Your Path to Business Success: #1 Gain Clarity by Building a Business Vision

Welcome to the first installment of our 15-week plan for growing your business! This series is all about setting you up for a fantastic 2025. Over the next 15 weeks, we'll tackle different aspects of your business, giving you actionable advice and insights to maximize your success. All you will need as you venture on this path is an open mind, around an hour a week for planning, and your favorite method for capturing ideas. It could be on your computer, phone, or an old-fashioned notebook. Better business performance starts with strategy, and this blog series is designed to help you get from where you are today to where you want to be tomorrow.

Gain Clarity with A Business Vision

Defining Your Business Vision

Think of your business vision as a compass guiding you toward success. It provides direction, motivates your team, and helps you navigate challenges. Here are steps on how to define a clear vision for 2025.

Reflect and Assess:

• Review Past Year Performance: Take some time to analyze your wins, losses, and lessons learned from the past year. What strategies drove success? What areas could use some improvement?

• Evaluate the Current Landscape: Consider the internal and external factors affecting your business. What are your market trends, competitive pressures, and economic conditions?

• Complete a SWOT Analysis: Identify your business's Strengths, Weaknesses, Opportunities, and Threats. This gives you a complete picture of where you stand today.

Define Your Vision:

• Core Purpose: Revisit your company's mission statement. Why does your business exist? What value do you bring to your customers and the world?

• Long-Term Goals: Where do you see your business in 5-10 years? What impact do you want to make in your industry and community?

• 2025 Aspirations: Translate those long-term goals into specific, measurable, achievable, relevant, and time-bound (SMART) goals for 2025.

Pro Tip: Get creative and vividly imagine your ideal business success. Detail everything from your dream clients and unique offerings to the impact your business will have on you, your family and your community. Capture your brand, finances, workspace, and even the lifestyle desires.

Plan to Close the Gap:

• Identify Discrepancies: What's the difference between where you are now and where you want to be by the end of 2025? What needs to change to reach your goals?

• Define Strategic Priorities: Determine 3-5 key priorities to propel your business towards its 2025 vision. These priorities should align with your goals and address your identified gaps.

• Craft Your Business Plan: Start developing a detailed business plan outlining your strategies and actions to achieve your vision and goals.

  
  

Pro Tip: Gather people who understand your business, get a whiteboard, and start writing down all of the possible actions you can take to grow your business. Including multiple stakeholders, capturing their ideas, and then narrowing down on the best ones will help ensure that you minimize blindspots and have a well-rounded vision for the future.

Get Started:

There is power in putting words on paper. Take a moment to write down your vision. Download this file and begin building your 2025 Balanced Scorecard.

5 year plan.pdf (3).pdf

Download PDF • 155KB

Summary:

A clear vision is essential for business success. By reflecting on the past, assessing the present, and setting SMART goals, you create a roadmap for your business's future. Over the next 15 weeks, we will help you craft a vision, convert it into goals, and then convert those goals into actional tactics that you can track monthly, weekly, and daily to ensure you are taking small steps today to achieve big goals tomorrow. 

Stay tuned for the next article in our series, where we'll dive into setting financial goals for 2025!

How to determine your leadership style.

"The best leaders are those who have the self-awareness to know their own strengths and weaknesses and the ability to adapt their leadership style to fit the situation." - Dr. Ronald Heifetz, Harvard University. Leadership is not a one-size-fits-all concept. The most effective leaders know how to adapt their style to fit the situation and the needs of their team. In this blog post, we will discuss nine different leadership styles to help you identify the best approach for your development as a leader.

Styles of Leadership:

1. Management by Wandering Around (MBWA): This style is about being accessible and approachable. Leaders who use this style often spend time interacting with their team members and getting to know them personally.

   1. Benefits: These leaders are often seen as involved and hands-on.

   2. Risks: Being too accessible may reduce self-accountability and undermine hierarchy.https://youtu.be/2UlY0Vykc_Y?si=wwWylTeRDBEVLkHx

   3. Example: The CEO of a small company makes it a point to walk around the office and talk to employees at all levels. She takes an interest in their work and personal lives. Being accessible helps her to build rapport with her employees and create a more positive and productive work environment.

