Estimated reading time: 4 minutes
It may seem inherently foolish to take risks while you’re in a leadership role, but that couldn’t be more incorrect. Playing by the book doesn’t breed successful leaders with an enviable track record.
Your ability to innovate and envision new concepts is what will set you apart, and it will make a world of difference to your team. Taking calculated risks can bring you great outcomes. Set aside your reservations, and lead your team in bold, revolutionary directions.
1. View Everything as an Opportunity to Innovate
You may be familiar with the adage, ‘If it isn’t broken, don’t fix it. Well, when it comes to successful leadership you need to forget you ever heard that phrase. If everything stays the way it is, a business will only maintain itself. If you want to see better results, something is going to have to change.
You need to investigate every decision from as many angles as possible. Things may work, but how can they work more efficiently? What will boost profit and improve the productivity of your team members?
2. Work With Numbers in Pricing
If you’re seeing excellent customer satisfaction rates with your product or services, consider slight increases in pricing. If your customers know they’re satisfied with what you deliver, they’ll be willing to pay a little more for that quality.
On the other hand, if your customer satisfaction isn’t what you’d like for it to be, you may find that ameliorating the problem by reducing your pricing is the least costly solution.
Nobody wants to think about messing with numbers because the impact can be immense. While it is a huge risk that most are afraid to take, if you strategize wisely, that can re-shape the landscape of the business.
3. Think Twice About Giving or Denying Second Chances
If a member of your team lands in hot water, you can find yourself faced with a difficult decision. If someone has been consistently under-performing, the simplest solution seems to be to write them off. If someone only comes up short in one area, you may feel inclined to look past their shortcomings and retain them.
Are you sure you’re making the right decision? Sometimes the obvious choice isn’t the right one, and you need to consider who your team members are as individuals, and how to speak best to their character.
4. Play the Devil’s Advocate
People may challenge your thinking, and there’s always a chance their ideas are better than yours. You may find that the individuals with some of the best ideas are lower on the ladder, but you need to recognize that their position doesn’t necessarily reflect their capabilities. Don’t be quick to write off opposing ideas. Consider them first.
Entertain notions that are contrary to the common way of doing things. Speak up for the minority, and give them an opportunity to show what they can do. You may be surprised by what you find.
5. Keeping Your Feet Planted Firmly
In the opposite direction of the ‘devil’s advocate’ situation, you may find that the disagreement occurs mostly between yourself and the collective of others. You may be the only person on your side, and everyone else may doubt you. Think about your idea. Examine your plan. Are you sure this is the right thing to do?
If it is, consider holding your ground. If you honestly believe you can make the best decision while simultaneously going against what everyone else believes is in their best interest, consider attempting to. It’s a giant risk, but you likely have more information than your naysayers.
With great risk comes great reward. If you’re too intimidated by the idea of taking risks to venture out and try new things, you’re missing a multitude of opportunities for success. Start with the small risks, and you’ll soon find the necessary confidence to become a revolutionary leader.
What Risks Should Leaders Take?
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