How much conviction would your people say you have about the business’ strategy?
At a recent CEO Forum, I asked one of the CEOs to stand up and share their One Phrase Strategy with the group. This is a simple statement that sums up where their business is heading over the next three years.
He stood in front of his peers and confidently said, “We will be the best mid-tier commercial property agency in [region x] and the employer of choice.” It was clear and hit the key points. I then asked a few follow-up questions to help him expand on it. Questions like: “What new systems will you have in place? How will margins and other key financial measures improve? What new lines of business will you pursue? How many new equity partners will you bring on? What difference will you make to the community? What kind of talent will you attract?” He answered each one, but I noticed his energy dropped. His clarity and confidence faded.
No criticism here. This CEO stepped up without knowing what he was in for and did a solid job. But it did highlight a lesson I want to share.
One of the CEO’s most important jobs, alongside your leadership team, is to create and communicate the business strategy. You need to get the message across so everyone knows where the business is headed, what part they play, and what it means for them. And you need to do it in a way that excites and motivates your people.
Once you’ve shared it, keep sharing it, again and again and again!
Here are some tips to keep in mind when you communicate your strategy:
Tips for CEOs:
Keep your audience in mind. They want to hear that:
The business is stable and secure
There is a plan for the future
Growth opportunities are being chased
New ideas and new ventures are on the horizon
Their roles are secure, and their future looks good
Think carefully about the core parts of your strategy. It’s fine to have a big long-term goal (we use Jim Collins' acronym BHAG), and a solid mid-term target, often known as a 3HAG (3-year highly ACHIEVABLE goal). But people can tell if it’s just a gut feel without real backing. You need to change that! You don't need to dot every "i" and cross every "t", but your people want to know you've thought into the details and the various permutations.
Be confident in your strategy. People want to see energy and belief. Energy looks different for everyone, so be yourself and speak in your own way. People spot when you’re not being genuine.
These are just a few key tips to help you get the most out of your strategy and connect your team to it. Give them a go. They work. If you want to run this past us, we'd love to hear how you plan to communicate it.
Grow well
Adam