#ExecutiveLeadership

[thecioconnect]

Unlocking Innovation: 5 Essential Insights for Your Board’s Thought Leadership

Boards are under more and more pressure these days to steer their companies through turbulent times. Gaining more insight into the broad picture and the methods for achieving it can be a driving, steadying, and propelling force.

There are numerous approaches to teach your board about putting the company in a position for difficult times. Here are five key areas of innovation and thought leadership to concentrate on.

Innovation is crucial regardless of economic cycles or company performance

The board may search for further measures to increase profit margins and overall tighten the belt, particularly during challenging times. While corporate departments such as innovation may be easy targets and considered “overhead” for cost-cutting, this can be a severe mistake since innovation is a strategic investment in the future of the organization. It can also be an integral element of the solution, not the problem, by helping expand revenues and improve profit margins with continual digital enablement and automation. Reducing innovation can also negatively impact employee happiness because many workers are drawn to companies because of their inventive cultures.

Include innovation updates regularly, such as at every other board meeting, to help your board become informed about these topics beforehand. You can also include a comprehensive scorecard or dashboard that outlines innovation’s quarterly contribution to cost savings, revenue growth, and other important areas, like supporting the development of an innovative culture within the company.

Regardless of the state of the economy or the performance of the business, innovation must be viewed as essential. In difficult times, it is necessary to innovate even more actively to change the status quo or even better it.

Conscious leadership can yield measurable returns

It’s common knowledge that thought leadership may help brands command a larger premium in the market in the professional services and technology sectors. According to the Thinkers360 B2B Thought Leadership Outlook Survey, nearly 50% of participants said that thought leadership increased their brand premium by more than 75%.

Because it’s a less frequent practice, boards at smaller firms or in other industries could doubt the ROI and value of thought leadership. Of course, they are aware of marketing, but thought leadership is a lesser-known concept that may be met with suspicion. To combat this, be sure to educate your board on the strategic significance of thought leadership to your brand and how it’s a vital element of your marketing plan.

Make careful to directly link thought leadership to the sales funnel in addition to discussing and sharing non-financial KPIs like marketing funnel data. This can be achieved by linking products, such as downloads of marquee whitepapers, to particular customers and prospects. This will enable you to gauge the impact of your thought leadership content on potential income prospects and audiences of all stripes. You can learn a lot from this data, including how many of your most important clients and prospects are reading your thought leadership articles and when it’s best to publish them with important new agreements.

Long-term strategic initiatives centered on innovation and thought leadership

The most successful firms have a programmatic approach to managing innovation and thought leadership, which helps them create organizational competency over time in both disciplines. While its structure is less crucial because it can be decentralized, centralized, or hybrid, it is imperative to have a well-defined program with at least a mission, goal, strategy, and operating plan. For instance, the US Navy created a Hollywood-produced video that outlined its vision for naval information warfare in 2030 and served as its compass, securing millions of dollars in funding for artificial intelligence.

It’s also crucial to consider the areas of interest and the kinds of innovation and thought leadership you pursue. Have a defined list of innovation enablers, such as data and analytics, automation, adaptability, cloud, digital twins, and AI, in addition to an internal and client-facing focus. However, be flexible and open to adding more as needed. The subjects you intend to cover and your editorial calendar for thought leadership are examples of this. Additionally, pay attention to fresh ideas in thought leadership that can surprise you and help your clients.

Moreover, inform the board of your multi-year innovation journey, as well as your goals and objectives. To establish success and demonstrate your worth early on, you’ll probably concentrate on tactical, fast wins. Later on, though, you’ll probably concentrate on more strategic, disruptive initiatives. By doing this, you can change the ratio of tactical to strategic innovation in your innovation focus, for example, from 80/20 to 60/40, and so on. Engaging in these discussions with the board is an excellent way to start your multi-year journey.

Innovation is similar to governance and portfolio strategy

The board can recognize that innovation can be focused on various areas, including the company’s internal work processes, client-facing products and services, business models, and much more.

Establish strategic objectives, such as a specific percentage of cost reduction through hyper-automation, a rise in revenue per FTE, and a set amount of revenue growth through new business models.

