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1.3 Problem Statement.
2.1 Visionary leadership.
2.2 Innovative Leadership.
The main purpose of this report is to focus on the potential leadership issues of management found in the case study of the company "Wow: (Out of) sight and sound". The absence of a proper leadership style is associated with the current business design of the company. In 2012, the company "WOW" was acquired by new holders after the company had gone into bankruptcy (2020). Soon after the failure of the company the decision was made to business exclusively as an online marketer. Now due to their lack of leadership approach the new difficulties for the "WOW", is how to manage in the world of opposite rivals.
In this report two theories will be discussed; Visionary leadership and Innovative leadership, which are both associated with the role of the management phase of leadership. These theories will be examined and considered so to analyse appropriate procedures, provide knowledge about the difficulties faced by the company. In the coming forward to this report, it is explained in detail that how the appropriate leadership style influences and strengthen the business solely the circumstances in which the employees participate in the procedure of executing the plan while keeping in mind distinct postulates of the leadership quality and at the end of this report also provide some suggestions on how to implement the alterations established on the ground of theories.
1.3 Problem Statement
The depreciation of the company "Wow: (Out of) sight and sound" occurred due to the negligible and deplorable condition of the management and presence of fearful client in the retail. The crucial failure in the organisation started 2 years back to this situation when it had all over 15 outlets with a total of 500 workers in the year of 2010. Since the organisation had a poor team of leadership and theories the business activities of the organisation had to go through its liquidation. As described above, the organisation had in need itself of debts due to the poor style of leadership in the management, mainly when the directors of the company began a property trading business in the year 2010, in which a vast sum of money was invested (Stafford, 2012). The founders of the organisation i.e. Suds Sotiris and Sam Savvas had made it transparent before the channel that the "WOW" had the proprietorship of many additional establishments. Due to the worse commercial conditions, all the possessed businesses were brought under the insolvency. As of these circumstances, the shareholders and stakeholders had made reasonable the poor style of leadership of the co-initiators for this situation of the "WOW", however, it was noticeable that the organisation was facing inevitable risk due to debts. This report mostly focuses on imparting the organisation and its management awareness about, how the company’s management system should formulate plans to elevate worker performance at each part of the organisation procedure to bring back the organisation on proper track by the execution of appropriate policies and styles of leadership.
In consideration of the fundamental point of hi-tech, the environment gives rise to the unsuccessful effort by management to draft the pre-decided effects of opponent and user etiquette. The organisation was in an economic dispute. They utilized their methods and fell short of what was predicted from the circumstances. The retail was already drenched by other opponents. The management potential leadership issue should have confirmed that the organisation had recognized in advance about the bad condition of the company. This was noticeable at the beginning of 2012 when an announcement was made regarding the company's fiscal turnover (2020). In the year 2012, the fiscal turnover was reduced by 7.7 % and this was lesser than the year 2010. The organisation was quite upset to hear that the sum of $20 million in uncollectable bills. The organisation was failed to manage the stores so due to this they imposed to sell and make an alteration to the marketing plan of action, to digital-only (2020).
2.1 Visionary leadership
The Theory of visionary leadership could be outlined in several ways and techniques but in simplified way it is the ability of leader to correctly predict and recognise a required future for the company, along with defining a specific path on how to acquire that future (M. Taylor, J. Cornelius & Colvin, 2014).Then the main purpose of this leadership theory is to give reason and direction to an employee's work, motivation and in many distinct outlooks and procedure visionary leadership could be express but when put in short it is a leader's potential to correctly predict and recognize a worthwhile future for the company, along with drafting an exact plan on how to acquire to the next (Wood, 2018). This visionary theory is to provide basis and management to the worker's duties, influencing and encouraging them in the business. Moreover, it can also be used by the leaders to guarantee that the inclusive operations and commitment made by their workers, profits the company as a footstep to the required future (Wood, 2018). There are different edges to this method. Firstly, it permits and encourages creativity in workers letting them present more creative design; this helps to build up the strong association between the employer and their team letting them share their plans and perceptions more deliberately (Wood, 2018). At last, this visionary way of leadership also provides workers a sense of achievement, letting employees understand that the contributions they have made are helpful and significant to the organisation (Muczyk & Steel, 1998). Concerning the company "Wow: (Out of) sight and sound", encouraging their workers has become pivotal as the company "WOW" will have to initiate their business from a fresh start after years of being a well-known organisation and this visionary theory of leadership helps these superbly giving workers by providing a space for innovation and feel of both attainment and purpose for their duties. Although, management has to be the most significant one as setting foot on an online business can be confusing particularly when the company directly comes from a retail store. This is absolutely a condition where visionary theory should be enforced as it not only provides a strategy to observe a required future for the organisation in the square but also how to attain this future. M. Taylor shows consent with this discussion that to bring a change in organisation vision is essential, helping to control, straighten up, and motivate a large number of workers. M. Taylor also describes that without a correct vision an innovative effort can simply result in various unclear aims and tiresome projects with no path at all (M. Taylor, J. Cornelius & Colvin, 2014).
