In business, it’s not enough to have a leader. It’s necessary to support and align that leader (or set of leaders) with the company’s overall vision for maximum success. That means developing a strong leadership strategy and putting the pieces in place to implement, monitor, and maintain it over time.
If your business is in a position to scale growth and you don’t have a leadership strategy in place yet – it’s time to get serious about getting one. Start here with our ultimate guide to incorporating a leadership strategy into your current company or new business launch.
What Is Leadership Strategy?
At its core, a leadership strategy is a map that aligns a company’s investment in developing its leadership with its strategies, overall goals, and vision of the business. It outlines what types of leaders are necessary for the success and growth of the business. In addition, a leadership strategy will address the number of leaders it may need, what type of skills they should have, and how they should operate to support its desired outcomes.
The leadership strategy will also outline and organize whether internal systems, like onboarding or talent management, support the goals of the business and the current culture it is seeking to create.
How To Develop A Leadership Strategy In Business?
A well-defined leadership strategy can help align your leaders’ efforts with your business goals, foster a positive organizational culture, and drive overall success. In general, here are a few steps that help develop leadership strategies successfully.
- If you have one, review your current leadership structure for strengths and weaknesses.
- Establish or re-define your business’ goals and values, which will help drive your leadership strategy.
- Identify the skills necessary to support your business’ and leadership strategy’s overall success.
- Develop leadership development programs that work on targeting these desired competencies over time.
- Design systems and processes that regularly monitor performance and collect feedback.
- Prioritizing succession planning for long term success.
What Are Key Strategic Leadership Actions To Implement?
To be a good leader, you must be strategic with your actions. Since leadership strategies don’t come naturally to everyone, here are a few of the most common actions that can be taken to support the growth of businesses and leaders, too.
- Goal Setting: Setting goals and monitoring the progress of reaching these goals, is crucial for a company’s and leaders’ overall success.
- Strategic Planning: In addition to a leadership strategy, every business should conduct strategic planning, for how it will achieve its goals in a specific period of time. The plan should consider internal skills, competition, and market trends, and be routinely reviewed and revised.
- Resource Allocation: Allocating your resources (such as money and employees!) efficiently is crucial to supporting your strategic goals, as a leader.
- Risk Management: Last but not least, as a leader, it’s key to anticipate potential risks to a company’s goals and strategies and develop plans to mitigate these, or ensure contingency if risks occur.
Do You Need A Strategic Leadership Style?
Individually, having a strategic leadership style can make your leadership strategy that much easier to implement. When you have your own style, you’ll feel more comfortable taking the lead and inspiring others, which can help boost the overall success of the strategy.
What Are Strategic Leadership Styles?
If you need help developing your own strategic leadership style, here are three of the most common that produce positive results to consider:
- Transformational – Transformational leaders are future and forward thinking leaders who inspire and motivate teams, by supporting innovation and creativity.
- Collaborative – Collaborative leaders are team focused, and promote inclusivity in making decisions, and open communication among employees.
- Transactional – Transactional leaders are all business, and focus most on structure, processes, and performance, and may use incentives to motivate achieving goals.
Leadership Strategy – The Final Word
Now that you know what a leadership strategy is, the benefits of having one, how to develop one, and varying strategic leadership styles – it’s time to put this knowledge to good use. Put together an action plan for developing and implementing a leadership strategy that best aligns with your business’ mission, and begin partnering with those who support it best.
Need help from someone who’s been in your shoes before? Put together a leadership strategy designed for success from the start – to avoid wasting time and money on the initiative altogether. Meet Bill Smith, the owner of Double Iron Consulting and third-generation leader of his family’s coffee roasting business, who’s putting his experience and expertise to good use for fellow entrepreneurs and business leaders.
Schedule a complimentary consultation with Bill now and get started on implementing your leadership strategy and styles.