If stagnant growth, uncertainty in global economic policy or the seemingly endless disruptive competitive threats are not keeping business owners, CEOs and executive teams a bit on edge, here is one more MONUMENTAL shift that executives must master. Building Future Leaders. More specifically, building future leaders that can think strategically and execute with precision.
Much has been written about the millennial generation and their “unique” needs. The dilemma many current C-Suite members face is how to best groom these up and comers for future executive roles. When running a small or mid-sized business, these challenges are further compounded because most employees are already wearing multiple hats and being stretched very thin.
Booz and Company offers a handful of simple but powerful questions executives can ask their high potential talent.
- What business (or businesses) is the company in?
- How can the company add value to that business?
- Who are the target customers being served?
- What is the specific value proposition being offered?
- What are the top five capabilities that make the company better than anyone else offering similar products or services?
After each individual answers the questions in writing, the CEO or business owners may hold an open forum conversation and allow each person to articulate their point of view. Encourage each group member to offer constructive feedback and alternative thoughts. Most important, the Owner / CEO facilitator should NOT chime in with their personal perspectives but rather facilitate an open flow of information sharing.
One significant benefit from the process is next generation leaders can grapple with key business questions and refine their critical thinking around important strategic issues. By including members from varying cross functions, the conversation can become even more circumspect.
The ultimate next step is for the CEO to challenge each member to create a strategic “pet project.” The project selected should be focused on a current business challenge that requires thoughtful planning and execution. Allowing the future leader to develop a plan of action, create a request for funding or personnel support and developing a strong deliverable tied to a well defined due date, is a powerful way to engage, enroll and empower individuals.
Not only will future leaders learn through “real-play” they will hone their strategic thinking, leadership and execution abilities.
If you are a business owner or C-Suite executive and are ready for some objective insights into building a stronger organization, call or email to determine if your company qualifies for a complimentary live Executive Brief aptly named:
Boom, Bust, Boom – 7 Steps to Building a Booming Business
Business Development is Everyone’s Business
The Art and Science of Values Based Influence
Wednesday April 12, 2017
7:30 a.m. – 9:00 a.m.
Millennials in the Workforce
Hiring, Training and Motivating Our Future
Private CEO and Business Owner Event
Tuesday April 25, 2017
7:30 a.m. – 9:00 a.m.
Helping Build Amazing Organizations
Core focus areas include:
Executive Advisory, Alignment and Accountability