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Strong leadership is vital to the success of small businesses, particularly during the current economic downturn, a new report states.
Research conducted by leadership specialist SFL found that strong leadership can make the difference between failure and success for companies, particularly during testing economic times.
According to SFL, business leaders are currently facing uncertainty and must drive up performance in order to counteract the financial downturn by drawing on their strengths and placing the focus of management on trust and respect.
The study found that top complaints from members of staff about their bosses include those who fail to give employees credit for successes, a lack of internal communication, managers who are unable to motivate workers and favouritism in the workplace towards certain staff.
John Fay, founder and chief executive officer of SFL, told Onrec.com: "It's easy for senior management and leaders to live in denial rather than face the reality of testing times. The best leaders are consolidating and drawing on their strengths so they're in a better position to weather the storm."
Business leaders are advised that accounts software can significantly improve financial management for companies.
Rising fuel and food costs, weak economic growth, a slowing housing market and a range of other factors are making conditions much harder for Britain's small firms.
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