You’ll get a lot more support and interest if you make it directly related to the issues that the board is interested in. Display the organization’s innovation efforts in terms of services and products, as well as data such as refresh rates that are under three years old. Additionally, demonstrate how those products and services are being enhanced by AI and analytics or how they are transitioning from one-time purchases to ongoing income streams. Portfolio innovation is necessary for all of this, and it ought to be a crucial component of portfolio strategy and governance.

Customers demand creativity and intellectual leadership without asking for it

One popular criticism of innovation and thought leadership is that it is pointless to concentrate on or make investments in it if customers aren’t requesting it. Whether or not they specifically request it, they anticipate it from their service providers. You may see requests for proposals where innovation is specifically included and where it isn’t. In any scenario, it’s critical to know what kind of innovation your clients are seeking.

This can be divided into two categories: innovation that falls within the purview of the job and innovation that goes beyond. They either want to see innovation in the way you provide your daily services using people, procedures, and technology, or they want to see innovation in the way you support them as they continuously innovate within their own organizations and gradually introduce new innovations. This is particularly true for long-term engagements or contracts, where you will be required to stay up to date on emerging developments like artificial intelligence (AI) as a strategic partner and either incorporate them into your offerings or inform your client of the possibilities.

Customers want to know that your business is not just an authority in its field but also that it is forward-thinking and constantly devising innovative methods to address issues more quickly. This is known as thought leadership. You may precisely identify the common demands and interests of your customers by segmenting and classifying their free-form responses to your surveys regarding innovation and what they’d like to see.

Teaching your board about thought leadership and innovation highlights its strategic nature and areas of contribution and demonstrates the return on investment it can generate for the company, independent of the state of the economy. It will all depend on how you define, position, and report it.

[afsarazizeabdullaebrahim]

Afsar Ebrahim, Executive Director at Kick Advisory, is a seasoned financial consultant with vast expertise in guiding businesses toward financial growth. His strategic insights help companies optimize financial performance and make sound investment decisions.

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Title: Leader or Boss?

Abstract: This article delves into the subtle yet significant differences between a leader and a boss in the C-suite. It explores the virtues of leadership, emphasizing the 5 P’s of Corporate Bard©: Peace, Prayer, Patience, Prioritize, and Positivity. With engaging anecdotes, practical steps, and a motivational closing, the article aims to inspire executives and aspirants to adopt leadership…

[spiritualsoull1969]

Odin's Insights: Spiritual Leadership in Business

Odin, the chief god in Norse mythology, is renowned for his wisdom, knowledge, and leadership. His quest for understanding and his willingness to sacrifice for greater wisdom make him a profound source of inspiration for modern business leaders. By integrating Odin's insights into corporate leadership, we can foster a leadership style that is deeply rooted in spirituality, ethical integrity, and strategic foresight.

Spirituality in Leadership

Spiritual leadership involves integrating one's inner values, beliefs, and sense of purpose into their professional role. It emphasizes leading with authenticity, compassion, and a commitment to the greater good. Leaders who embrace spirituality are often more empathetic, visionary, and capable of fostering a positive and inspiring corporate culture.

Odin's stories, particularly from the Poetic Edda and the Prose Edda, offer valuable lessons on spiritual leadership. His relentless pursuit of wisdom, often at great personal cost, underscores the importance of knowledge and self-sacrifice in leadership. By channeling Odin's qualities, leaders can develop a more holistic, ethical, and resilient approach to managing their organizations.

Practical Toolkit for Incorporating Odin's Insights in Corporate Leadership

To help corporate leaders integrate Odin's spiritual wisdom into their daily routines, we can create a practical toolkit. This toolkit will consist of actionable steps and practices designed to foster personal and professional growth, drawing inspiration from Odin's virtues.

1. Daily Reflection and Meditation

Purpose: Enhance self-awareness and align actions with core values.

Practice:

Morning Reflection: Begin each day with a few minutes of reflection on personal and professional goals. Consider what virtues (wisdom, sacrifice, foresight) you want to embody today.

Meditation: Spend 10-15 minutes in meditation focusing on a specific theme from Odin's life. For example, meditate on Odin’s sacrifice of his eye for wisdom or his journey to the Well of Mimir. This practice helps internalize these qualities.

Tools: Guided meditation apps, journals for reflection.

2. Weekly Wisdom Sessions

Purpose: Foster continuous learning and wisdom acquisition.

