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Inspired Leadership: Insight From Women Leading Business into a Brighter Economy

Educational Seminar

“From a leadership perspective, CEOs are guided by the desire to be positive standard bearers for their firms…They are well aware that all eyes are on them and their attitude, and work to energize their staff with a positive vision while being frank about the conditions the firm faces.”

2008 Top Woman-Led Businesses in Massachusetts Research Project

 

In light of today’s economy, the term “leadership” is on all of our minds.  While we tend to focus on more tangible business issues, it is absolutely critical to ensure that we each develop our own leadership style and mentor future leaders.  The Commonwealth Institute, in collaboration with Foley Hoag, was pleased to present a panel discussion featuring CEOs from our Top 100 Woman-Led Businesses in Massachusetts list.  Anne Bailey Berman of Chadwick Martin Bailey, Trish Karter of Dancing Deer Baking Company, and Kathy Sherbrooke of Circles all joined Barbara Hamelburg of Foley Hoag to discuss the following issues:

 

• How does one create a positive vision while being frank and realistic about the challenges of the organization?
• What is the difference between leadership and management?
• What is the value of mentoring?
• How does the organization’s culture and management dictate how to navigate a company during these turbulent times?

 

Being the “standard bearer” for your organization

There is a constant challenge, for business owners and executives, to be both frank and the cheerleader during difficult times.  However, there are ways in which to do both.  It is important to say specifically where the company stands but to also mention the hope for the future.  Tell each employee exactly what they can do to contribute to the team; maintaining credibility by being direct will go a long way with employees and customers.  Focusing on what your company does well and sticking to the goals and mission of your product is effective.  Celebrating each success, despite how big, can make all the difference to anxious employees.  Unfortunately, layoffs are an inevitable part of recessions and are often a last resort, but to prove your skills as a strong leader, you need to be open and honest with laid-off employees and should serve as a resource to help that individual land on his or her feet again.  Consider helping them network and making introductions.

 

Leadership vs. Management

We define leadership as determining a vision for company and strategies to realize the vision; management as determining the best ways to reach the company goals.  For these business leaders, knowing your competencies and incompetencies, while difficult, is essential.  Realizing that nobody is great at everything and hiring people to help manage certain areas of the company can make all the difference.  Certainly, there are examples of business owners who can do both well.  One panelist looked at leadership as the ability to muster resources and pull things out of your team.  Consolidate, articulate, decisiveness – all are traits of a strong leader.  The management piece is more about the safety nets that are in place.

 

Value of Mentoring

These CEOs all agreed that while there are no formal mentoring programs in place, their companies all strongly believe in personal growth and creating learning environments.  Encouraging your employees to learn various skills and trades provides for a rich experience and allows people to figure out what they want to do within the company.  As a CEO, being personally involved with employee development can create a strong team.

 

Organizational Culture

Culture is extremely important to these CEOs, echoing the findings in the 2008 research report.  These are difficult times we are all facing and being authentic, and sometimes vulnerable, shows that you care about your employees.  In good times and bad times, knowing which people are the “right fit” for the company also lends to a positive culture.

 

Lessons Learned from Previous Economic Slumps

1. Separate how you are experiencing today’s issues as an individual and as a business owner.
2. Remind yourself that we all survive this recession.
3. See this as an opportunity to be creative and resourceful.
4. Communicate relentlessly. 
5. Be direct with clients.
6. Take this time to learn how to make your company more efficient; a strategy that is often overlooked in good times.
7. Be out there and proactive.
8. “Eschew the superficial, elevate the sublime.”