What are the critical differences between leaders and managers, and why is it important for you as a leader in your business to understand each?

The words can be used interchangeably, but there are subtle differences that are important to note, according to this article in Becker's Hospital Review.

How do CEOs do this effectively? There are several fundamental leadership competencies at play.

First, CEOs must be "capstone careerists" constantly seeking professional development, according to Mr. Chastain. At the same time, his or her personal values and goals must align with those of the organization.

Second, CEOs need strategic minds. They must appreciate how the organization's functions influence one another instead of treating each as discrete silos.

Third, senior executives must be expert communicators. Indeed, 91 percent of employees say communication issues can lower an executive's standing, according to an online Interact/Harris Poll of roughly 1,000 U.S. workers. CEOs must be ready to communicate more often and deeply than they did in managerial roles, according to Mr. Chastain. This includes communication with co-executives, managers, employees, patients, families and even outside business leaders.

Studer Community Institute's ongoing training series can be an important and useful tool to help small business owners, nonprofits and other groups build the skills they need to succeed in cultivating leaders and managers.

Our next session, Performance Coaching with Quint Studer is April 6. Click here for details and to register.

Also check out our May 6 training session with Lynne Cunningham, "Taking Conversations from Difficult to Doable." Details for that session are here.