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There is no one-size-fits-all leadership style that works for everyone. Finding a successful leadership approach takes time and often involves trial and error, as CEOs learn from their experience and their peers' best practices and mistakes. At Vistage, we have a front-row seat to how CEOs of small and midsize businesses dedicate themselves to improving their leadership on an ongoing basis, driven by a spirit of selflessness, curiosity and humility. I believe these small and midsize business leaders make the world run. As they work each day to become better leaders, they in turn strengthen their companies, families and communities.
After having the opportunity to learn from so many of these leaders throughout my career, I've seen there are many different ways to be an effective leader. The key? Find what's true for you. For new CEOs trying to develop their leadership style — or seasoned ones just trying to hone it — the following are some tried-and-true strategies I've seen from these small and midsize business CEOs, as well as common pitfalls to avoid:
Related: There Are 6 Types of Great Leaders — Which One Do You Fall Into?
Leadership best practices
The world's best leaders focus on authenticity and humility:
They strive to improve — not just for themselves, but for the greater good of their employees and company. When leadership principles are based upon a CEO's true beliefs, they are accountable to those values. It leads to consistency in the way leaders show up to work each day and conduct meetings, rippling throughout the company culture.
Great leaders define success:
They pursue big goals that galvanize the team and ensure the team is making progress against the goals together. When they fall short, they rally the team to get right back up and stay connected to the mission, vision and purpose. A big part of measuring success is determining whether the company attracts and retains employees who are connected to the mission and feel a real sense of joy and purpose in their work. Employee retention and satisfaction are key indicators of a leader's effectiveness.
Great leadership is rooted in collaboration, trust and transparent communication:
Trusting the team means leaders respect that everyone deserves to be treated fairly and recognized for their unique contributions. This philosophy is rooted in a foundational belief that each employee is open to learning, willing to work hard and committed to the company's success. As a result, great leaders listen to their team, gaining insights from employees who are closest to the action and can offer real feedback about what is and is not working. They have a pulse on the day-to-day challenges their employees are facing and opportunities worth tapping into.
Related: 5 Habits Shared by the Most Successful Leaders
Leadership pitfalls
Command and control leadership does not work:
When leaders think they have to know all the answers, they don't seek out new feedback or ideas. They isolate themselves during the decision-making process, believing it is their job to hold the key to every decision the organization makes. New CEOs often start with this authoritarian approach; and time and time again, it fails. Employees become unsatisfied because they are not engaged in finding solutions. Over time, seasoned leaders discover the best solutions come as a result of seeking out diverse perspectives.
Hiding the bad news helps no one:
Eternal optimism sounds like a good thing, but it can become negative when leaders share only good news, painting a rosy picture that doesn't enable their team to engage with the real challenges the business faces. Leaders may do this because they fear their team will lose motivation in the face of difficult business conditions. They often see themselves as the only person capable of handling the tough facts. However, great leaders know they can partner with their team to overcome difficult challenges. When leaders are honest with their employees, it creates a culture where everyone rolls up their sleeves and works together to find a solution. The team is locked in and going into battle together.
There are no shortcuts to great leadership:
One way leaders take shortcuts is by focusing only on the strategy and ignoring the day-to-day operations. While focusing on strategy is essential, great leaders also have a pulse on what's actually happening with customers and employees. Leaders can trust their team while still verifying that the work is being held to a high standard.
On the flip side, spoke and hub leaders assign tasks without first giving their team the overarching strategy:
When CEOs attempt to control all the details, it leads to frustration from leaders and their teams. Leaders can't scale with this approach. If they aren't clear about direction, it sets their entire team up to fail. Great leaders communicate the strategy, frequently. As leaders learn to delegate and articulate the vision, employees have the autonomy to pull strategy through.
Related: 5 Leadership Mistakes That Can Break Your Company
Most leaders have stories about mistakes they learned from early on in their leadership journeys, and even the best leaders can revert to poor leadership habits they know aren't effective when they're under intense stress. The good news is we can all always improve. The world's best CEOs continuously seek opportunities for growth and evolution. Leadership is a lifelong journey, and leadership styles are meant to adapt over time, as leaders do.
