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We find ourselves in a time that is demanding a transformation in our approach to business success. Certainly, we are in the midst of one of the most challenging economic times since the Great Depression. Yet, even before the crisis we were already fully engaged in a fast-paced, global-technical business environment that is filled with emerging opportunities yet fraught with growing uncertainties. The speed of change, global competition, the war on terror, climate change and an unsettling economy add up to one of the most challenging times for organizations aiming to grow and evolve. Many business people I speak to realize we are in a process of a massive transformation in how we generate business success and that this transformation must be lead by those in the executive ranks. Therefore the case for robust executive development programs has never been stronger because the demand for true leadership has never been stronger.
Again, before I discuss a suggested approach to executive development it is important to remind ourselves of the foundational purpose of leadership – which is to create. The primary tools for a leader’s creative endeavor is:
* A fundamental focus on serving their clients and/or the market place.
* A clear and compelling vision whose foundation is based on the organization’s core business.
* A high performing culture that is disciplined and guided by a core set of values.
* A buzz about the organization that attracts the best in class in talent and resources.
* Alignment around strategies and actions that most forward the vision and key priorities as well as the fundamental needs of key stakeholders.
No one can really argue with those outcomes and yet the current business climate has undermined the emphasis on executive development – at a time when we need it the most! As during other downturns, many organizations have pulled back on their executive development programs as a way to save the bottom line.
Yet, in this case it we may truly be cutting our nose off despite our face. Years of unbridled growth, record profits and a strong stock market have masked the fundamental lack of leadership in Corporate America. Now that we see that – it is more important than ever to do something about it!
Clearly, if you organization is fighting for its survival, cutting back is understood. Also, if you have had an executive development program that is not respected or valued – it may be clear why it is on the chopping block. Yet, if you are still positioned well in the eyes of the market place and simply being more conservative with your spending – there is a way to intensify your efforts to develop more effective leadership in your executive ranks and to do so in a way that brings great returns.
This article is aimed at supporting those in the C-suite and senior ranks to consider ways to maintain an investment in executive development while at the same time ensuring that the investment has a positive impact on the business and maximizes the return on investment (ROI). While it has been shown that the investment in Executive Development services can have a tremendous return on investment (ROI) – the level of that return will depend on your needs and the firm you chose to fulfill those needs.
Step I – Defining Your Return on Investment
The first question you need to ask yourself when considering your investment in executive development is: What is the return on investment I am most hoping to gain from an executive development program?
This should be pretty easy to answer. Ask yourself given where our business is at right now – what are the central success measures that will allow us to move towards my vision for the organization?
* Growth
* Increased market share
* Enhanced profitability
* Improved execution
* Stronger alignment with my people
* Stronger leadership competencies
* Other measure?
After you have selected your key measures, you want to create a specific outcome (e.g. 20% growth, double our profitability, improve our customer satisfaction, etc.) as well as declare a time frame in which you want to accomplish this. Once you are done with this process you know what you are aiming for.
Step II – Assessing Your Existing Leadership Culture and Envisioning It’s Future
The next question is: Given the results we are seeking and the ROI we are expecting from developing our executives – what kind of leadership culture is required to succeed over the long term? In other words, what leadership competencies are most necessary to take your organization from where it is today towards your vision and what is the current state of your leadership culture?
There are many ways you or the firm you hire can help you to define this. One of the most powerful and cutting edge tools for assessing a leadership culture is The Leadership Circle’s – Leadership Culture Survey. This is a low cost – high impact tool that allows you to quickly determine the gaps in your leadership culture. Such a tool also provides the foundation for measuring the impact of your executive development methodology because it allows you to come back later to take a snap shot of executive development trends as well as the current state of gaps in your leadership.
With this assessment in hand you can determine both the vision you have for leadership as well as the strategy to deploy to quickly close the gaps that will inevitably be found.
David Utts is the owner of Executive Development and specializes in CEO Coaching
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This week we have Howard Morgan, managing partner, First Round Capital. For more information, show notes, and an upcoming schedule, go to www.thisweekin.com.
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Employing his eccentric charisma, Hitler used his antics to tutor Business Strategy to students of tutorial group, T08 during Semester One (Jan-Jun) 2012 in Unisim (SIM University). In this classic video, you will learn the basic principles of Business Strategy – Internal and External Analysis. You will also learn about Core Competencies, BCG Matrix, PESTL, Porter Five Forces and Key Success Factors in a humorous and self-deprecating manner in this Downfall (Der Untergang) parody.
