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Business Coaching Case Study: Realise Your Potential
When you have been in an industry for a long time, it is easy to assume that the way things are done is how they should be done. This applies to so many different businesses that operate under industry legacy models.
One of our clients decided that change was required as his industry had become a red ocean of small providers, making small margins and driving prices down.
Having identified that it wasn’t the product that was the value add but the creativity, strategy and logistics, he set about redefining how he operated and positioned the business.
This was a fairly straightforward task with so much industry knowledge, but there was a catch. He wanted to level up his stake in the market and the types of customers he was able to acquire. Like many businesses, he was winging it and doing a good job,
That’s when he reached out to us, wanting to know more about how he could develop a more purposeful approach to his strategic planning. We managed to identify a few things through an initial discovery process that enabled him to see how the strategy could play a significant part in his growth as a leader and the business.
- There was a strong value proposition that the market didn’t understand
- He had so much talent in the business, but it wasn’t entirely focused on core strengths
- International research provided new business model options and market validation
- The resource was stretched, and there was a clear strategy to grow the team
- International expansion was a potential, but no idea how to implement that strategy
- The owner felt that their ‘superpowers’ were being stifled by the day to day, therefore not feeling fulfilled and being able to focus on what they love, sales growth.
By understanding these strategic opportunities, we were able to work with the client to focus on these core areas
- Focus on the critical capabilities of the team, including how the owner wanted to lead the business forward
- Design and support implementing a rolling strategic plan that he could follow and deliver massive action on
- Support the development of the business’s resources and how to grow future capability
- Develop a highly focused marketing strategy that aligns directly with the overall business strategy.
Through this journey, we not only understand how the business works but precisely what the business owner wanted as an outcome for himself and his family. We were also able to develop several strategies and provide implementation support to ensure the ideas saw the light of day.
This is another example of a clever, successful and highly profitable business seeking outside support to challenge their status quo to ensure that they leave nothing on the table and lead the market their way.
Do you believe you are leaving opportunities on the table and need help identifying your core capability and growth strategy?
(Our case studies are anonymous due to the impact the changes make on the business, those involved and how the market responds. We pride ourselves on our confidentiality and integrity when developing life-changing business strategies through our strategic coaching).
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‘Adaptive Challenge’ Is The Future Of Great Leadership
We may as well start by explaining what adaptive challenge is so we don’t glaze over due to yet another buzzword in the leadership space.
Adaptive challenge sits outside the norms of critical thinking as the rules are often blurry and the path forward unknown.
Beyond a simple strategic process, adaptive challenge is a critical tool in current leadership as we adapt models beyond the master of all principle. We move into collaborative problem solving, where the uncertainty of outcome is evident.
You may challenge that much of the leadership journey is, in fact, uncertain, but not all leaders have the capability to embrace the uncertainty. But what we see in adaptive challenge are a series of instances that we may not have encountered:
Difficult to identify, easy to deny
Requires changes to values and beliefs, i.e. your identity in the way you work
Many changes required across the circumstance, many unknown
Self-diagnosis and self-solving
No shortcut to a solution, ongoing testing and review with a high failure rate
This principle outlines the differences between management and leadership in that a manager manages a process, and a leader inspires and leads a vision. Adaptive challenge talks to the ability of a leader to think beyond the technical reality of the situation. You could say that context and emotional intelligence are at play here.
For example, an employee may be struggling with their workload; the default response is that they are not capable or overworked. Yet, the adaptive challenge would explore other areas of thinking that might present an answer.
They may have challenges at home that consume their thinking and emotions. Therefore, focusing on the volume of work by reducing it or putting in new systems to streamline their workflow is not addressing the root cause of the problem.
As a leader, you need to develop the skills and critical thinking that sit beyond the perceived challenge and explores the unknown through critical inquiry. The ability to explore concepts and circumstances that may not be linear or even illogical will create a path to understanding.
In this example, the challenges in their personal lives are not challenges that you can necessarily provide an answer for or even give guidance. Giving them time off may create further stress in that environment; ignoring it makes a gap between you are your employee, and they may feel that you don’t care. So, you see, no clear solution because it’s not your relationship.
Some of the approaches may provide an open door for times when they are in a challenged state and develop their working environment to be productive and build self-worth with no further pressure. You may source and support services that can provide external support over a prolonged period, all of which offer a long term, potentially failure riddled journey that is not time-bound and likeliness of success unknown and out of your control.
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Authentic Leaders: 6 Myths That Hold Leaders Back – Waking Giants
What is authentic leadership?
