Leadership is a critical aspect of any organization, and the difference between a good leader and a great leader can profoundly impact the success of a team or company. While good and great leaders possess certain qualities that enable them to lead effectively, there are significant differences between them. Good leaders can manage people and tasks efficiently. They have a clear understanding of the goals and objectives of the credit union. They are skilled in delegating tasks and responsibilities. Good leaders communicate effectively and provide guidance and support to their team members when needed. They are reliable, consistent and lead by example, inspiring their team to follow in their footsteps. Good leaders focus on achieving short-term goals and maintaining stability within the credit union. On the other hand, great leaders are not content with simply managing tasks and people. They possess a unique vision for the future of their credit union. They can inspire and motivate their team members to achieve that vision. Great leaders can see beyond the current reality and identify opportunities for growth and development. They are comfortable with taking risks and are fearless in making bold decisions that may not be popular at LEADERSHIP DOWNLOAD GOOD ENOUGH ISN’T ENOUGH: THE DIFFERENCES BETWEEN GOOD AND GREAT LEADERS By John Spence the time but are necessary for the credit union’s long-term success. Great leaders can create a sense of purpose and meaning for their team members, helping them to understand how their work fits into the larger picture. They foster an environment of innovation and creativity, encouraging their team members to explore new ideas and take calculated risks. They make it safe to fail when trying new things. Great leaders are excellent communicators and can articulate their vision and values clearly and effectively to their team members, customers and stakeholders. Another significant difference between good and great leaders is their approach to leadership. Good leaders tend to be transactional, focusing on rewards and punishment to motivate their team members. They rely on rules and procedures to maintain order and discipline. In contrast, great leaders are transformational. They focus on creating a sense of purpose and meaning for their team members, inspiring them to work towards a shared vision. They lead by example and develop a culture of trust, respect and collaboration. They see themselves as servant leaders and focus on supporting their people and helping them achieve personal and professional success. Finally, great leaders are not afraid to challenge the status quo. They are constantly seeking new and innovative ways to improve the credit union. They are willing to question traditional practices and beliefs. Excellent leaders are open to feedback and are eager to learn from their mistakes. They possess a high AQ—adaptability quotient—and they can adapt to changing circumstances, not being afraid to pivot their strategy when the market demands it. “Great leaders are not content with simply managing tasks and people. They possess a unique vision for the future of their credit union. They can inspire and motivate their team members to achieve that vision. Great leaders can see beyond the current reality and identify opportunities for growth and development.” 38 THE NAFCU JOURNAL July–August 2023
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