There are three main areas of focus: vision, priorities and alignment. It is critical to articulate a clear vision - how do we add value based on what key competences? Some leaders fail to be clear enough or fail to update the vision based on changes in their industry and in the world.

Change efforts happen when a firm is out of alignment with achieving its vision. If the organization has broad buy-in on a clear vision, the need for change becomes much clearer. It also helps to over-communicate what you're doing and why you're doing it. Lastly, the leadership needs to spend as much time on "how" changes are being made and "what" changes are being made. Human beings are involved and there are winners and losers.

One reason leaders don't delegate is they haven't been sufficiently clear with the team regarding their vision and key priorities - so that the team understands where the firm is going. If everyone is on the same page, it's a lot easier to delegate effectively.

Managing risk is very different from managing strategy. Risk management focuses on the negative-threats and failures rather than opportunities and successes.

Consistent alignment of capabilities and internal processes with the customer value proposition is the core of any strategy execution.

The better strategy is to focus on strengths and surround yourself with people who can complement your skills. However, you have to first do the analysis.

There are multiple ways to solve a problem and add value. There are seldom right answers. So, you've got to use your abilities to diagnose a situation and use your best judgment on what to do and how to do it. You WILL make mistakes - when you do, admit them and go back and try to fix them. I don't know is often the right answer.