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Top 7 Skills Every Business Leader Should Develop in 2024

No matter what in which department you are or what your position is in your company, the importance of leadership skills cannot be understated.. A great business leader can lead the team along with the company to the path of success. 

In order to achieve that path of progress, you need to interact with the employees or your team members positively while having a certain amount of soft skills in your possession. These effective leadership skills can help you bring out the best results in the company and team members.

What is Leadership?

Leadership encompasses the ability to inspire and influence others towards achieving common goals. Leadership skills involves taking charge, making tough decisions, and guiding individuals and teams to maximize their potential and deliver exceptional results. Effective leadership skills are characterized by strong communication, vision, and the ability to adapt to changing circumstances. Read more about Strategic Management and Business Essentials and How to Ace a Supply Chain Management Interview!


Importance of Leadership Skills:

Leadership skills are crucial for business leaders as they directly impact the success of organizations. Strong leadership fosters a positive work environment, boosts employee morale, drives innovation, and enables effective decision-making. Read An Extensive Guide to Supply Chain Management


What does an effective leader mean?

Being an effective leader means that you can efficiently communicate with your team members, properly distribute individual responsibilities among them, manage them very well, regularly listen to their feedback, engage with team members, motivate your team and last but not least have the ability to solve problems in the ever-changing workplace. It involves leadership and management skills that allow for maximum engagement and efficiency within teams and entire organizations. 

No matter if you are working at an entry-level position or searching for different methods to upgrade your position further (or seeking a promotion), the right and effective leadership skills can become the most valuable asset for you in the workplace.


What are the characteristics of a business leader?


Although different workplace and industry types require different types of leadership skills and traits, these are some common ones that are essential for every field when it comes to effective leadership and management skills. 


  • Decisiveness – the ability to take quick decisions
  • Endurance – bearing with perseverance when things are not right
  • Knowledge – having relevant information about industry-related facts, market figures, and trends
  • Self-Awareness – realizing your strengths and shortcomings
  • Integrity – earning the respect of your co-workers and team members
  • Fairness – treating everyone with equal importance
  • Imagination and Creativity – bringing up new ideas or promoting the same
  • Enthusiasm – encouraging your team members with a positive attitude.


Although having these primary qualities is extremely necessary among leaders, they should also look out for developing these qualities in their team members as well. Helping your teams develop their type of leadership style also helps you enhance yours.

Leaders need to properly evaluate the skills of their teams to understand how they can improvise to make an overall impact while helping them sharpen their individual skills. The importance of leadership training cannot be understated in the modern business world. 


How can great leaders improve the bottom line?

Leadership skills can enhance the performance of the business to a next level. There are multiple ways great leaders can enhance the bottom-line productivity of teams and enterprises. 

  1. Enhancing the morale

    Great leaders have effective leadership skills, which includes keeping the morale and motivation of their teams high. This has a direct impact on how teams and employees put in their effort and ensure positive and productive outcomes for the business as a whole. 

  2. Improving engagement

    A great leader can acknowledge creativity, communicate with their co-workers, and understand their individual skill sets, and by doing so they can increase the productivity of the company and the team itself. Not to mention, the employees working under a great leader also feel supported and valued.

  3. Create a positive impact

    In a workplace, it is important that the employees should be regularly engaged with their jobs. With the help of great leaders, both the management and co-workers can receive effective feedback because a great business leader always regularly listens to the opinion of their workers and asks them for their feedback. This is one of the most crucial leadership skills.

    According to a study conducted by Gallup, having a bad leader makes the employees dislike their work and they also feel stressed at home. On the other hand, the same study suggests higher staff participation if they are having effective communication with managers. 

    With the help of this, we can evaluate the importance of engagement in a workplace and how it can create a positive impact. Moreover, it also has a great impact on new employees as they happen to quickly learn their responsibilities while becoming an inherent part of the company culture.

  4. Provide important feedback

    Most of the organizations have a specific evaluation system for the employees and the reason behind it is to recognize the achievements of the employees and bring up productive suggestions for the further growth of the company. A great manager has the ability to not become a critic but a coach who can offer respectful and constructive feedback to their underlings.


With improved feedback, you will not only recognize their achievements but also make them understand that you have clear expectations from them for their improved performance. This will also help you understand the growth potential, skill sets of your employees and the areas they can improve on. When your team members will realize that the management wants to cooperate with their loyalty and employee retention improves significantly. The importance of the leadership skill comes into play when providing constructive feedback that will enhance the output and efficiency of your teams.

Top 7 skills of a great business leader

Here are the key skills needed when you step into a leadership role that help you take your teams to the next level. 

  1. Communication

    One of the most essential leadership skills is have excellent communication. It is important for you to explain the details of the work as well as instructions to the employees. This may include one specific task or multiple goals the company or organization is trying to achieve. 