Practice:

Study Sessions: Dedicate one hour each week to study passages from the Eddas that relate to Odin. Reflect on the stories and their underlying moral and spiritual lessons.

Discussion Groups: Form a small group of colleagues to discuss these stories and their relevance to current challenges at work. This encourages collective learning and diverse perspectives.

Tools: Copies of the Prose Edda and Poetic Edda, meeting space, discussion guidelines.

3. Ethical Decision-Making Framework

Purpose: Enhance integrity and ethical behaviour in leadership decisions.

Practice:

Decision-Making Checklist: Develop a checklist inspired by Odin’s virtues. Before making significant decisions, evaluate them against this checklist. Ask questions such as:

Is this decision aligned with the greater good (Odin’s wisdom)?

Does it demonstrate self-sacrifice for a higher purpose (Odin’s sacrifice)?

Is it strategic and well-informed (Odin’s foresight)?

Tools: Customized decision-making checklist templates.

4. Heroic Leadership Challenges

Purpose: Build resilience and adaptability in leaders.

Practice:

Monthly Challenges: Create challenges that mimic the trials faced by Odin. These could be physical (team-building exercises), mental (problem-solving scenarios), or emotional (conflict resolution tasks).

Reflection and Feedback: After completing each challenge, reflect on the experience and gather feedback from peers. Discuss how the challenge mirrored a story from Odin’s life and what was learned.

Tools: Challenge descriptions, feedback forms, team-building resources.

5. Visionary Goal-Setting

Purpose: Inspire and guide long-term vision and strategy.

Practice:

Vision Workshops: Conduct workshops to help leaders articulate their vision for the organization. Use stories from Odin’s quests to inspire thinking about legacy, purpose, and long-term impact.

Goal Alignment: Ensure that individual and team goals are aligned with this overarching vision. Regularly review progress and make adjustments as needed.

Tools: Vision and goal-setting templates, workshop facilitation guides.

6. Mentorship and Legacy Building

Purpose: Foster a culture of mentorship and knowledge sharing.

Practice:

Mentorship Programs: Establish mentorship programs where seasoned leaders (Mentors) can share their wisdom and experiences with newer leaders (Mentees). Encourage mentors to use stories and lessons from Odin’s life in their guidance.

Legacy Projects: Encourage leaders to initiate projects that will have a lasting positive impact on the organization or community, inspired by Odin’s quest for enduring wisdom.

Tools: Mentorship program outlines, project planning templates.

Implementation Strategy

Introduce the Concept: Begin with a series of workshops or seminars to introduce the idea of integrating Odin’s wisdom into corporate leadership. Use storytelling to make the concepts engaging and relatable.

Provide Resources: Distribute copies of the Eddas and related study materials. Provide access to meditation apps and other tools included in the toolkit.

Set Clear Expectations: Communicate the goals and benefits of this initiative. Encourage leaders to commit to the practices and participate in feedback sessions to continuously improve the program.

Measure Impact: Regularly assess the impact of these practices on leadership effectiveness and corporate culture. Use surveys, feedback forms, and performance metrics to evaluate progress.

Foster a Supportive Environment: Create a supportive environment that encourages open discussion and sharing of experiences. Recognize and celebrate leaders who exemplify the virtues from Odin’s life.

Demonstrates Putting It into Action

Odin's insights from the Eddas provide a rich source of wisdom that transcends time, offering practical and spiritual guidance for today's corporate leaders. By reflecting on and integrating the maxims from Odin’s stories, leaders can cultivate a more ethical, resilient, and visionary approach to leadership. This holistic approach to leadership development can drive meaningful change and foster a thriving, purpose-driven corporate culture.

"Odin's Insights: Spiritual Leadership in Business," a fitting poem from the Eddas would be the Hávamál ("Sayings of the High One") from the Poetic Edda. This poem is attributed to Odin and is a collection of proverbs, wisdom, and ethical guidelines that are highly relevant to the themes of spiritual leadership and personal integrity in a corporate context.

Relevant Passages from Hávamál

Wisdom and Knowledge

Stanza 18:

Better to be cautious than to be boastful;

Don't believe in everything you hear.

Each person should be wary,

And only a fool speaks everything he knows.

Explanation: This stanza emphasizes the importance of caution and discretion, which are crucial qualities for a wise leader. It highlights the value of careful consideration and measured speech.