It would seem that we need a label for everything, this being one of the silliest if you ask me. In simple terms, authentic leadership is about actually giving a crap about your team, the people that help YOU achieve YOUR goals.
Well maybe there is a bit more to it than that, let me explain…
While we think leadership comes in the simplest form of looking after a group of people working towards a common goal, it does get a little trickier as it is deeply connected to your ability to assess yourself.
I don’t know about you, but I think I am an awesome and authentic leader 24/7! Um, not true, in fact, that is the opposite of authentic leadership.
By uttering those very words, you miss the key ingredients of what will truly make you a great leader; awareness, humility, dropping the ego, and the ability to serve.
Oh, and that BIG ONE, vulnerability. Yup, getting it all out there and sharing your soul. Maybe not all of it, no one wants to get to know you that much.
In my experience, the biggest challenge for leaders in all forms and styles is their inability to separate the concepts of weakness and vulnerability.
When we break them down, they are both inherently human traits, after all, leaders are human too… aren’t they?
To be so self-aware that you are prepared to identify and understand your weaknesses is the biggest step in moving towards being a vulnerable and potentially great leader.
Leadership myths that hold us back:
1. I am not allowed to show weakness
My first question would be why? Are you perfect, do you people think you are perfect… even your family doesn’t think that you are perfect so let’s get over ourselves and move on.
Our ability as humans to punish ourselves is extraordinary. We let the imposter complex that many leaders have to stop us from stepping into the leadership role fully.
None of us was born with any knowledge or expertise. Leadership is a path of continued learning from the day you step up into the role to the day you decide you no longer what to positively influence another person.
Yup the job is never-ending and once you think you have cracked it you will be delivered a lesson that challenges you to your very core.
Focusing on your strengths and identifying your weaknesses is important, but the next decision is critical. What to do about it.
You have two options; one is to educate yourself and plug that gap, and the other is to find someone better than you at your weakness, so you don’t spend any time on it at all.
This leads me to the next myth…
2. I must have all the answers
Let’s not beat around the bush here. YOU ARE WRONG.
I don’t want to break your fragile ego but let’s be serious. Even Google doesn’t know everything.
There has never been a great leader that knew everything they needed to create the outcome they desired. Why do you think that some of the most successful people to grace the planet had a group of trusted advisors?
Your job as a leader is to create an environment where you enable your team to create the answers alongside you and for you.
One thing that many leaders have is a full complement of decisions they need to be making daily and to make them all with all angles considered is just not possible.
The ability to create a team around you that trusts you and you trust gives you the ability not to need all of the answers.
Richard Branson claims that one of his greatest skills is identifying people that are better than him to run his 400-plus companies.
His role as a leader in the Virgin Group is to constantly be pushing what is possible and then finding those that agree and want to be part of the solution.
3. I can’t be a leader I’m not good with people
Your job as an authentic leader is not to be this warm fuzzy caricature of yourself. It is to create a vision that people want to be part of.
Steve Jobs was well-known for being a tyrant and incredibly hard to work with and for, but he is arguably one of the greatest commercial leaders of all time.
His unwavering passion for design and perfection drove people mad. But look what it achieved, one of the most innovative and valuable brands in modern times.
I‘m sure not everyone liked him or even respected him, but he was an authentic leader with a vision so strong, that he was prepared to throw all the rules out of the window and create a new set for Apple.
4. I am important
Well kind of. Sometimes. Remember you may be the one leading, it doesn’t mean you are MORE important, it means you have a different set of responsibilities compared to others.
Also, being a leader, you are responsible for seeing round corners, into the future, knowing the unknown, and loving every minute of it.
What is important is how you use your position to influence others, because power corrupts. As an authentic leader, you should be driven by the vision of doing something bigger than yourself, serving others no matter what, to live your life in service.
Yes, you are important, but so are those around you and it’s down to you to decide how you want to use that influence, for impact or ego.
5. I am already a good leader
Maybe you are. But can you become better? A key characteristic of any GREAT leader is their ability to develop resilience through their actions.
You see authentic leaders don’t expect their teams to do anything they wouldn’t be comfortable or capable of doing themselves. Not in a technical sense, but more practically.
If you expect your team to self-educate, then so should you, not only in your craft but as a leader. Yes get stuck into formal learning, but leadership is done on the job, with people taking action.
The more you step into the fold you more you learn. Your awareness of every situation will, over time, enable you to develop critical leadership skills that compound and in turn make you a better leader both now and in the future.
Here’s a simple exercise; when you do your staff reviews and catch-ups, ask them what YOU can do better.
Simple huh? As a leader, our job is not just to appraise others and provide feedback so they can grow. But for them to be able to tell us where we need to improve.
