For a growth-focused business, having talented people with the right skills is essential. Each person contributes to the success of their teams, which in turn creates a groundswell of ongoing success for the company. But what kind of skills are needed to bring about business growth?
Certain skills are highly correlated with business growth. In this article, we’ll look at how to identify and encourage growth-centered skills like good communication skills, a self-growth mindset, emotional intelligence, and business strategizing.
We’ll also present resources that help you support and encourage your employees to build the skills your company needs to grow. At the end of the article, you’ll find a link to download a free whitepaper that focuses on building growth-focused business skills.
Business Growth and Communication Skills
Communication is the foundation of any strong company. Great communication helps spread your message far and wide, reassuring people that you’re an outstanding company and fully trustworthy as a leader in your field.
Unfortunately, bad communication does just the opposite. The Society for Human Resource Management (SHRM) has found that poor communication costs millions of dollars because when people are deficient in communication skills, they detract from company productivity and profitability.
An employee who doesn’t communicate well is less likely to spread positivity about your business or serve your customers with tact and diplomacy. They might even anger and frustrate their coworkers and your customers, destroying your business from within.
One study found that each poor communicator can cost their employers an average of almost one full workday per week due to an array of inefficiencies. Bad communication skills can cause business disruptions like:
- Inefficient teams
- Miscommunications that add costs
- Unmet deadlines
- Missed appointments
- Low team and company morale
- Lost days of work
- Dissatisfied customers and damaged partnerships
- Arguments, infighting, and relational breakdowns
On the flip side, great communicators build camaraderie and inspire your people to continue pursuing major achievements. Their enthusiastic communication is contagious, making your company a better place to work and increasing its contribution to the community at large. This is especially important in an era where social commerce is extremely important among Millennials, Gen Z, and other young people who are developing connections to brands and businesses.
At the heart of it all is communication. Good communication greases the wheels of business success, allowing smooth and productive work activities. McKinsey found that excellent communication within teams can increase their productivity by as much as 20% to 25% in the average workplace.
A Self-Growth Mindset
Do your employees have growth mindsets? Do you? Someone with a growth-focused mindset stays on the lookout for changes that offer new opportunities for success. Rather than approaching change with fear, a person with a growth mindset brings optimism and confidence.
The term “growth mindset” was coined by American psychologist and professor Carol Dweck, who wrote the book, “Mindset: The New Psychology of Success.” After decades of research and teaching psychology students, Dweck found that helping people adjust their mindsets had a profound effect on their capacity to fulfill their potential.
Anyone who struggles to accomplish goals or has difficulty finding their place within teams should consider reading Dweck’s book. You can also explore the same topic in Leadership Resources’ related blog post, How to Develop a Growth Mindset to Achieve Success.
In a professional sense, having a self-growth mindset means you try to make positive contributions to teams that are working to accomplish challenging goals. When an obstacle arises, you and your growth-minded team look for ways to overcome it together and use each new accomplishment to fuel morale and additional achievements.
Emotional Intelligence in the Workplace
Most people are capable of developing their emotional intelligence (EQ) and expanding their interpersonal skills, but they need their employer’s help to do so. Emotional intelligence in the workplace isn’t something that’s inborn and involves learning certain techniques that invite openness and flexibility in thinking for better business productivity.
When you support your employees with EQ-building education, they learn how to focus on growth that’s good for your company. Any growth-focused company leader should consider providing all levels of employees with opportunities for emotional intelligence development.
It’s a worthwhile investment because EQ is associated with profitability and business achievement. Harvard Business School found that emotional intelligence was the top predictor of performance in some of the world’s biggest and busiest companies.
While intelligence quotient (IQ) is helpful in most aspects of life, EQ is a stronger predictor of success in business settings. Harvard researchers say this is true because the business environment requires strong leadership and team-building, which go hand-in-hand with emotional intelligence.
The Right Business Strategy Consultant
Finally, keep in mind that one of the top skills for success is the ability to reach outside oneself and ask for help when necessary. Your company doesn’t have to handle professional development alone because expert help is available.
The business strategy consultants at Leadership Resources offer services that focus on skill-building and business growth. We help organizations provide the leadership support professionals need to achieve big things.
To learn more, you’re welcome to download Leadership Resources’ whitepaper about developing emotional intelligence and building the skills to grow your business.