      
      
      
      

2. Lead from the Front: This style best suits highly directive leaders who take personal responsibility for the team's results.

   1. Benefits: These leaders are often seen as directive and engaged.

   2. Risks: Being too present may prevent other leaders from reaching their full potential.

   3. Example: A small business owner who works shoulder to shoulder on the sales floor with employees. He models customer service and encourages excellence in their actions.

      
      
      
      

3. Lead from the Back: This style allows your team to develop plans, make mistakes, and learn from their experiences.

   1. Benefits: These leaders are often seen as empowering.

   2. Risks: The organization must communicate effectively to ensure alignment between vision and execution. 

   3. Example: A manager of research scientists who allows her team to experiment and learn from experience. She provides them with the needed resources but does not micromanage them, allowing the team to be creative and innovative.

      
      
      
      
      
      

4. Situational Leader: This style involves adapting your approach to fit the situation and your team's needs.

   1. Benefits: Leaders who use this style are flexible and responsive to their employees' capabilities and motivation.

   2. Risks: This approach relies on the leader accurately accessing employees' needs, capabilities, and motivation.

   3. Example: A marketing manager who is very directive with interns but delegates tasks to experienced employees once they are aligned on key responsibilities and deliverables.

      
      
      
      

5. Command and Control: This style is best suited for situations where strict adherence to rules and procedures is critical.

   1. Benefits: Leaders who use this style can often drive consistent results.

   2. Risks: An organization may become limited by the leader's knowledge, skills, and personality.

   3. Example: The Front of House manager of a high-end restaurant who sets precise expectations around customer experience and does not accept variations in how customer service is provided.

      
      
      
      

6. Collectivist: This style emphasizes group decision-making and shared accountability.

   1. Benefits: Leaders who use this style can tap into the knowledge, wisdom, and skills of those they work with. 

   2. Risks: Gaining consensus among multiple stakeholders can be slow, and groupthink does not always lead to the best decisions.

   3. Example: A non-profit executive with a board of volunteers who relies on consensus building to determine organizational goals and objectives.  

      
      

7. Transformational Leadership: This style inspires and motivates followers to achieve extraordinary results by helping employees find self-actualization through their work.

   1. Benefits: Leaders who use this style are often seen as visionary and charismatic.

   2. Risks: The organization can become dependent on the leader, stagnating independent thinking.

   3. Example: A regional director who takes over an underperforming territory and compels employees to find personal fulfillment in exceeding customer expectations.

8. Servant Leadership: This style prioritizes the needs of followers and empowers them to achieve their full potential.

   1. Benefits: Leaders who use this style are often seen as supportive and compassionate.

   2. Risks: Prioritizing who's needs should come first when stakeholders have competing needs. 

   3. Example: A Vice President of Franchising who meets one-on-one with direct and indirect reports to understand their obstacles and organizational bottlenecks and then uses that information to prioritize organizational solutions that make it easier for employees to do their jobs.

      
      
      
      

9. Authentic Leadership: This style involves leading with integrity and genuineness.

   1. Benefits: Leaders who use this style are often seen as trustworthy and credible.

   2. Risks: Values-based leadership can potentially alienate some stakeholders in the short term and puts a lot of pressure on the leader to be consistent. 

   3. Example: A Salon owner who is grounded in her strengths and values and allows them to be her guide for interacting with employees, setting policies, and leading the organization.

   
   
   
   

Choosing the Right Style

The best leadership style for you will depend on several factors, including your personality, team dynamics, organizational culture, and the maturity of your organization. It is essential to experiment with different styles to find the one that works best for you.

Here are some questions to consider when choosing a leadership style:

• What are your strengths and weaknesses?

• What are the needs of your team?

• What is the organizational culture?

• What are your goals for your team?

Developing Your Leadership Style

Once you have identified the leadership style you want to develop, you can improve your skills in several ways.

• Read books and articles about leadership.

• Attend leadership workshops and seminars.

• Shadow or mentor other leaders.

• Get feedback from your team and your peers.

• Work with an Executive Coach

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By developing your leadership style, you can become a more effective leader and achieve your team's goals. Remember, leadership is a skill. You can hone it over time through intentional practice.