If you have that open dialogue with every direct report and everyone you interact with within the organisation, you can build deeper trust and connection… but only if you act upon the information provided. (Guess what, some of it you might not like!)
6. I need to be fearless
Here we go again. You and your ego. If you were fearless then how are your team going to trust you won’t do something dumb?
Rather than being fearless, how about having a growth mindset rather than a fixed mindset?
Simply put, you accept that there will be both opportunities and threats, but equally, you accept they CAN be overcome with the right thinking, collaboration, and action.
Yes take risks, but ensure you know how big they are, the impact they might have, and what that means to all involved.
Brené Brown talks about the future belonging to the brave.
Being brave means stepping outside your comfort zone and leading your team through the unknown, being fearless means you don’t consider the consequences of your actions.
While the myths can be dispelled they can also be rationalised against the way we often lead, through our ego and our perception of power.
Authentic leadership is a gift that allows you to share the journey with your team, your clients, and anyone else that you influence in your role.
It also enables you to be a single version of yourself, never switching hats between your executive colleagues, your shareholders, your staff, or your family.
You become aware that there is only one version of you and that you create that best self, based on your values and your mission in your personal life and in business.
The real magic of being an authentic leader is the ability to be human and to treat others as you would want to be treated.
It doesn’t mean you won’t get it wrong as you are using all of your human traits in a variety of situations to create a fair and positive outcome for all.
Conclusion
This style of leadership enables you to ignore all the generalised myths that I have outlined above and be yourself, be present and deliver a true experience that can drive your brand, vision, and your people forward.
Authentic leadership is not a recipe for being liked, it is the ability to maintain a true version of yourself while leading others through the known and the unknown.
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If you want the advantage of purposeful strategy within your business, get in touch today.
Grow Your Business – Waking Giants
Every company under the sun wants to grow and take their business to that next level. Often growth can creep up on us too quickly and we rush decisions without stopping to ask – why and how are we growing?
Short term growth is nice but if you are tearing down your foundations and values at the expense of the future then you ought to take a moment’s pause. Growth shouldn’t be a way for us to massage our egos and boast on LinkedIn.
The stereotypical response to growth is to hire more people, upgrade into a flash new office, open another store and increase the salary bill. But how often do these developments fill us with an empty feeling of somehow betraying our core business principles? Instead, we should look deeper into why we got into the business in the first place and focus on how we can deliver further value to our customer and client. Depending on the nature of your business, this could mean staying small and agile or creating economies of scale through expansion. The following 5 considerations can help you slow down and contemplate growing for the right reasons. Here’s how to grow your business:
Customer
Your customer has to be at the heart of your growth strategy. If you are willing to compromise your customer’s happiness in the hope of increasing your margins, then you have embarked on a slippery slope. Presumably, you got into business to solve a specific problem for a certain audience – so remain true to your ideal customer and their changing needs.
People
As Richard Branson puts it: a company is simply a group of people coming together to work towards a specific goal. The most difficult aspect of business growth is maintaining that positive culture that allowed you to grow in the first place. When you introduce new people into your company make sure they are committed to adding to your company culture.
Product
In an ideal world, growth would be achieved through the prism of offering a new and innovative product or service that your competitors simply can’t match. If you are growing and have capital free to invest, then the best place to start is to invest it back into your product to make it even more valuable to your customer. While sales and marketing are important, your product is still what your consumer is going to pay you for.
Marketing
Branding and sales are crucial components to any successful enterprise, neglecting or taking them for granted can be a fatal mistake. There is simply no point in building a great new product if no one in the world knows about it and your company is left sitting there twiddling their thumbs wondering why the phone isn’t ringing. When your brand can stimulate sales and drive increased profit, then you have more capital to invest in the future.
Financial
Profitability should be your priority as a business, it may be an obvious one but many owners enjoy the vanity of a high revenue number. Think of the term – ‘revenue for vanity, profit for sanity’. From the daily expenses to the need for new capital investment, your ability to understand the numbers is essential. Planning growth should be in areas that enable consistently and where possible recurring revenue opportunities. Consider what products and activity are working for you and what is hurting. Are there new markets that will increase both profit and revenue that you are not currently in? Get your accountant and bank on board – if they are in the loop they can help you far more easily than when you are in trouble. Schedule your growth along with your cash flow, negotiate terms, growth hack and generally project the cash in the bank.
Ultimately growth is a good thing, but growing too quickly can cause more problems than good. Also remember, you have to grow the way you want to because each business is individual in its needs.
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Strategic Implementation: You Need These Steps
What is strategic implementation?
