From Good to Great: How Leadership Development Benefits Your Business

April 28, 2023
From Good to Great: How Leadership Development Benefits Your Business

Male manager conducting a leadership training for his employees - leadership development concept.


What do executives like Jeff Bezos, Satya Nadella, and Sheryl Sandberg have in common? They not only invest in their businesses — Amazon, Microsoft, and Facebook, respectively — but also in leadership development.

Bezos leads the Amazon Career Choice program, which teaches employees new skills and helps them pursue new career paths. Nadella developed Microsoft’s LEAP (“Learn, Experience, Apply, and Perform”) program, which provides classroom training and experiential learning. Sandberg oversees Facebook University, which offers internship opportunities for underrepresented groups in tech.

Each of these executives understands the power of leadership, and they have leveraged leadership to offer education, training, as well as skill development to thousands of employees. So why shouldn’t you do the same?

Read on to learn about the power of leadership and how you can use leadership development to better your business.


Why Business Owners Should Invest in Leadership Development


Investing in leadership can dramatically change the way you do work and the way you lead your team. By extension, it can make or break your business. Here are a few reasons you should invest in leadership:

Better financial performance: According to a study from the Center for Creative Leadership, businesses that invest in leadership see an increase in their bottom line.

Better employee engagement: The Harvard Business Review finds that businesses with a strong leadership development program see a 10-19% increase in sales, a 14-19% increase in profit, 9-15% more engaged employees, and a 26- to 72-point decrease in turnover in high-turnover organizations.

Higher retention rates: A LinkedIn study finds that 94% of employees would stay at a company longer if they had opportunities for growth and development.


How to Invest in Leadership Development


Whether you want to increase your own leadership skills or help your employees develop theirs, there are many ways that you can invest in leadership.


Provide Training and Development Programs


If you aren’t sure where to start, try out a credible training and development program. Popular programs include FranklinCoveyDale Carnegie TrainingHarvard Business School Executive Education, as well as courses from the Center for Creative Leadership.


Encourage Ongoing Learning


Leadership, like learning, is a lifelong process. Take advantage of learning opportunities by attending conferences, reading leadership books, and taking online courses. Great resources also include CourseraSkillshare, and LinkedIn Learning.


Invest in Leadership Coaching


If you want a one-on-one approach to leadership development, hire a coach. In fact, you can find trusted coaches at the International Coaching FederationCoach U, and Tony Robbins Coaching.


Let Foster Financial CPA Handle the Rest


Your business has to keep running while you invest in leadership. Luckily, Foster Financial CPA can take the burden off your shoulders and give you more time for learning (and teaching) leadership. We offer quality accounting, payroll, as well as taxation services to small businesses in Phoenix.

Contact us today to learn how we can help you be a leader in your business and across your industry.