    Moreover, a leader needs to master each and every type of communication that including departmental communication, one-on-one communication, and full staff communication. Apart from these, there is communication using video, chat, phone calls, and social media.

    A huge component of the communication skill is listening and the leaders should regularly examine concerns and complexities with the employees. Great people management skills involves being able to effectively communicate with your teams and team members. 

    The skills associated with communication include:

    • Editing
    • Explaining
    • Expression
    • Active listening
    • Reducing ambiguity
    • Articulating
    • Business storytelling
    • Clarity
    • Facilitating group conversations
    • Nonverbal communication
    • Presentation
    • Public speaking
    • Reading body language
    • Verbal communication
    • Concision
    • Correspondence
    • Written communication 
  2. Motivation

    Motivation is another important skill for leaders that is required to inspire their employees because it can help them achieve more while working for the organization, and is among the essential people management skills for any leader. Although it is important to give the employees a fair salary, it cannot be the sole reason for their motivation. 

    There are multiple ways you can motivate your employees, such as building self-esteem through rewards and recognition or providing new responsibilities in order to make them more interested.

    In order to enhance the level of productivity and passion among your team members, you need to learn what can be the most motivating factor for your employees. Skills associated with effective motivate include:

    • Convincing
    • Persuasive
    • Mentoring
    • Providing productive and challenging work
    • Open to employee concern
    • Providing rewards
    • Recognizing others
    • Team-building
    • Thanking staff
    • Understanding employee differences
    • Assessing the interests of staff
    • Setting effective goals
    • Allowing employee autonomy
    • Asking for input
  3. Delegating

    Great business leaders do not take a lot of work for themselves because they will stumble to get it done properly. Delegation of different tasks is the sign of a great leader and not the opposite and it does not mean that as a leader you are being dependent on anyone. 

    In this scenario, you will be required to identify the skill set of individual employees and allocate duties accordingly. This type of leadership style allows for you to focus on key tasks that need your attention while simultaneously allowing your teams to do their best work. This is the most important leadership skill to have for any successful business.

    Some of the skills that a good delegator has are:


    • Accepting feedback from employees
    • Allotting resources for employees
    • Identifying measurable outcomes
    • Assessing employee strengths and weaknesses
    • Setting expectations
    • Teamwork
    • Matching the task to the right employee
    • Prioritizing tasks
    • Evaluating employee performance
    • Defining expectations 
    • Time management
    • Training
    • Trust in employees
  4. Positivity

    In your workplace, if you possess a positive attitude then you can also influence others to have the same. A positive attitude contributes to a healthy and happy work environment and it further helps during a stressful and busy period. 

    Moreover, you will also be able to laugh it out if things do not go as planned. Simple acts such as asking the employees about their weekends or any other vacation plans can develop an optimistic ambiance in the office while increasing the morale of workers and staff.

    If employees experience a positive work atmosphere, they would like to concentrate on work and will be interested in putting in more effort and hours if required. Some of the skills that can assist in creating an optimistic atmosphere include:

    • Humor
    • Respect
    • Social
    • Caring
    • Friendliness
    • Conflict management
    • Interpersonal
    • Positive reinforcement
    • Diplomacy
    • Helping others
    • Encouraging
    • Developing rapport
    • Empathetic
  5. Trustworthiness

    When an employee or staff has any queries or questions, as a great business leader you need to make them feel welcome when they approach you with the same. This is the right time to showcase your integrity and seriousness to your staff because employees put their trust in those leaders who have earned their respect.

    If you are open and honest to your employees you will be able to stimulate the same in your staff members. Here is a list of specified qualities that can assist you in conveying your honesty among your employees:

    • Business ethics
    • Confidentiality
    • Conscientious
    • Honesty
    • Integrity
    • Empathy
    • Respectfulness
    • Moral compass
    • Reliability
    • Consistent in behavior towards employees
    • Credibility
    • Emotional intelligence
    • Ability to apologize
    • Accountability
    • Standing up for what is right
    • Thoughtful
  6. Creativity

    As a qualified leader sometimes, you need to make decisions that are out of the box and it cannot provide you with definitive answers. You can try using unconventional ways to find solutions for issues that are unsolvable by traditional methods. A lot of employees also become impressed with the leader who sometimes takes a risk to solve issues. Here is a list of leadership skills associated with creativity:

    • Curiosity
    • Listening to others’ ideas
    • Open-mindedness
    • Problem solving
    • Synthesizing
    • Embracing different cultural perspectives 
    • Vision
    • Foresight
    • Identifying patterns
    • Conceptualization
    • Sound judgment
    • Critical thinking
    • Making abstract connections
    • Observation
    • Analytical
    • Imaginative
    • Innovative
    • Cognitive flexibility
  7. Feedback

    A good leader should look for ways through which they will positively be able to deliver important information to the staff and employees about their performances. Nevertheless, you also need to be very careful while doing the same because the line between offering advice, micromanaging, and providing assistance is very thin. 