Fort Myers, Florida (PRWEB) November 11, 2011
The Fort Myers Regional Partnership received an Excellence in Economic Development Award from the International Economic Development Council for the Together for Business Integrated Marketing Campaign in the category of Paid Ad Campaign for communities with populations of more than 500,000.
The honor was presented at an awards ceremony in September during the IEDC Annual Conference in Charlotte, North Carolina.
“We recognize the Fort Myers Regional Partnership for providing successful strategies to promote new standards in economic development in this period of global recovery, said Dennis Coleman, IEDC chair. Our awards honor organizations and individuals for their efforts in creating positive change in communities. They are showing that they are at the forefront of the economic development profession and are using innovative and effective practices that can be replicated in other communities.”
The Excellence in Economic Awards Program annually recognizes the worlds best economic development programs and partnerships, marketing materials, and the years most influential leaders. The program honors organizations and individuals in 28 categories for their efforts in creating positive change in urban, suburban, and rural communities.
The mission of the integrated marketing campaign launched by the Fort Myers Regional Partnership was to leverage existing relationships within the community and the region to identify potential business candidates for expansion or location to Lee County. To accomplish this, the Fort Myers Regional Partnership implemented an aggressive and integrated fusion of both traditional and new-age marketing approaches for economic development.
Together for business has become our rallying cry throughout all elements of the campaign and was strategically implemented in advertising, marketing and promotional messages to engage all business leaders, residents, and industry partners, stated Jennifer Berg, marketing and communications director of the Fort Myers Regional Partnership.
Through the support and benefits of the public-private partnership with The Horizon Council to provide strategic direction, active involvement, and financial support of these integrated marketing efforts, the Partnership has effectively saturated the market with this message, thus increasing its effectiveness.
We are well underway to take our integrated marketing and communications plan to the next level in 2012 with creative and dynamic strategies from website presence, advertising, social media, and public relations to partnerships and online exposure reaching targeted audiences in and out of the market to make Lee County more vibrant and a better place for all of us, continued Berg.
The Fort Myers Regional Partnership, Lee Countys Economic Development Office, is driven by its long-term, forward-thinking mission to expand and diversify the local economy.
About the International Economic Development Council
The International Economic Development Council (IEDC) is the premier membership organization dedicated to helping economic development professionals create high-quality jobs, develop vibrant communities and improve the quality of life in their regions. Serving more than 4,500 members, IEDC represents the largest network of economic development professionals in the world. IEDC provides a diverse range of services, including conferences, certification, professional development, publications, research, advisory services and legislative tracking.
About Fort Myers Regional Partnership
The Fort Myers Regional Partnership works to attract new and diversified businesses resulting in high-wage, high-skilled jobs; retains and encourages the expansion of existing businesses and improves the overall business environment. Lee County is a thriving business community with a highly regarded airport, significant corporate development and ample real estate opportunities. The area is attracting, retaining and growing high-value businesses with a unique blend of an outstanding business climate and superior quality of life. The county is home to five vibrant cities–Fort Myers, Bonita Springs, Cape Coral, Fort Myers Beach, and Sanibel–and is the heart of Southwest Florida.
The Partnership continues to promote and build the region through ongoing efforts from its proactive team of domestic and international recruiters, research staff and community liaisons, as well as through its partnerships with the Horizon Foundation, the Horizon Council and the Lee County Industrial Development Authority.
Since 1996, 5,546 new jobs and $ 1,065,570,586 in economic impact have been committed to as a direct result of key local incentive programs; Lee County Job Opportunity Program and the First Incentives for Recruiting Strategic Targets as well as State of Florida incentives and the State Closing Fund.
In addition to the core website, http://www.FortMyersRegionalPartnership.com, Fort Myers Regional Partnership can also be found on these popular social networking sites:
Editors Notes:
Unique story angles, resources and trend data are available in the online Media Center at http://www.FortMyersRegionalPartnership.com/AboutUs/MediaCenter
For executive interviews, success stories and additional media relations services, please contact Jennifer Berg, Fort Myers Regional Partnership, via phone at 239.338.3161 or email at JBerg(at)leegov(dot)com.
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