All the strategic planning in the world is useless without strategic implementation. It’s one of the most crucial parts of strategic management as it transforms your company strategies into action.
Huge emphasis has been placed on how strategic plans are so vital in achieving your vision and goals, and rightly so. However, without execution of your strategic plans, they’ll remain ideas, your business will suffer, and any ambitions for your company will go un unfulfilled.
It’s through this strategic implementation process that you create progress that can inspire those who have a stake in the process. It can also uncover internal and external threats and weaknesses that you hadn’t previously considered. Strategy implementation is where the rubber hits the road and is the true litmus test of how effective a strategic plan can be and where it may need to be modified along the way.
This is where you, as a leader, play a critical role in an effective delegation to your team for their respective individual tasks. Each member must have a clear understanding of your strategy in order for them to know what to do and why they are doing it.
5 Significant Requirements for a Successful Strategic Implementation
1. People
Maintaining skillful and knowledgeable talent in the company is a priority and your team members should be regularly acknowledged for their contributions to the successful implementation of your strategies. As leaders, you must cascade awareness of the company’s vision, mission, objective, and goals to all levels of your organization.
It’s also important to encourage a good level of commitment from your team members to the successful completion of these strategic goals. Apart from hitting the targets, your team members should take on ownership and accountability for their part in the strategic implementation, mostly by delivering quality outputs according to set timelines.
Explaining the company strategy to your team members and encouraging ideas and feedback is a great way to get them onboard with the tasks that need to be undertaken in order to implement the strategy.
Continuous coaching of your team members throughout the strategic implementation process is a great way to keep them engaged and focused on the job at hand and also helps build their confidence for taking on future engagements for the company.
Ensuring there’s always an open line of communication throughout the team, not only with each other but also with you as a leader. This helps build trust and your team members will feel comfortable coming to you with questions, ideas, and concerns.
2. Resources
Having the right resources (such as time and money) is essential for the strategy implementation process to take effect. There is generally always an investment of resource cost to any action that takes a company forward, but the focus should be placed on the intended outcome and rewards.
As a leader, keeping the bigger picture in mind by being objective and carefully considering the costs to be incurred against the potential benefits of successfully implementing the strategies is required. Since there is also risk involved, it’s important to lay down all possible factors that can impact your implementation by analyzing the pros and cons.
Time is another critical resource factor since every strategic plan needs – enough time for all members to understand the strategy, act on the strategy, and overcome any and all hurdles along the way. A learning curve often presents itself when introducing new strategies, policies, or systems. These should be identified during implementation and enough time must be given for a method or practice to take off and run smoothly.
Also, time for periodic assessments is essential during the implementation stage, since it is through timely feedback that your company can make the proper adjustments, whether at the start or middle of the strategy implementation.
3. Systems
Like resources, applicable systems should be crafted to facilitate strategic implementation across the whole company at all levels. During the strategic planning process, required technology, tools, and company processes should be considered for easy implementation of your daily strategies.
A company with competent team members but lacking the proper tools, is akin to sending great warriors to battle lacking suitable armor. Acquiring up-to-date systems is crucial to driving team performance and productivity.
It is only when appropriate systems have been put in place, should companies have high expectations of the outputs delivered by team members.
4. Organisational Structure
In companies with several departments, it’s important that the organizational structure is defined and hierarchical, leading to more specialization and less confusion.
However, for many small and medium businesses (SMBs), it’s a common mistake to maintain team members whose functions have a large amount of overlap. It’s quite common for a lot of businesses to have a relatively flat structure with no clear leadership structure, except that of the owner and maybe some managers. It’s a double-edged sword as it can both be beneficial but also harmful to a business.
This in a way is like a double-edged sword as it can both be beneficial but also harmful to a business.
If there is no clear delineation of tasks and authority, there could be confusion and a lack of accountability. Ideally, a team member should only be directly reporting to one manager, from whom responsibilities are received and approvals are acquired.
If there are numerous team members working on a task, it becomes unclear who’s responsible for what and also who’s responsible it is to achieve goals on these tasks. Without a structure of leadership and responsibility, projects can become quite chaotic.
For a more productive workplace, there should be a clear outline of tasks on who is responsible while detailing the targets for submission. Clarity of scope of work promotes accountability and ownership. This also drives team member empowerment as they take responsibility for their own decisions in their area of expertise.
5. Organisational Culture
A positive organizational culture that shows the commitment and cooperation of leaders and team members helps drive strategic implementation.
