Modern leaders can learn several tips about leadership from seasoned leaders that will see them succeed despite the current uncertainty and volatility caused by the COVID-19 pandemic on businesses. The veteran CEOs have been able to withstand the test of time over the past decades. According to three American veteran CEOS, leaders can apply several tips to withstand the challenges facing businesses. Allan Miller, Universal Health Services’ initiator and chairman, Bill Stones, SS&C Technologies’ CEO and founder, and Patrick Gallagher, Gallagher Insurance Brokerage’s CEO, have a vast leadership experience of 42 years, 34 years, and 25 years respectively.
The three American veteran CEOs have attributed the following tips to their successful reign in leading their companies:
1. Enhance integrity, trust, and willingness.
According to Allan Miller, character is a fundamental leadership principle that every leader should portray. Everyone trusts leaders with good characters because they will do the right thing, whether they are under watch or not. According to Pat Gallagher, courage and integrity are vital in leadership because if people don’t trust their leader, they won’t follow them.
According to Bill Stones, SS&C Technologies’ CEO, trust is two-way traffic. Upcoming leaders should learn to trust others.
2. Adaptability to changes.
According to Bill Stones, a veteran in private equity and hedge funds, a leader who wants to succeed must always be ready to adapt to unanticipated occurrences. Leaders should be capable of holding on even through the most challenging situations. For instance, workers may start working remotely due to the COVID-19 pandemic. They may connect with their teams and clients through online platforms like Zoom. If they fail to hold on and adapt to the new norm, other leaders will take advantage of the opportunities availing themselves. Therefore, modern leaders should up their game and stand out still.
3. Build teamwork.
Leaders should embrace teamwork and advocate for hard work. Leaders should not play favourites but should treat every member of the team equally. According to Pat, his success is due to the efforts of his team. Bill knows very little about company growth, but his company grew from $329 million to $4.6billion due to the trust he had in his team.
4. Proper pricing of products.
According to Bill Stone, product pricing determines the longevity in leadership and success of every business. Clients should get products at a fair price. However, the profit margin should be enough to pay staff to encourage them to serve clients well.
In conclusion, the three veterans advise leaders to make wise decisions even after following the above tips. However, they should also keep calm, and they will succeed.