The future favours the bold: leadership in times of trouble

October 2022  |  COVER STORY | BOARDROOM INTELLIGENCE

Financier Worldwide Magazine

October 2022 Issue

Fortune favours the bold is a common translation of an old Latin proverb – a proverb that could also be seen as an apt sentiment for anyone envisioning solutions to significant problems or the biggest opportunities.

Generally speaking, boldness is a concept virtually everyone is familiar with. But how many of us have the capacity to be bold in these troubling times? This extended period of disruption has been a challenge for many businesses, causing trials and tribulations still not yet fully overcome.

Amid ongoing volatility and uncertainty, businesses are faced with more insecurity, more global unrest, and more technology and data concerns than ever before. In turn, this places extra pressure on business leaders to act faster, more decisively and with more purpose; essentially, a call to arms for leadership to be bold.

But how should we define bold leadership? A standard dictionary defines the adjective ‘bold’ as: (i) not hesitating or fearful in the face of actual or possible danger or rebuff; (ii) necessitating courage and daring; and (iii) beyond the usual limits of conventional thought or action.

Other definitions characterise bold leadership as the art of motivating others to act toward a common goal. Naturally, of course, different leadership styles achieve this through different behaviours, and bold leaders are no exception.

“Bold leadership should not be mistaken with the controlling command style of leadership,” explains Zana Goic Petricevic, an entrepreneur and executive leadership coach. “It is not ‘my way or the highway’. It is the idea of togetherness, even when we do not 100 percent agree but do share our purpose, vision and sense of humanity.

“If we are going to lead in such a bold way, we need to understand the importance of self-development and learning,” he adds. “Only by deepening the relationship with self can we create bold connections with others and lead courageously.”

In recent years, there has been a call for leaders to be less demanding and more empathetic toward individual employees. The idea is that employees want and need leaders who listen, who are compassionate, who put people first, and inspire and motivate their direct reports.

“While I agree with this sentiment, our research offers a clear warning,” contends Joe Folkman, co-founder and president of Zenger Folkman. “Efforts to reduce demands made on employees and increase empathy should not diminish a leader’s ability to, on occasion, push when needed. Our research shows that bold leadership can be a strong force that builds confidence.”

Essential characteristics

What, then, are the essential characteristics of a bold leader? Moreover, how should these characteristics be harnessed so that a leader can lead a workforce with courage, consciousness and conviction?

According to Bold Business, there are 10 traits that characterise bold leaders in their approaches to guide others and champion success, as outlined below.

First, a bold leader takes risks. Part of being bold means having the confidence and courage to take chances. Bold leadership embraces dynamic and competitive landscapes and takes calculated risks in striving for success. Taking risks also means bold leaders will sometimes fail. But rather than seeing these instances as failures, bold leaders see these as opportunities to learn and grow.

Second, a bold leader challenges the status quo. Bold leaders continually strive for excellence and improvement. Being on the constant lookout for new opportunities for success is an essential trait. As such, they are the ones most apt to initiate innovative growth, progress and action in new directions. In contrast to complacency and contentment, these individuals perpetually seek better paths to take.

Third, a bold leader is driven by results. All types of leadership require vision and clearly defined goals. Similarly, great leaders also identify key results that guide their strategies and decisions. However, these individuals tend to pursue bold missions that are disruptive, innovative and creative. Not only do they keep their eye on the prize, but the prize is one that is truly exceptional.

Fourth, a bold leader shows confidence in others and themselves. For these individuals, the saying that confidence is contagious is perfectly accurate. Through diligence, knowledge and continual improvement, these leaders gain confidence in their capacity to succeed. They also respect and trust in others. This empowers others to perform at their best, and help the business accomplish its goals.

Fifth, a bold leader empowers others to succeed. Some leaders choose to give orders and be the authority figure. But bold leaders appreciate the value of the human spirit and collective achievement. Not only do these individuals exhibit excellent leadership abilities, they also empower others through mentorship and guidance. By aligning individual goals with organisational objectives, bold leaders greatly enhance chances for success.

Sixth, a bold leader is able to delegate. The ability to recognise and recruit top talent reflects a leader’s interpersonal skills and emotional intelligence. Bold leaders are a great judge of character and skill, and they foster cultures of trust, respect and confidence. These attributes allow them to effectively utilise others’ talents efficiently and effectively. Ultimately, this creates an environment where others excel, and organisational goals are realised.

Seventh, a bold leader acts ethically and responsibly. Core features of great leaders are their ability to be self-aware and to know their core values. Through these insights, bold leadership proceeds with integrity and honesty. Likewise, bold leaders hold themselves accountable for their decisions, as well as their business’ performance. By allowing integrity and ethics to be their guide, they have confidence that the end result will be positive.

Eighth, a bold leader champions change and diversity. Dynamic environments demand the ability to roll with the punches. Bold leaders not only accept that change is inevitable, but they also champion change to attain advantage and success. In many instances, such change is innovative and disruptive to existing norms. But through bold leadership, these individuals effectively communicate the vision to others and empower them to adapt in the process.