If you have effectively communicated your company’s vision and purpose, your team members are more likely to be motivated in fulfilling their roles. If your team members feel they are appreciated and their efforts contribute to a larger goal of the organization, they are more likely to support any new policies and strategies. Cultivating a healthy organizational culture should not be. Instead, it is the product of trust, openness, and values shared with your team members.
As you delegate tasks and provide them with the resources and reinforcements they need, they become more responsible and goal-oriented. These reinforcements may be simple praise, recognition, or in some cases, an incentive, and will help serve as your team member’s motivation. It will also help inspire them to perform as they contribute to your strategic goals.
Having the right team members will help increase your chances of success as your strategies are put into action. However, as leaders, you should allocate the right resources and establish a suitable system to facilitate strategy implementation.
It is also essential to promote task ownership and accountability for your team members to feel empowered and valued. This will also reinforce to them that their contributions are necessary for achieving your long-term goals.
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The Measures Of Success – What Are OKRs And How To Use Them
There are lots of choices when it comes to strategic planning methodology, but there are few that provide laser focus, like using objectives and key results.
What are the objectives and key results?
The definition of “OKRs” is “Objectives and Key Results.” It is a collaborative goal-setting tool used by teams and individuals to set challenging, ambitious goals with measurable results. OKRs are how you track progress, create alignment, and encourage engagement around measurable goals.
Source: whatmatters.com
So, why should your leadership team use OKRs to set your strategic direction? Simplicity. OKRs provide a framework that is both simple and team-driven.
Too many strategic plans are driven by the senior leadership group and fail to translate down to their organisation layers. More important than the strategy itself is the execution, and the most junior job might drive the implementation in your entire organisation.
You can’t expect every person in your business to read pages and pages of planning notes. You need to share the overall vision with them and enable them to do their part without the need for micromanagement.
The value in using OKR planning is that it focuses you and the objectives (i.e. where you want to land) on outcomes that will significantly shift your business.
For example: Improving our website is an objective, but only if it will make a difference.
What if 70% of your sales come from other sources? It may be a vanity objective that serves little value.
But if that 70% of sales need to be educated on your value proposition and feel that the website is letting you down, then improving the website may provide a conversion lift to 80%.
If we take that objective and break it down, it may look something like this:
Objective: Improve the company website to enable the delivery of sales information.
- Key result 1: Source online specialists to audit the website and make recommendations.
- Key result 2: Engage website designer and developer to build a new website to meet needs.
- Key result 3: Develop a new content strategy and engage a writer for a new website.
- Key result 4: Optimise website for search engines based on search trends and customer profiles.
- Key result 5: Create a top-of-the-funnel offer to engage users to request more information about your product.
What you can see from this simple example is a pragmatic approach to the way you deliver the objective through key results.
What are the key results?
These are the actions taken to deliver the objective – strategy versus strategic execution—planning versus doing.
In the example above, you should be able to see how the actions will deliver the result. By working in this way, you can break down the process and share it with your team.
In my experience, OKRs need to have as few as possible active goals at any one time. When you have too many goals, you will find your time and resource is stretched to the point that you struggle to achieve any of the results.
Another benefit of OKRs is their focus on accountability and NOT aiming for perfection. In John Doerr’s book Measure What Matters, there are endless examples of companies like Google that accept that sometimes 80% success is far more important than 100%.
Why? OKRs are about making strategic progress in the most critical parts of your business. If they are business as usual goals, then there is no stretch, creativity, and positive change. If you are working towards perfection, you should expect failure.
A close friend once said that often 5% is not growing; it’s just standing still; if you want to grow, you have the reach for the goals that will stretch you. That’s OKRs.
How do you use OKRs in your strategic planning process?
As you can see, the concept behind OKRs is to make strategic planning and results accessible to your whole company while creating significant change.
Strategic planning is no longer the magic that is only conjured up in the boardroom but a process and tool that the whole company can help create and participate in.
Before you get to your OKRs, there is the housekeeping that we all need to do when we are revising our strategic plans. Where are we now? Where are we heading? Who do we want to serve? Where are you going to play?
Without the fundamentals in place, the strategic objectives may be taking you down the wrong path. Get the basics right before you jump into the big moves.
Most OKRs are delivered over 90 days in part or whole, some OKRs may take years to produce, but you will chip away at them in 30 or 90-day cycles. This will enable you to get critical momentum and not overwhelm your team.
OKRs are not there to kill creativity but to ensure that you use your time wisely on the most important things. And they may change. As you move through several cycles, you will learn what is essential and what isn’t.
In our last OKR cycle, we realised that one of the 90-day objectives was unattainable and not going to drive results. So we scrapped it.
That’s the beauty of it; with such focus, you can make quick decisions on what is working and what isn’t, enabling you to change so you can keep on track with your overall vision.
