Read the extract below answer all questions that follow.

In this new book, what to ask the person in the mirror, Kaplan (Robert Steven Kaplan) argues against the notion that great leadership is about having all the answers..."My objectives is to help leaders reach their potential by helping them realize that they don't need to have all the answers or do this alone".... A leader needs to master the use of inquiry and reflection as well as advocacy in order to build his or her organization and career."

Have you developed a clear vision and key priorities for your enterprise?

"When I see a problem with a business or non-profit, it often starts with a lack of clarity about the organization's aspirations, Kaplan says. The leader may have a clear vision in his or her head but has not communicated it effectively throughout the organization. "When there is not a clearly articulated vision along with a manageable set of key priorities, you may see an organization where employees are expending their energies in a number of divergent and uncoordinated directions"

Leaders need to ask whether they articulate a clear vision and, just as importantly, whether their key employees can rearticulate this vision in a consistent manner. For instance, Di Pont's vision is " to be the world's most dynamic science company, creating sustainable solution essential to a better, safer, and healthier life for people everywhere. "This vision helps DuPont employees better understand what (and why) they are spending their professional energies trying to accomplish.

Once the vision is established, Kaplan advises leaders to come up with and communicate a list of no more than three to five priorities that are critical to the organization in order to achieve the vision. In this book, Kaplan describes various approaches to formulating and adapting these priorities to each department and geographic region in order to better achieve overall organization objectives. " When a leadership has this discipline, the focus much more intently on what tasks they need to do superbly well in order to achieve their goals. This also can help them to question certain activities where they are spending substantial time and money yet not contributing to organizational goals and maybe they shouldn't be pursuing

Does the way you spend your time match your key priorities?

Many CEOs tell Kaplan that they dont have time to figure out their vision and priorities they're working hour weeks! In his book, Kaplan discusses techniques for matching available hours with key priorities, so executives can learn to do much more effective work and better manage their time.

He recommends that executives track their time for a couple of weeks and then analyse how it is being spent. If substantial time allocations do not match top priorities, he discusses how these tasks should be either delegated or eliminated.

"When someone asks you to spend time on work that doesn't match your key priorities, the right action is probably to say no," Kaplan says. "Once you have a better matching of your time with priorities, youll want to encourage your direct reports to do the same."

Do you coach and also solicit feedback from your key subordinates?

Most good leaders understand they need to coach key employees, but fewer realize the importance of asking subordinates for coaching. The more senior you are in a company; the fewer senior executives and peers are able to effectively observe and coach you. Kaplan gives advice on several techniques that leaders can use to solicit from their direct reports.

"Ironically, the executives most in need of feedback in many organizations are very senior," he says. "They may have become isolated or not realize that their reports have constructive advice regarding specific changes they need to make to improve their leadership effectiveness."

The book describes various approaches for giving and receiving feedback. In particular, it offers techniques that should be implemented in advance of the year-end review, which typically arrives too late professionals to make changes that would improve their compensation and/or promotion prospects in that year.

When senior leaders ultimately do cultivate junior coaches, they find that the criticism can feel " devastating at first because you realize it is accurate and that it is accurate and that its is probably a widespread view within the organization. You have to thank the junior coach, and then go out and work on what they've told you." Not sure the assessment is accurate? Call a few close friends or loved ones and see what they think. Most likely, Kaplan says, they'll agree with your subordinates.

"Leadership is a team game, "he says. "You have to solicit help from others or you're likely to under-achieve your potential."

Do you have a succession-planning in place?

Kaplan stresses the importance of developing potential successors for key position in your company - including your own and creating a confidential list. "Many great companies do this but surprising number don't, " he says.

Senior leaders should leverage this depth chart information about up and comers by delegating to them more extensively. this also allows senior leaders more time to achieve a better match between their own time and key priorities. Leaders who fail to train successors risk not only doing too much themselves but also losing these valuable employees, who can become frustrated that they aren't being challenged to build their skills and careers at the company.

If you had to design your company today with a clean sheet of paper, what would you change?

The world doesn't stand still and it's natural for companies to fall out alignment with achievement of key objectives. Too often, leaders don't realize how off track they are until serious damage has been done to the business or the firm's reputation. Kaplan likens the situation to realizing your heath is at risk only after you're stricken with a heart attack.

He describes various approaches for reviewing your organization with a clean sheet of paper. For example, one approach involves creating a task force of younger emerging comping leaders. "Emerging leaders, organized and mandated properly, can give you fabulous strategic recommendations, "he says. " Looking to up and comers is not only quite effective in getting great strategic advice but also in motivating these future leaders."

Do you act as a role model?

Leaders don't always realize that their actions set an example for the people who work for them, especially if they have risen through the ranks of company so quickly that they fail to realize their influence as role models. Kaplan learned this from personal experience during his tenure at the Goldman Sachs Group, where he worked in several capacities eventually serving as vice chairman before leaving the firm in 2005. " I went from being a junior person to running business in what seemed in what seemed like a nanosecond," he says. " And suddenly more people were watching what i did, and i had to adjust my actions because I wasn't quite ready for that." In his book, he discusses various approaches that leaders should take in order connect their behaviours with the messages they want to be sending.

Adapted from source:https://hbs.edu/item/looking-in-the-mirror-questions-every-leader-must-ask

Question 5

5.1 Discuss the transaction processing cycle.

5.2 Identify and explain the common bases for departmentalisation.