If you are the leader of a small or medium-sized business, take a lesson from the playbook of large corporations by incorporating leadership development into your on-going business growth strategy. Large corporations weave leadership development into their planning. They consider future leadership requirements for the initiatives they are working on now, as well as the possibilities that can arise from a strong team leadership.

Certainly, the role of the head of a small business differs significantly from that of a larger business. The principal of a small business will be more involved in the day-to-day operation of production, fiscal, system and people management, and sales and marketing, while leaders in large corporation focus on achieving results through other people. Success for the large corporation is accomplished by the integrating leadership development into the strategic mindset at all levels. The growth for a small business to an organization that is both self-sustaining and equity producing also requires strategies for leadership development.

There are several things that the small business owner can do to make leadership development part of their growth process.

1. Make leadership development an integral part of your daily workflow as well as your training and hiring process. Consistently think about getting tasks done by other people as the primary way you do business. This will free you up to be your business’ visionary, keeping your eye on the big picture at all times. Successful large businesses, such as General Electric, IBM and Allied Signal, institutionalized their leader development process across the entire talent cycle from selection, to development and retention.
2. Articulate a vision for your business that is exciting so you can attract top talent. Large companies realize that a lack of talent is the biggest constraint to pursuing growth opportunities and surviving in today’s dynamic world and economic climate. One place to start, if you are uncertain of your firm’s vision, is to describe in what way your best clients – those you most enjoy working for – are better-off because of what you do for them. If you don’t know, you better find out before someone else does.
3. Move from a manager role to an educator role. Teach your leadership team how to run the business, as well as how to develop leaders in their reports. If you don’t the business will never grow beyond your own capabilities and limitations. Great organizations, cultures and communities are built on the wisdom of many. If you are afraid that your employees might walk off with the business, it might be that your vision for yourself and the business is not compelling enough.
4. Create space. Give people roles and let them learn as you did, by trial and error.
5. Look for opportunities that are now available to you because of the new leadership. Look at and plan for the new leadership that is needed for new and potential opportunities.