Thank you for reading this blog

Dorian Cunion is an Executive Coach and Business Consultant with Your Path Coaching and Consulting. He is a former retail executive with over 20 years of experience in the retail industry. He is a Co-Active coach who focuses on helping professionals and small business owners overcome insecurities, knowledge gaps, and lack of direction. He does this by assisting clients to tap into their values, recognize their strengths, and develop actionable strategies for growth.

Have you been trying to improve your career or business on your own but are not seeing success as fast as you desire?

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Is DIY Leadership Development Holding You Back? The Benefits of Executive Coaching

Leaders are constantly bombarded with information and advice on how to improve. The resources available for personal and professional development seem endless, from self-help books and podcasts to webinars and online courses. While these tools can be valuable for learning new skills and gaining insights, they often fall short when it comes to achieving meaningful, lasting change.

The truth is that even the most driven and capable individuals can hit a plateau where self-improvement efforts seem to stall. This is where coaching can make a significant difference.

How Does Executive Coaching Amplify Leadership Development?

Access to knowledge and learning opportunities is no longer the primary obstacle for high-achieving individuals. Tic Toc, YouTube, LinkedIn, and the local bookstore are overloaded with self-help resources telling you how to get a job, earn a promotion, start a business, or be a better leader. The real challenge lies in translating that knowledge into action, setting clear priorities, and maintaining focus amidst competing demands.

If learning alone were the key to prosperity and success, no one would need coaches, managers, or consultants. People could attend college, read books, watch videos, and achieve their goals. The table stakes for success are higher. To be successful, you need to understand what you are uniquely talented and interested in doing and dedicate time to it in a consistent and persistent manner.  

How Can Coaching Accelerate Growth?

Working with a skilled coach can help business leaders overcome these obstacles and achieve their full potential. A coach acts as a trusted partner, providing guidance, support, and encouragement as you self-discover and self-improve.

Here are some practical ways that coaching can facilitate growth:

• Defining what's important: A coach helps you identify your core values, strengths, and priorities, enabling you to make more intentional choices and focus on what truly matters.

• Improve Time Management: With a coach's help, you can create a clear roadmap for achieving your goals, break down complex tasks into manageable steps, and avoid overwhelm.

• Committing to action: A coach holds you accountable for taking action and making progress, ensuring that your plans don't remain mere intentions.

• Learning from experience: A coach helps you gain insights from your successes and setbacks through regular reflection and feedback, accelerating your learning and development.

Why Coaching Works?

The effectiveness of coaching lies in its unique combination of personalized attention, goal-oriented focus, and collaborative approach.

• Personalized Plan: Unlike generic self-help resources, coaching is tailored to your specific needs, challenges, and aspirations.

• Goal-orientated: A coach helps you stay laser-focused on your desired outcomes, avoiding distractions and staying on track.

• Collaborative: You are the expert on yourself, and your coach is the expert on what you have hired them for. The magic happens when you combine the two.

• Commitment and focus: Investing in coaching demonstrates a commitment to your own growth and development, increasing your motivation and focus.

How to Choose the Right Coach?

The coaching industry is vast and unregulated, so it is important to choose a coach who is a good fit for you and your goals.

Consider the following factors when selecting a coach:

• Problem definition: Clearly define the problem you're looking to solve or the goal you want to achieve.

• Tangible and intangible goals: Identify both tangible goals (e.g., promotion, raise, starting a business) and intangible goals (e.g., improved confidence, communication, personal accountability).

• Coach's experience: Research coaches who have experience helping people achieve similar goals.

• Coaching approach: Explore different styles and approaches to find one that resonates with you.

Summary

High-performing individuals understand the value of coaching. Working with a skilled coach can unlock your full potential, overcome limiting beliefs, and achieve your most ambitious goals.

Remember, even the most successful leaders benefit from a trusted partner guiding and support them on their journey. If you're ready to take your leadership to the next level, consider investing in a coach who can help you accelerate your growth and achieve lasting success.

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Thank you for reading this blog; share it with a friend.

As an executive coach, I assist business owners, executives, and middle managers in clarifying their professional goals, developing skills, and growing their capabilities so they can reach their full potential.

Whether you want to lead more effectively, acquire a new role, or earn a promotion, I am here to help you accelerate your growth and achieve more.

Let's develop your leadership plan.

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