Challenge
A high-performing leadership team is crucial for achieving business objectives and an absolute imperative in any value transaction. Investing in this essential asset is a must.
But where are you now? Challenge yourself to answer the questions below:
| Question | Why it’s important |
|---|---|
| Do you have a new, incomplete or inexperienced leadership team? | A strong leadership team is essential for driving an agency’s success and achieving strategic goals. Is yours up to scratch and can they work together to run the business without you needing to cover it? Can they execute the growth plan you have and are they mature and credible in front of senior stakeholders? |
| How good is your team? | Assessing the quality of your leadership team helps in identifying areas for improvement and development. What assessment have you done thus far? Who are you benchmarking them to and what L&D/ coaching and mentoring is in place to help them grow? |
| Do you have the right people in the right roles? | Ensuring that the right people are in the right roles maximises efficiency and effectiveness. Can you be truly objective about the skills in place and if they are of high enough quality? |
| Are they incentivised correctly? | Proper incentives ensure that leaders are motivated to achieve business objectives. Buyers of any business want to be assured that the critical team are suitably incentivised to remain and deliver on the earnout. |
| Will the business function if you’re not there for a sustained period of time? | Ensuring that the business can operate without you is crucial for long-term sustainability and success and to facilitate your exit as the main shareholder. |
| How do you measure and track individual and collective performance? | Regular assessment of performance helps in identifying strengths and areas for improvement. |
| How well do your team manage upwards? | Effective upward management ensures that leaders can communicate and collaborate effectively with higher management. |
| What development is needed to get them to be high performing? | Identifying and addressing development needs helps in building a high-performing leadership team. |
Exploration
Invest in leadership development programs to build a strong, cohesive team. Ensure your leaders are incentivised correctly and capable of managing the business in your absence. Regularly assess and develop individual and collective performance.
Why it’s essential
A high-performing leadership team is critical for driving the agency’s success. Leadership development ensures that the team is capable of managing the business effectively, achieving strategic goals, and preparing for future growth or exit opportunities.
Waypoint can help you
Waypoint has coached and mentored many leadership teams through planning and driving business growth right through to transaction (exit, merger, buy and build). We can quickly assess your team’s ability and experience and help you develop them into a powerful team that is an asset to the agency and will impress any potential acquirers.