Ninth, a bold leader leads by example and with humility. From ethics to confidence, bold leaders serve as tremendous role models for others. This not only includes followers within the business but also those outside it as well. Yet bold leaders also keep their egos in check. Humility allows them to see failures as opportunities, and to demonstrate compassion and concern for others.

Lastly, a bold leader believes in changing society for the better. As part of their expansive vision, a bold leader embraces goals beyond profits and the bottom line. These individuals take pride in having a responsibility to not just the business, but to society and humanity as well. Naturally, they have leadership responsibilities to the business and to followers, but they happily accept a much larger mission for their personal calling.

“Bringing people on a journey to that vision is a key skill that bold leaders need to possess – they need to listen and adapt to change, as well as change both internally and externally,” suggests James Young, chief change officer at Crestbridge. “Bold leaders are not risk averse, but they are managed. They understand that the development through the journey is as important as any predetermined end-goal.

“As always, honesty is vitally important,” he continues. “Being able to give positive and negative messages is so important in building trust. Not all messages are positive but should be given and received coming from a place of good intentions.”

Leadership challenges

Bold leadership can undoubtedly help improve a business’ productivity, turnover, reputation and overall operational excellence. However, leadership in this vein also brings a host of challenges, the accelerants of which include the coronavirus (COVID-19) pandemic and the changing nature of work, the workplace and the workforce – challenges that have rocked the leadership dynamic to its core.

When investigating the full impact of these accelerants, a survey of business leaders by Hack Future Lab found that: (i) 93 percent believe that leadership attention is key to growth, but only 27 percent believe it is a strength; (ii) 68 percent stated that either themselves or their teams are at risk of overload; (iii) 65 percent believe business decisions today are more complex than they were two years ago; (iv) 63 percent saw a productivity paradox where performance increased but wellbeing dropped; (v) 56 percent believe they spend more time on shallow work rather than deep work; and (vi) 20 percent have mentally quit the job but have not resigned.

“The number one takeaway is that people are tired,” affirms Terence Mauri, founder of Hack Future Lab. “Zoom fatigue. Meeting fatigue. Collaboration fatigue. Solution fatigue. Brain fog. With 93 percent of leaders expecting significant industry disruption over the next five years, leadership attention has become a leader’s call-to-action challenge.”

Also a challenge is for leaders to not rest on their laurels. “The risk or danger of being a leader is that you think you have figured it out, so you repeat what you have done in the past when the world around you does not respond that way anymore,” says Mr Folkman. “This might be why our research shows a little less boldness as people get older, because they tend to use their established patterns and consider it to be judgment.”

Bold not oppressive

Dedicated, and aware of themselves and their contexts, bold leaders act out of integrity as opposed to conformity. This accompanies a values-based vision that inspires others to excel. That said, at the same time, a bold leader must ensure, particularly when tough decisions need to be taken, that their leadership style is bold rather than oppressive.

“A leader’s level of self-awareness is one of the best indicators as to whether their style is bold or oppressive,” suggests Ms Petricevic “Self-aware leaders know the difference between their leadership intentions and their leadership impact. Bold leaders need to be open to hearing how their leadership is being experienced by those they lead.”

Indeed, a business can have the best possible leadership intention, but if that leadership is seen as oppressive, the organisational impact of this must be addressed, with the person at the top obliged to recognise that something needs to change in their style of leadership.

“Bold leaders take responsibility for the impact that they are creating, and they wholeheartedly accept the fact that feedback is the best possible gift they could receive and that following through on the feedback needs to be high on their priority list,” continues Ms Petricevic. “No feedback, no growth. No growth, no leadership.”

For Mr Young, the days of oppressive leaders are over. “Bold leaders are acutely aware of the issues deep within the business and work with colleagues at all levels to drive change forward,” he contends. “These leaders are not bounded by organisational structure and deliver to the wider business by using teammates, colleagues and relationships born within any department or structure. They listen, live and breathe a vision and work to bring people along with that vision.”

Out with old, in with the bold

Bold leadership needs to have the ability to see the big picture and understand the steps needed to achieve a desired outcome. Certainly, there are specific qualities that leaders should always embody, such as integrity, persistence and objectivity, but different strengths are required at different times. And a disrupted environment requires bold leadership.

“That means leading with resilience, optimism and vision,” says Ms Petricevic. “Bold leaders need to be able to hold onto their vision amid the pace of change and while facing the unknown, and be able to take risks for the sake of that vision. It is very easy to go from having a long-term vision to doing short-term things to manage and control the situation, which can be exhausting. Contrary to exhaustion, what we need is hope.

“To bring hope, leaders will need this sort of self-recovery to find that resilience within themselves and keep up that optimism,” she continues. “So that no matter what the challenges are, they believe that they are able to carry on getting together with their team. There is something more important than the discomfort of the current circumstances – and that is the vision and the people who are part of it.”

For his part, Mr Mauri believes leaders today are those that take bold action in the face of adversity. “Bold leaders have the curiosity to learn and the courage to unlearn, helping themselves to evolve as the world evolves,” he notes. “And with the future arriving faster than ever before, the future, as well as fortune, favours the bold.”

© Financier Worldwide

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Fraser Tennant