Once you have the groundwork done its time to answer some key questions:
- Where do we want to be in 90 days?
- What is the thing that will make that happen?
- What do we need to park for the next 90 days?
- Is what we are trying to achieve going to stretch us but also deliver results?
- Who needs to be involved?
- Who will be accountable for delivering key results?
Everything in objectives and key results is about clarifying the objective and clarity of accountability on delivery.
Most strategic plans die in a drawer somewhere, only to be revealed once you have missed the target and are looking to blame someone.
Once you have outlined your objectives and key results (3-4 objectives and 3-5 key results for each), make sure that you communicate the information with everyone that can directly affect the objective’s aim.
You do not need pages and pages of waffles when it comes to sharing your vision. This is an opportunity to allow your entire team to drive the success of the business. Your job as a leader is to provide all the support and resource they need to deliver the result.
How do you create accountability around your OKRs?
Over-communicate them. If you do morning huddles, check in on them. If you have weekly team meetings, discuss if you are on track or off track and any support your team might need.
Look for constant feedback so you can tweak them if they are straying off course and correct quickly.
Above all, with this level of focus, you must be patient. OKRs are about the discipline of taking many small actions that deliver deliberate and focused outcomes.
What makes for great OKRs?
- Less is more
- Aspire and do
- Share the responsibility
- Be patient
- Communication is king
- Progress, not perfection!
Objectives and key results have helped some of the world’s largest companies innovate and deliver tools and services we take for granted every day, some taking years to develop. OKRs can work for you too.
If you are struggling to focus your energy on the RIGHT things, you can get started today with our strategic planning courses or book a workshop with our Head of Client Strategy to realise your potential today.
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If you want the advantage of purposeful strategy within your business, get in touch today.
The 7 Key Elements Of A Stimulating Strategic Plan
As a business leader, you probably participated in or even spearheaded your company’s yearly planning event. How did it take off? Was it a one-time big-time activity that allowed you to produce brilliant and creative targets for the upcoming years that got shelved and forgotten?
Strategic planning is a crucial business practice that aligns your team to a single plan and guides you, as a leader, in decision making, gearing you up for success. This endeavor generates a working document, known as your strategic plan, which contains a roadmap for the direction of your company.
Before we dig deeper into the essential components of a strategic plan, we need to ensure we’re doing it for the right reasons and not just because it’s an awesome “buzzword.” We also need to know how to create a strategic plan properly.
As every goal entails a plan to determine the steps you must take to achieve it, you need a strategic plan to direct your efforts towards realizing your business goals, whatever they are.
At its heart, a strategic plan helps you identify the following aspects of your business:
Destination – Where do you want to take your business?
Baseline – Where are you now?
Journey – How you’ll get to your destination?
Checkpoints – How you’ll know you’re on the right track?
One of the main functions that you, as the leader in your business, need to undertake is that of the company’s figurehead and strategist.
By now, you’ve hopefully learned to step back from the daily routine of business and conduct frequent status checks to determine whether or not the business is heading in the right direction.
Your strategic plan will come in handy during these times.
Here are the 7 key elements which you need to establish a stimulating strategic plan.
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Vision statement
How do you see your company in a perfect world or in your ideal scenario?
Your vision statement translates how you envision your firm despite any business risks within the environment it operates. Though far-reaching, what is the ultimate target that your company strives to achieve? Your vision serves as your compass, directing you to your chosen destination.
For IKEA, its vision statement is, “To create a better everyday life for the many people.” While Amazon’s vision is “To be Earth’s most customer-centric company.”
You can start by identifying what impact you’d want to leave on your customers or humanity in general. Your vision must have a certain depth but be simple enough for everyone to understand.
It should also convey your aspiration, what you believe in, and your strategy.
2. Mission statement
If your vision describes your desired destination, your mission emphasizes your journey to where you want to be. It also reveals why your company exists, what makes you memorable, and how you engage your prospects through your products or services.
McDonald’s boasts of its mission, ‘To make delicious feel-good moments easy for everyone.’ So, likewise, our mission here in Waking Giants is ‘To make leadership and strategy easy,’ as we help you, great leaders, create clear and focused strategies for success.
By focusing on your mission, you move closer to reaching your vision. In addition, with a compelling mission, you get to narrow down your options or widen them.
3. Core values
What does your company stand for?
Your core values uphold your beliefs and principles that support reaching your vision and mission.
