While many want to be leaders, few realize the challenges involved in attaining these much-coveted titles. Leaders must extract quality work from the people who work for them, and at the same time, complete the work that is expected of them. All the while, he or she has to be a positive and upbeat individual capable of having a charismatic influence and an inspiring presence. Effective leadership is, in other words, a delicate balance that requires the skilled application of some key resources in a sustained and ongoing manner. Here are 3 such key resources:

Resource #1: Knowledge and Expertise

Subject matter expertise is one of the key leadership skills that distinguishes an effective leader from the rest. Not only do you have to know everything there is to know about everyone and everything in your chosen niche, but you also have to keep abreast of changes and trends in the industry. This is essential to enable you to always stay one step ahead of your competitors and the people who work for you.

When you are new to a field, it’s wise to choose a coach and learn from them to give you a good base to continue to jump off of in the future. Once you are a seasoned entrepreneur, it is just as important to have a coach and a team of impartial and competent advisors on hand, in areas such as accounting and law, to help you stay focused and on track.

Resource #2: Personality Traits

Effective leadership is distinguishable by some key qualities or personality traits:

Leadership by Example:

The greatest of leaders speak and act in a manner that they want their team to emulate. Employees are more likely to respect someone who means what they say and say what they mean. A leader is a person who walks the talk.

Exceptional Communication Skills:

Successful leaders communicate well with others and have the capacity to influence decisions through the way they speak. Communication does not simply refer to the manner of listening, engaging, or responding. A leader with good communication skills knows when to speak and appropriately times his responses for maximum impact.

Ability to Make Decisions:

One of the key qualities of a good leader is effective decision making. A leader’s decisions map the future of the business. A good leader makes good decisions considering all the known and unknown variables in the best interest of the company and the stakeholders involved.

Integrity:

People trust those who can be trusted. Effective leadership is trustworthy leadership. People will respect and want to work long-term for someone who displays honesty and integrity in all situations.

The Ability to Empower:

Good leaders know how to extract the best from their employees by making them feel both empowered and accountable for their responsibilities. Good leaders also show appreciation for their employees and provide support and mentorship wherever needed.

Resource #3: People, Structures, and Systems that Work

There are cases in which workers are not able to achieve as much as they could simply because of a lack of support systems and structures. Ensure that whatever systems and structures are in place, they are there to enhance accountability and create a space for people to work at their best. At the end of the day, effective leadership is also about hiring the best people for the jobs – people that are not just capable of executing their responsibilities well but also of being long-term assets in the growth of the business.