations, whereby the leader usually energizes and engages members after setting expectations. The leadership style also involves confident leaders since they have to lead followers and educate them about the goals of the company and ways of achieving the goals (Bennis, 2009). Also, authoritative leaders take time to explain their opinions and allow members to present their ideas on how to achieve common goals.
Democratic Leadership Style
Democratic leadership has been encouraged in many organizations since it involves involving others during decisions making. Democratic leaders share information with the employees and also help them to be part of decision making since many ideas can be acquired, and the most suitable ones can be implemented. Democratic leaders also ensure that they share information with employees about anything that affects their work responsibilities (Bennis, 2009). The leadership style has also been encouraged since it promotes team spirit and cooperation in an organization. Moreover, democratic leadership allows for creativity and helps employees to grow and develop.
Laissez-Faire leadership style mainly works when dealing with highly skilled employees and experienced employees who can cooperate and adapt to new changes. A laissez-faire leader lets people swim with the current and trusts people to know what to do, unlike the autocratic leader.
The concept of leadership is essential since it helps an individual to learn about the impacts of leadership in an organization. Moreover, one can learn more about leadership skills, which can help in improving the performance of individuals in an organization. The concept of leaders has also been significant since one can use the knowledge acquired from the program to educate leaders on styles that can be implemented to improve the productivity of an organization.
Ethics and Decision Making
Ethics in businesses have also be emphasized as they guide enterprises to conduct their practices legally. Business ethics refers to business policies and practices that focus on social responsibilities and doing what is right. There are several advantages of business ethics. For instance, business ethics helps companies to maintain an excellent reputation and avoid legal issues. In most cases, businesses are charged for conducting their practices illegally due to the urge to make more profits. Thus, business ethics ensure that a company can focus on ways of increasing its revenues using ethical practices. Business ethics also focus on the welfare of employees (Rhode, 2007). In this case, business ethics ensure that employees' rights are practiced. Moreover, ethics ensure that employee needs are met, such as working in a secure environment. Employees should also receive fair salaries, which is encouraged in business ethics. Businesses are also encouraged to be honest and ensure that they offer quality products and services. In some cases, enterprises advertise products that are different from what they produce. Thus, business ethics ensure that customers obtain similar products and services that a company announces. Trustworthiness and promise-keeping are, therefore, encouraged to ensure that companies do not deceive customers.
Economic responsibilities is also a type of business ethics that ensures that companies contribute to the growth and development of the economy. In some cases, businesses fail to focus on their economic responsibilities, whereby they only focus on their productivity. Consequently, ethics have ensured that companies play a significant role in economic development by selling their services and products at fair prices. Legal responsibility is also essential in business ethics as it involves corporate and government policies that govern how the business carries its practices (Rhode, 2007). Various governments have implemented policies that control how companies in multiple industries conduct their production. For instance, pollution has been steered by an increase in the number of companies. Therefore, policies have been implemented to ensure that companies limit their pollution, such as avoiding dumping their waste in water bodies.
Ethics may also involve accounting ethics, which ensure that accountants and auditors are honest and transparent. Businesses also focus on moral rules that are applied to ensure that employees, customers, and shareholders are treated fairly (Rhode, 2007). Business ethics are also of considerable significance to a corporation since they lead to high revenues as many customers are likely to be attracted to companies that focus on ethical behaviors. Furthermore, ethics creates business awareness, which can attract more customers and increase the sales of an organization. Ethics also ensures that employees are valued. Consequently, business ethics helps a company to retain its skilled workers who can improve the company's production. Besides, appreciating employees motivates them and encourages them to work harder to achieve organizational goals. Better recruitment is also made since many skilled workers like working in companies that focus on appreciating workers by concentrating on business ethics.
Decision making in businesses is also vital as it entails issues that can lead to losses or profits in a company. Typically, decisions in business involve choosing a course of action from a set of alternatives to achieve organizational goals. Hence, decision-makers should always focus on ways that can improve the performance of an organization. The decision-making process is a continuous and indispensable component of managing a business. Therefore, leaders and managers should have the skills to make decisions that can solve various challenges in an organization (Rhode, 2007). Additionally, workers should also be encouraged to be right decision-makers as it can help them to improve their skills and performance in an organization. Decision making also involves identifying a goal and getting the relevant and necessary information that can be used to attain the goal. Effective decision making has also helped small firms to develop and become competitive in the market despite facing competition from big companies. In this case, firms can focus on planning, organizing, directing, and controlling functions of a manager.
Various steps are used in decision making. The first step involves identifying the decision and its purpose. Decision-makers are then required to gather relevant information, whereby they can conduct research about the decision and how it impacts the corporate. Weighing the evidence is then encouraged since it ensures that the most effective choice is implemented (Rhode, 2007). Subsequently, the right decision is selected among the alternatives, and action is taken....
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