Strategic Management and Leadership – The Baton Needs to be Passed on to the Right People – Part 1

By: ActionCOACH

Date: 01 / 11 / 2024

Unless top execs come up with innovative and efficient ways to pass the leadership baton to potential leaders, a leadership crisis might soon arise. But what are the steps that need to be taken in order for organizations to have a plan for their future? Continue reading to learn more about leadership development and succession planning.

In the world of business, a scalable and sustainable succession plan is a critical aspect that plays a vital role in its development and success irrespective of its size. Especially for top level positions, succession planning can mean the difference between success and failure. Despite the criticality of the process, organizations seem to lack in the department.

According to a survey conducted by Ernst and Young, “Only 54% of high performers (companies) have a strong pipeline of future leadership talent.”

Most organizations exhibit a very laid-back attitude when it comes to succession planning. Most of the times, they do not think about leadership development until the need arises. As a result, the gap widens between the existing and next generation of leaders. Unless top execs come up with innovative ways to pass the leadership baton to potential leaders and re-design their strategy accordingly, a leadership crisis might soon arise.

The research survey also includes Professor Boris Groysberg’s (professor at the Harvard Business School) remarks. He says, “Organizations are simply not taking any steps that need to be taken to develop the next generation of leaders. They have a brilliant CEO and executive team; however, when you look at the bench – it’s empty most of the time.”

We are going to take this discussion further and talk about strategic management and leadership in the next blog of the series. Don’t forget to catch up!

About ActionCOACH

Brad Sugars founded the brand Action International in 1993 when he realized there was a disconnect between business advice and implementation. The answer was Action! Brad Sugars created a business coaching company so that business owners throughout the world can realize their goals in business. Today the company is known as ActionCOACH. To learn more about business, visit Brad Sugars Review blog!

Reason #1: Different styles and methods of business coaching don't work for everyone

It's important to be honest with yourself and conduct a realistic assessment when it comes to business coaching. Though business coaching can have many benefits, it might not work for everyone.

Every individual brings their own experiences and values to the coaching dynamic, so results will vary. Additionally, some individuals might need more than just a coach. They might also need specialised knowledge or communication strategies specific to their industry or target audience. Below are a few key factors to consider:

Reason #2: There is no clear focus or vision (talk about time dedication here too)

cIt's important to be honest with yourself and conduct a realistic assessment when it comes to business coaching. Though business coaching can have many benefits, it might not work for everyone.

Business coaching is an effective tool for developing a clearer focus and vision for growing your business. A good coach will help you to take a comprehensive look at your strengths, weaknesses, and available resources that can be used to reach those goals. They will also help you draw up action plans with step-by-step instructions to get there.

By providing honest feedback and being patient throughout the process, a business coach can make sure that you’re on the right track. This will enable you to set realistic milestones and tasks.

These tasks may need dedicated time outside of coaching sessions. For example, a coach might help a client develop a marketing strategy or implement new systems for managing employees. However, if the client does not have enough time to devote to these tasks outside of coaching sessions, progress will likely stall.

Both the coach and the client must have enough time available to reflect on past experiences, brainstorm new solutions, and test out different strategies. If either party is rushed or distracted during coaching sessions due to other commitments or obligations, they may struggle to fully engage in this process.

Effective business coaching also requires a commitment to regular meetings and ongoing communication. If either the coach or the client does not have enough time to dedicate to these meetings, progress may be slow or nonexistent.

It's important to recognise that business coaching is an ongoing process that takes time to yield results. While some clients may see improvements after just a few sessions with their coach. Others may need months or even years of consistent effort before they begin seeing real changes in their businesses.

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