Stanza 54:

Wise and silent let each man be,

and battle mighty in deeds;

No one can a better virtue bring to the fight,

than much sense in his mind.

Explanation: This stanza underscores the virtue of wisdom combined with action, suggesting that true strength in leadership comes from thoughtful deeds rather than boastful words.

Sacrifice for Greater Wisdom

Stanza 138:

I know that I hung on a windy tree

Nine long nights,

Wounded with a spear, dedicated to Odin,

Myself to myself,

On that tree of which no man knows

From where its roots run.

Explanation: This stanza refers to Odin’s sacrifice on Yggdrasil, the World Tree, to gain knowledge of the runes. It exemplifies the concept of self-sacrifice for the sake of greater wisdom and understanding, a powerful lesson for leaders about the importance of investing in personal growth and knowledge.

Ethical Conduct and Leadership

Stanza 76:

Cattle die, kinsmen die,

You yourself will also die;

But the renown of a good reputation never dies,

for it is the best legacy.

Explanation: This stanza highlights the enduring value of a good reputation and ethical conduct, suggesting that the true legacy of a leader is their integrity and the respect they earn from others.

Integrating Hávamál in Corporate Leadership

Using Hávamál, corporate leaders can draw direct parallels between these ancient maxims and modern leadership principles. For example:

Caution and Discretion (Stanza 18): Leaders should carefully consider their words and actions, maintaining a balance between transparency and prudence.

Wisdom and Action (Stanza 54): Effective leadership requires combining thoughtful planning with decisive action, ensuring that strategies are both well-conceived and well-executed.

Self-Sacrifice for Growth (Stanza 138): Personal and professional development often requires sacrifices. Leaders must be willing to invest time and effort into their own growth to better serve their organizations.

Ethical Legacy (Stanza 76): Building a legacy based on ethical behaviour and a good reputation is essential for long-term success and respect in the corporate world.

Practical Toolkit

1. Daily Reflection and Meditation:

Passage: Reflect on Stanza 18 each morning to cultivate caution and discretion in daily interactions.

Practice: Spend 10 minutes meditating on how you can be more thoughtful and prudent in your communications.

2. Weekly Wisdom Sessions:

Passage: Study Stanza 54 and discuss its relevance to combining wisdom with action in leadership roles.

Practice: Discuss real-life scenarios where thoughtful planning led to successful outcomes.

3. Ethical Decision-Making Framework:

Passage: Use Stanza 138 to inspire discussions on the importance of personal sacrifices for professional growth.

Practice: Evaluate major decisions against the wisdom of making short-term sacrifices for long-term benefits.

4. Heroic Leadership Challenges:

Passage: Encourage team-building exercises inspired by the themes of self-sacrifice and gaining knowledge in Stanza 138.

Practice: Create challenges that push leaders to step out of their comfort zones and learn new skills.

5. Visionary Goal-Setting:

Passage: Reflect on Stanza 76 to emphasize the importance of building an ethical and respected legacy.

Practice: Use insights from the stanza to set goals that prioritize integrity and reputation.

6. Mentorship and Legacy Building:

Passage: Share Stanza 76 with mentees to highlight the value of ethical conduct and reputation.

Practice: Encourage mentors to incorporate lessons from Hávamál in their guidance, fostering a legacy of wisdom and ethical leadership.

Implies Applications Beyond the Discussed:

Hávamál provides a wealth of wisdom that is both timeless and highly relevant to modern corporate leadership. By reflecting on and integrating the maxims from Odin’s sayings, leaders can cultivate a more ethical, resilient, and visionary approach to leadership. This holistic approach to leadership development can drive meaningful change and foster a thriving, purpose-driven corporate culture.

[pragatileadershipindia]

The Evolutionary Path of Effective Leadership: A Focus on Leaders of Leaders

[afsarazizeabdullaebrahim]

Afsar Ebrahim, Executive Director at Kick Advisory, is a seasoned financial consultant with a wealth of expertise in corporate strategy and financial growth. His insights empower businesses to achieve sustainable success, making him a trusted advisor in the financial world.

[mycarrerblog]

Interview Question: What is Your Greatest Strength?

[craigbrownphd]

Transitioning from a Software Engineering Role into a Management Role

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