    If you can assist your employees by teaching them how to make their own decisions and improve their work, you will be more confident while allocating different tasks to the employees. A leader who can be emphatic towards the employees while providing them feedback easily earns their respect. Some of the important feedback-providing skills of a good business leader include:

    • Following up
    • Frequent feedback
    • Respectful
    • Being open to receiving feedback
    • Building confidence in employees
    • Mentoring
    • Positive reinforcement
    • Providing specific advice
    • Clarity
    • Clearly laying out expectations
    • Coaching
    • Listening to employees’ responses
  8. Strategic Thinking Skills

    Business leaders must possess strategic thinking alongside leadership skills to envision the long-term goals of their organizations and develop effective strategies to achieve them.

  9. Planning and Delivery Skills

    The ability to plan and execute projects efficiently is vital for business leaders. They must have a strong sense of organization, allocate resources effectively, set realistic goals, and monitor progress to ensure timely and successful project delivery. 

  10. Recognizing Potential

    Skills of a good leader include business development skills such as ability to identify and nurture talent within their teams. They recognize the unique skills and strengths of individuals, provide opportunities for growth and development, and empower their team members to reach their full potential.

  11. Time Management

    Time management is one of the critical business development skills for business leaders which allows leaders to meet deadlines, allocate resources efficiently, and maintain a healthy work-life balance.

  12. Reliability

    Reliability is one of the key skills of a good leader and of skills required for business. Being dependable and following through on commitments instills trust and confidence in team members and stakeholders. 

  13. Mentorship

    Business leaders should embrace the role of mentorship which are skills of a good leader and skills required for business, invest time in developing their team members. Mentoring helps transfer knowledge, foster growth, and create a collaborative and supportive work culture.

  14. Organization

    Organizational skills are crucial for leaders to manage complex projects, delegate tasks efficiently, and ensure smooth operations. A well-organized leader sets clear expectations, establishes efficient workflows, and maximizes productivity within the team.


How You Can Build Leadership Skills

  1. Seek opportunities for professional development through workshops, seminars, and leadership training programs.
  2. Embrace challenges and take on new responsibilities to enhance your problem-solving and decision-making abilities.
  3. Foster a growth mindset and actively seek feedback to identify areas for improvement.
  4. Cultivate effective communication and listening skills to connect with team members and stakeholders.
  5. Build a network of mentors and peers to learn from their experiences and gain valuable insights.


Impact of great leadership in business

Bestselling author Daniel Goleman has argued in his work about emotional intelligence that the leadership style of an organizational setup directly impacts 70% of its overall mood and climate, which in turn influences the business performance. 

The latest research points out that organizational climate and employee performances are highly influenced by leadership style. The variety of outcomes that great leaders boost include customer satisfaction, turnover, sales, productivity, and revenue among several others. 

Another seasoned management consultant and bestselling author Drea Zigarmi has discussed the close connection between an organization’s leadership style, the passion of its employees, and its direct impact on the bottom line.



Great leadership is the most vital to success in business settings. Often undermined, a good leader has huge potential to generate employee engagement, unmatched innovation, customer loyalty, employee retention, service delivery, and ultimately higher profits. And why leadership training has become essential to drive growth and success in one’s career.

For becoming a good leader, one must demonstrate integrity, sincerity, and empathy in combination with the utmost professionalism. The Hero Vired Certificate Program in Strategic Management and Business Essentials, in collaboration with INSEAD, is one such course that prepares great leaders for greater organizations by offering the most crucial aspects of leadership in its curriculum such as personalized leadership coaching, application-based motivational learning, assessment of business scenarios, etc.

The program is known for its curriculum that integrates the latest core business concepts ranging from operations, sales, management, and finance, focusing both on theoretical as well as practical lessons delivered through multiple resources like seminars, workshops, and real-time business simulations. 

The program is ideal for anyone wanting to step into a leadership role. If you’re looking to maximize your potential for remarkable growth in organizational leadership, this is the program for you!




Strategic thinking enables business leaders to anticipate challenges, identify opportunities, and make informed decisions to drive organizational growth and success.
Emotional intelligence refers to the ability to recognize and manage emotions in oneself and others. It is crucial for business leaders as it enables effective communication, empathy, and relationship-building skills.
Critical thinking and problem-solving leadership skills enable leaders to analyze complex situations, make sound decisions, and overcome challenges for the success of their organizations.
Business leaders can develop critical thinking and problem-solving leadership skills by seeking diverse perspectives, practicing analytical reasoning, embracing creativity, and seeking continuous learning opportunities.

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