Lessons from the Field – Leadership Characteristics Needed to Grow Midsized Healthcare Vendors

Over the last couple of weeks in the Lessons from the Fieldseries, we looked at the ten deadly sins that midsized healthcare vendors make daily that stall growth. (In case you missed parts one and two, here are the links "Lessons from the Field - 10 Deadly Sins Stopping Midsized Healthcare Vendor Growth Part 1" http://bit.ly/300vgUS and "Lessons from the Field - 10 Deadly Sins Stopping  Midsized Healthcare Vendor Growth- Part 2" http://bit.ly/2N3aP7a.)

Image by Peter Linforth from Pixabay

This week we're going to take a look at essential leadership characteristics needed to drive growth. There is no way around the fact that leadership and company growth are highly intertwined.  It makes not a bit of difference if you're a start-up, small or midsized healthcare vendor, or a large multinational company whose revenue counts in the billions of U.S. Dollars or Euros. Leadership determines whether you're growing or stalling growth.

Leadership? I'm a great leader, by the way.

The other fact is that not everyone is a leader. Many are ineffective leaders that do more harm than good. Leadership teams are a reflection of the CEO. They will embody the style and actions of the CEOs, COOs, and different leadership positions in an organization. Suppose the CEO is hard around the edges, comes across as arrogant and concealed, uncaring, a yeller and micromanager. In that case, the leadership team and managers in the organization will reflect those characteristics as well.

Image by Gerd Altmann from Pixabay

Just because you were the entrepreneur who started the company or came in a grew it from the small healthcare vendor to the midsized vendor, those skills you used don't necessarily position you to take the company to the next level.

What is the difference?

I have had the opportunity to experience both sides of the leadership coin. It makes for an interesting juxtaposition of good and bad leadership. When you have worked for great leaders, it becomes clear that marginal or average leadership is the principal reason why the company is not growing, excluding competitors' influence or unforeseen events in the market. The other reason is that marginal or average leaders do not realize that they are marginal or average at best, as egos loom large.

What follows are the characteristics of leaders who have taken their companies from good to great, experiencing exponential growth along the way.

Excellent leaders: 

·   Translate the company's vision into reality. ·   Believe in their teams. ·  Have the ability to motivate and inspire others. ·   Know how to connect and engage with employees. ·  Have a clear vision and effectively communicate it in the workplace. ·  Know how to coach employees so they can develop their skills and improve their performance. ·  Recognize others' achievements. ·   Have empathy. ·   Have a great understanding of the business's strategy and know how to communicate it to their teams.   ·   Enhance dialogue in the workplace. ·   Listens to employees. ·   Leads by example. ·   Knows how to create unity and respect in the workplace. ·   Encourages open and transparent communication.  ·  Are change drivers — they encourage creativity and innovation in the workplace. ·   Include employees in decision-making; they effectively delegate. ·   Make employees' well-being and safety one of their top priorities. ·   Last but not least: great leaders don't fail. They learn.

Image by Gerd Altmann from Pixabay

Outstanding leadership is hard. Sometimes leadership is the problem in small to midsized healthcare vendors growing in the market. There is no easy peasy answer except change. If the ownership or board members won't recognize the issue and make the change, only one question remains to be answered for stalled growth.

"What is the exit strategy?"

Michael is a healthcare business, marketing, communications strategist, and thought leader. As an internationally followed healthcare strategy blogger, his blog, Healthcare Marketing Matters, is read in 52 countries and is listed on the 100 Top Healthcare Marketing Blogs & Websites ranked at No. 3 on the list by Feedspot.com. Michael is a Life Fellow American College of Healthcare Executives. An influencer in healthcare marketing strategy, communications, digital marketing, and social media, Michael is in the top 10 percent of social media experts nationwide. For inquiries regarding strategic consulting engagements, you can email me at michael@themichaeljgroup.com. 

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The opinions expressed are my own.