Google’s philosophy is not just displayed on its page; its core values are discussed concretely, with specific examples. Below are the ten things they uphold.
i. Focus on the user, and all else will follow.
ii. It’s best to do one thing well.
iii. Fast is better than slow.
iv. Democracy on the web works.
v. You don’t need to be at your desk to need an answer.
vi. You can make money without doing evil.
vii. There’s always more information out there.
viii. The need for information crosses all borders.
ix. You can be serious without a suit.
x. Great isn’t good enough.
4. SWOT analysis
Performing a reversed SWOT analysis (Strengths-Weaknesses-Opportunities-Threats) allows you to assess the factors that may affect your business.
By initially scanning your external environment’s Opportunities and Threats, you discover opportunities you can tap into and benefit from while equipping your company to counter the threats or challenges you might face.
Then looking into your internal environment’s Strengths and Weaknesses, you can establish a strategy that highlights your strengths, making you stand out from your competitors. Knowing your weaknesses lets you minimize the risk by managing them.
A SWOT analysis is an essential tool that leaders utilize to position their companies better and successfully compete in the market.
Related: 7 Secrets on Implementing Strategy
5. Long-term objectives
Since your vision may seem like a long shot, creating long-term objectives spanning from three to five, even 10n years on the horizon, makes it clearer, more realistic, and obtainable.
It can be stated as – to increase profits, expand your operations, or strengthen your position in your business location. These should be specific in regards to both time and size of the objective.
Interpreting long-term objectives as milestones tied with your vision and mission statements guides your operations through a prolonged perspective.
6. Short-term goals
Your long-term ambition must be further expounded into short-term goals. These goals translate into three months and annual targets to be simple and more attainable. By setting your annual targets into SMART goals – Simple, Measurable, Attainable, Realistic, and Time-Bound, your long-term objective becomes closer.
SMART goals also encourage transparency and alignment, showing how they were created and will be fulfilled in the organization.
7. Action plans
Also known as initiatives or activities, action plans detail how you accomplish short-term goals. The particulars depend on your targets’ complexity and the flexibility you’re granting your team members.
The bottom line is that your team must clearly understand your strategic plan through the initiatives lined up to fulfill your goals. Though getting too detailed limits the freedom of your members, a clear and specific strategic plan promotes transparency and accountability regarding what needs to be done, the timelines, and the team members responsible for it.
Crafting a strategic plan should not be considered ‘the end.’ Instead, it is just the beginning of something extraordinary for your company, and you should ensure your ideas are well-executed through regular review, performing adjustments when necessary.
A strategic plan can drive your business to the exciting and innovative venture you strive for when properly implemented.
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Authentic Leadership: 6 Myths That Hold Leaders Back – Waking Giants
What is authentic leadership?
It would seem that we need a label for everything, this being one of the silliest if you ask me. In simple terms, authentic leadership is about actually giving a crap about your team, the people that help YOU achieve YOUR goals.
Well maybe there a bit more to it than that, let me explain…
While we think leadership comes in the simplest form of looking after a group of people working towards a common goal, it does get a little trickier as it is deeply connected to your ability to assess yourself.
I don’t know about you, but I think I am an awesome and authentic leader 24/7! Um, not true, in fact, that is the opposite of authentic leadership.
By uttering those very words, you miss the key ingredients of what will truly make you a great leader; awareness, humility, dropping the ego and the ability to serve.
Oh, and that BIG ONE, vulnerability. Yup, getting it all out there and sharing your soul. Maybe not all of it, no one wants to get to know you that much.
In my experience, the biggest challenge for leaders in all forms and styles is their inability to separate the concepts of weakness and vulnerability.
When we break them down, they are both inherently human traits, after all, leaders are human too… aren’t they?
To be so self-aware that you are prepared to identify and understand your weaknesses is the biggest step in moving towards being a vulnerable and potentially great leader.
Leadership myths that hold us back:
- I am not allowed to show weakness
- I must have all the answers
- I can’t be a leader I am not good with people
- I am important
- I am already a good leader
- I need to be fearless…
What a load of rubbish. I’ll tell you why and we can get to the bones of the authentic leadership style.
1. I am not allowed to show weakness
My first question would be why? Are you perfect, do you people think you are perfect… even your family don’t think that you are perfect so let’s get over ourselves and move on.
Our ability as humans to punish ourselves is extraordinary. We let the imposter complex that many leaders have and stop us from stepping into the leadership role fully.
None of us was born with any knowledge or expertise. Leadership is a path of continued learning from the day you step up into the role to the day you decide you no longer what to positively influence another person.
Yup the job is never-ending and once you think you have cracked it you will be delivered a lesson that challenges you to your very core.
To focus on your strengths and identify your weaknesses is important, but the next decision is critical. What to do about it.