2.2 Innovative Leadership
The theory of Innovative leadership is a procedure of promoting creativity through advancing an innovative friendly environment and adjust strategic management that leads and develops trust among the workers to create new ideas. The innovative company not only creates the transformation culture in the company but their management also sets out the perception, tactics, and schemes that direct and encourage innovation in the company. This theory of innovative leadership develops an innovative company where employees are devoted to contributing productively (Muchtar & Qamariah, 2014). This theory develops with a combination of four components such as emotional understanding, creative organization, innovative management, and dealings with the individualist (Wrigley & Straker, 2016). Accomplishment and endurance is the difference between the innovative and non-innovative organisation. For some organisation like Accenture, 3M, and Toyota innovation is a main segment of the culture, although it is a one-time emergency activity for others. Still, the advancing innovative intellectual activities need considerable attempts on the role of innovative leadership. In an organisation for innovations to occur, leaders, staff, and the employer are required to interrelate with the distinct stakeholders (Rahman, 2016). There are many stakeholders in the company's environment such as buyers, distributors, counselors, academicians, news and press, government and legal authority, etc. Paying attention and communicating with them could create innovative ideas (Strazovska & Sulikova, 2019). With the advancement of new technologies and procedures, it is required for companies to anticipate innovatively to assure continued accomplishment and stay ambitious to accommodate to new alterations, "The necessity for innovation in companies has developed a way out to focus on the task of leaders in forming the characteristics and success of innovative attempts." Without this theory of innovation leadership, companies can face problems. The leadership theory of innovation is said to be the process in which the assets are managed and assigned with the main motive of acquiring new skills to fuel plans for the latest product, assistance, and procedures or intensify existing ones (Loveridge, 2014). This leadership theory is used when resolving complicated conditions by letting the leader to investigate different track making it more vulnerable to bring in the latest and unusual plan as solutions (Super, 2020). Although, to introduce the full likely outcomes of this theory it is also required to make an environment that encourages innovative thinking. For the company "Wow: (Out of) sight and sound", the leadership theory of innovation develops the organisation for forthcoming difficulties it might deal with in the present square. The square is ever modifying and this theory will let the company "WOW" be more workable and vulnerable to a new approach to resolve any difficulty it might come up with. Chandler supports this rationale discussing that an organisation's potential to adapt an innovative leadership is essential to staying in this combative world of square and manage with opposite rivals (Chandler, 2016). Moreover, the innovative theory of leadership can also support in building the image of the company "WOW", assimilating distinctive viewpoint to stand out in an already drenched retail a unique presence is definite to draw the attention of customers.
In this report, it is observed that utilizing management effective leadership style in an organisation is required to produce results. The case study WOW: (out of) Sight and Sound leadership style of management is failed and eventually, their stores shut down, they changed their business to an online market only, which come across with risks and potential barriers. Several sorts of leadership issues prevailing in the company have been discussed in this report by investigating in detail the main leadership issues that occurred because of poor decisions and the approach made by the management. In a company, several sorts of leadership techniques should be acquired at distinct levels of the business. The main responsibility of the management is to ascertain the implementation of the appropriate style of leadership and policies in the company to attain the estimated goals and therefore being successful in its business. The execution of potential leadership in the organisation shows the path towards the perception of necessary management abilities which will support the organisation in acquiring the development of leadership at an individual and organization level. To move from the current difficult condition of Wow sight and sound, the organisation should follow the concept of implicative leadership in the system.
To create a suitable style of leadership in the company "Wow: (Out of) sight and sound" it is expected that an outstanding and well-organized team should be hired at the management level which would hold up the organisation both in its good and worse remunerative stages. So, the organisation outlined in the existing case study i.e. "Wow: (Out of) sight and sound" have to put into practice potential and suitable style of leadership by discovering the leadership styles adopted by the other similar companies that the firm considers its opponent or ideal. The organisation such as "Wow: (Out of) sight and sound" could examine the fellow competitors and fields like the background of other companies and the difficulties faced by them in the current scenario. While estimating the attributes of the leadership approach, management of the organisation should examine factors such as the prosperity of the workers, employment procedures, communication system, and diplomacy. The leadership of the organisation should centre on developing trust and belief among the employees and therefore gain the reliance and affirmation of both the customers and the workers. Broadly speaking the idea of the leadership is about grabbing and recognizing the procedures in the organisation and be led up with the perceptive by the means of suitable connection, dealings, and entering on to the proper recommendation and operations at right time. While in a view to applying an appropriate procedure, an organisation could examine different styles of leadership techniques varying on the type of function the organisation is utilizing.
(2020). Retrieved from https://www.smartcompany.com.au/finance/economy/how-queensland-retailer-wow-was-brought-down-by-a-20-million-property-debt/
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