What makes a good leader in today's world?

The skills required fifty years ago are not the same skills that make a good business owner today. In this article, we'll break down what today's business owners need to do to set themselves apart.

What sets a modern business apart? Perhaps the most important word here is modern. A business owner before the great tech boom looks different than a business owner in today's tech-driven era. As a result, modern business owners may struggle to keep up.

Falling back into obscurity can happen more quickly than you think. 

5 Skills a Modern Business Owner Needs 

#1. Ability to adapt to the realities of a digital ecosystem 

It's challenging to think of an industry that doesn't require tech integrations. Even for a company that's not tech-based, it may utilize digital integrations for payment processes, customer acquisition, team communication, and more. If it isn't using these integrations, it could fall behind competitors. Not embracing a digital ecosystem is a surefire way of being left in the past, something every modern business owner dreads.

When a company adapts to a digital ecosystem, it opens itself up to new benefits for the business owner, their employees, and their bottom line. And, there's a general expectation in the market among current and future customers that your business has seamless processes in place that will make their experience as a customer positive. If you don't have digital processes to serve your customers, you're behind before you start.

Through digital data tracking, business owners can build new forms of revenue upon the clear need for new products and services. Digital integrations also drive greater workplace efficiency and employee engagement, which saves on operational costs. They also save money on legacy software, determining which pieces of outdated tech are no longer serving their purpose and paving the way for quicker technology adoption. 

#2. Delegation from the top down and collaboration among teams 

One of the traps many business owners fall into is the thought process no one can manage every aspect of their business like they can. Unfortunately, when a CEO builds a company upon this train of thought, it becomes a self-fulfilling prophecy.

The more you micromanage your business, the more you'll need to micromanage it. Fostering collaboration is a better way to get the most out of your teams. Develop relationships with your team's heads, and hire people with different skill sets than your own. By differentiating, you'll see that you don't need to micromanage every team. Instead, they'll thrive better when you allow the people with the proper experience to handle their duties and introduce new ideas that may not have occurred to you.

You may have built your business, but you can't treat it as if you alone are working there. Delegating to the proper team leads allows them to add value to the company, which benefits everyone, you included.

By managing your business relationships and encouraging collaboration, you eliminate knowledge silos that often develop in a culture where ideas are not encouraged to be shared. Your goal as a business owner is to create an environment where innovation thrives, not a place where only you are allowed to innovate.

#3. Adoption of modern tools that prevent gatekeeping 

Another way of preventing knowledge silos is by utilizing technology that isn't only able to be used by one team. For example, in today's tech world, we see more and more adoption of no-code tools. Whereas once only those with particular experience in coding could create apps, workflow automation, and databases, working with a no-code tech stack opens the door for more employees to translate their ideas into usable products and processes.

Your company can share ideas more widely and timely in such an environment. When something requires customization, the process can be done with greater ease and completed by not only those with coding experience. 

A no-code tech stack encourages greater collaboration throughout the company, allowing those with experience in other business sectors, such as marketing and sales, to share data-driven innovation with the product team.

#4. Effective and efficient management of personal wealth 

It's difficult to manage a company's assets without understanding your assets and investments. As your business grows, so will your wealth, but you will lose time to manage your funds. Automation offers less stress and more opportunities. Money management tools will save you time and energy.

Money is not your most precious resource as a modern business owner. Time is. Money can always be made, but as a modern business owner, there's always something or someone demanding your time.

Saving yourself time allows you to be more hands-on in your company, helping you create the innovation culture your business needs to thrive.

#5. Authority, confidence, and inspiration in your speech 

Some believe public speaking is an art, but the greatest orators throughout history have treated it more as a science. As a modern business owner, you can't afford your public speaking skills to be lackluster. From acquiring investors to motivating employees, a business owner needs to be able to inspire confidence and prove their authority in their speech.

While speaking in this manner may sound daunting, history's most renowned orators have accomplished this task by following a formula known as Monroe's Motivated Sequence. Although more recent CEOs have expanded upon it over time, it still follows the same pattern: establish a need, explain how you satisfy it, and visualize the future with the need filled.

Over time, these necessary skills will likely change, but for today's modern business owners, these skills are crucial to making themselves, and their business stand out and stay relevant.

In today's tech-driven world, everything moves more quickly, so by keeping your company from being bogged down by outdated processes and lack of innovation, you give your company a better shot at keeping up.

With the right tools and thinking, you can stand alone while your competitors fall back into the past.