You have two options; one is to educate yourself and plug that gap, the other is to find someone better than you at your weakness, so you don’t spend any time on it at all.
This leads me into the next myth…
2. I must have all the answers
Let’s not beat around the bush here. YOU ARE WRONG.
I don’t want to break your fragile ego but let’s be serious. Even Google doesn’t know everything.
There has never been a great leader that knew everything they needed to create the outcome they desired. Why do you think that some of the most successful people to grace the planet had a group of trusted advisors?
Your job as a leader is to create an environment where you enable your team to create the answers alongside you and for you.
One thing that many leaders have is a full complement of decisions they need to be making daily and to make them all with all angles considered is just not possible.
The ability to create a team around you that trusts you and you trust gives you the ability not to need all of the answers.
Richard Branson claims that one of his greatest skills is identifying people that are better than him to run his 400 plus companies.
His role as a leader in the Virgin Group is to constantly be pushing what is possible and then finding those that agree and want to be part of the solution.
3. I can’t be a leader I’m not good with people
Your job as an authentic leader is not to be this warm fuzzy caricature of yourself. It is to create a vision that people want to be part of.
Steve Jobs was well-known for being a tyrant and incredibly hard to work with and for, but he is arguably one of the greatest commercial leaders of all time.
His unwavering passion for design and perfection drove people mad. But look what it achieved, one of the most innovative and valuable brands in modern times.
I‘m sure not everyone liked him or even respected him, but he was an authentic leader with a vision so strong, he was prepared to throw all the rules out of the window and create a new set for Apple.
4. I am important
Well kind of. Sometimes. Remember you may be the one leading, it doesn’t mean you are MORE important, it means you have a different set of responsibilities compared to others.
Also, being a leader, you are responsible for seeing round corners, into the future, knowing the unknown and loving every minute of it.
What is important is how you use your position to influence others, because power corrupts. As an authentic leader, you should be driven by the vision of doing something bigger than yourself, serving others no matter what, to live your life in service.
Yes, you are important, but so are those around you and it’s down to you to decide how you want to use that influence, for impact or ego.
5. I am already a good leader
Maybe you are. But can you become better? A key characteristic of any GREAT leader is their ability to develop resilience through their actions.
You see authentic leaders don’t expect their teams to do anything they wouldn’t be comfortable or capable of doing themselves. Not in a technical sense, but more practically.
If you expect your team to self-educate, then so should you, not only in your craft but as a leader. Yes get stuck into formal learning, but leadership is done on the job, with people taking action.
The more you step into the fold you more you learn. Your awareness in every situation will, over time, enable you to develop critical leadership skills that compound and in turn make you a better leader both now and in the future.
Here’s a simple exercise; when you do your staff reviews and catch-ups, ask them what YOU can do better.
Simple huh? As a leader, our job is not just to appraise others and provide feedback so they can grow. But for them to be able to tell us where we need to improve.
If you have that open dialogue with every direct report and everyone you interact within the organisation, you can build deeper trust and connection… but only if you act upon the information provided. (Guess what, some of it you might not like!)
6. I need to be fearless
Here we go again. You and your ego. If you were fearless then how are your team going to trust you won’t do something dumb?
Rather than being fearless, how about having a growth mindset rather than a fixed mindset?
Simply put, you accept that there will be both opportunities and threats, but equally you accept they CAN be overcome with the right thinking, collaboration and action.
Yes take risks, but ensure you know how big they are, the impact they might have and what that means to all involved.
Brené Brown talks about the future belonging to the brave.
Being brave means stepping outside your comfort zone and leading your team through the unknown, being fearless means you don’t consider the consequences of your actions.
While the myths can be dispelled they can also be rationalised against the way we often lead, through our ego and our perception of power.
Authentic leadership is a gift that allows you to share the journey with your team, your clients and anyone else that you influence in your role.
It also enables you to be a single version of yourself, never switching hats between your executive colleagues, your shareholders, your staff or your family.
You become aware that there is only one version of you and that you create that best self, based on your values and your mission in your personal life and in business.
The real magic of in being an authentic leader is the ability to be human and to treat others as you would want to be treated.
It doesn’t mean you won’t get it wrong as you are using all of your human traits in a variety of situations to create a fair and positive outcome for all.
Conclusion
This style of leadership enables you to ignore all the generalised myths that I have outlined above and be yourself, be present and deliver a true experience that can drive your brand, vision and your people forward.
Authentic leadership is not a recipe for being liked, it is the ability to maintain a true version of yourself while leading others through the known and the unknown.
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If you want the advantage of purposeful strategy within your business, get in touch today.