Chief executive officers (CEOs) are exceptional leaders and visionaries with a knack for organizational growth and people management. While CEOs are exceptionally talented, they don’t always have the time, resources, or energy to put into themselves. Oftentimes they get caught up in their day-to-day responsibilities and fail to explore their long-term trajectories. Creating a personal development plan (PDP) is an excellent way for CEOs to prioritize their success.
In this article, we’ll cover the benefits of creating a personal development plan in addition to tips and tricks for creating a thoughtful PDP that caters specifically to your unique needs.
- What is a personal development plan?
- Why should a CEO use a personal development plan?
- How to create a personal development plan
What is a personal development plan?
A personal development plan (PDP) or an individual development plan (IDP) is a structured framework often used by professionals to become aware of their strong suits and pitfalls, identify and develop their skills, and determine gaps that must be filled for them to succeed. This plan is often accompanied by a statement of one’s aspirations, strengths or competencies, education and training, and steps that need to be taken to achieve future aspirations. CEOs who create personal development plans will create an action plan based on awareness, values, self-reflection, and goal setting as it pertains to self-improvement or career development.
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Why should a CEO use a personal development plan?
- Turns your vision into a reality
- Fosters clarity
- Encourages work-life balance
- Identifies strengths and weaknesses
- Boosts motivation
- Improves time management
- Reduces stress
1Turns your vision into a reality
As the age-old saying goes, “A goal without a plan is just a wish.” This means that without actionable steps, your goal is simply wishful thinking. To see your goal through to fruition, you need to create a game plan with actionable steps that help you get there—only then is your goal obtainable. Creating a PDP will help you get clear on your goals so you can create an actionable plan that helps you achieve them.
Many people know what they want but don’t know how to get there, which is why clarity is so important. Gaining clarity will help you gain a 360-degree perspective of what you want and how to get there. When you achieve clarity, you’ll be able to envision your aspirations and you’ll begin to create a path that helps you see them through to fruition. Creating a PDP will help you create the space you need to get clear on your future.
3Encourages work-life balance
Work-life balance has become a thing of the past. Gone are the days of heading to the office and leaving your work behind at 5:00 p.m. For many, a reasonable retirement is also out of sight. With the lines between work life and home life becoming increasingly blurred and retirement out of reach, work-life balance is more important than ever. As such, more and more CEOs are searching for ways to strike the perfect balance between their personal and professional lives.
Your professional development plan should account for all facets of your life. In addition to including your professional goals, a PDP should also account for the different phases of your life and be able to adapt to changes that may arise. Your framework should give you peace of mind for the duration of your career, no matter what comes up in your personal life.
4Identifies strengths and weaknesses
One of the most underrated skills is being able to identify your strengths and weaknesses and move forward accordingly. Identifying your strengths will allow you to focus on your superpowers and hone in on what you’re good at. Identifying your weaknesses will provide you with opportunities to learn and grow or delegate when necessary. A clear and concise professional development plan will help you identify where you excel in addition to where you fall short.
Nothing is less motivating than having little to no direction. Moving through the motions can be incredibly discouraging, which is why it’s important to find what motivates you and hold onto it. If you know what you want, know how to get there, and have a plan to make it happen, you’ll be motivated to see it through. Having a framework that you can reference when you feel discouraged or confused will help keep you on track and organized. Any time you find yourself needing motivation, you can simply reference your PDP to refocus.
6Improves time management
Being able to effectively manage your time as a CEO is crucial. Chances are your job is all-consuming. If you don’t take the time to prioritize what’s important to you, you’ll find yourself focusing solely on work. Instead of setting yourself up for future success, you’ll simply be going through the motions and doing what it takes to make it through each day. Luckily, a comprehensive personal development plan will help you prioritize both your personal and professional goals.
Nothing is more stressful than having too much on your plate. Having a full plate can often lead to burnout or even hopelessness. Leveraging a personal development plan to get clear on your goals and priorities will help you refocus so you can move forward with conviction. Your PDP will also give you a sense of purpose and reassurance. If you have a plan and actively take steps toward seeing it through, you’ll be able to rest easy knowing you’re doing everything in your power to move closer to your dream.
How to create a personal development plan
- Define clear goals
- Determine the required skills
- Set deadlines
- Prioritize your goals
- Measure your progress
1Define clear goals
The first step to creating a personal development plan is setting your goals. During this step, you’ll take the time to think about what you want to achieve, how long it will take you to achieve your goals, how you’ll measure success, and if the parameters you’ve set for yourself are attainable. Leveraging the SMART goals framework will ensure you’ve set the parameters necessary to succeed. Remember, to align with the SMART framework, your goals must be specific, measurable, attainable, realistic, and timely.
2Determine the required skills
You can’t succeed if you don’t have the required skills. Determining the skills that are necessary for you to succeed will ensure you have the skills, tools, and knowledge necessary to succeed. Skills can range from a professional degree to time management or presentation skills. After you’ve identified which skills you need to succeed, you can leverage the opportunity to upskill or refine an existing skill set. Now is the time to get your hands dirty and do what it takes to upskill or develop transferable skills that future you will thank you for.
Knowing what you want to achieve is one thing, but setting a concrete deadline is another. Many people work better under pressure, which is why it’s important to set a deadline that will drive you to succeed. While your deadline may not be for years to come, it’s important to give yourself a timeline that you can work within to see your goals through to fruition. Doing so will help you remain accountable and on track. Remember, setting realistic, timely goals is essential to achieving them.
4Prioritize your goals
Prioritization is important because it allows you to give your attention to tasks that are important and urgent as opposed to less pressing tasks that can be completed at a later time. While prioritization is important, it can be incredibly difficult for CEOs with many competing priorities. Creating a PDP will help you get clear on where you need to focus your time and energy. Without a plan, you may find yourself focusing on tasks that take you further from your goals as opposed to tasks that help you move closer to success.
5Measure your progress
It’s important to celebrate the wins, no matter how big or small. Recognizing what can go well is an effective way to maintain momentum and boost motivation, and recognizing when you’ve failed to hit a benchmark or meet a deadline poses opportunities to grow or pivot.
With Fellow, you can stay on top of your goals by clearly recording, defining, and tracking the progress of your objectives and key results (OKRs). With Fellow’s Objectives tool, you simply define your cycle, add an objective, specify key results, and use this as a framework to review progress and stay on track.
Are you ready to create your personal development plan?
Creating a personal development plan is the first step toward a prosperous future. Considering this blog post when creating your PDP will ensure you have everything you need to create a plan that helps you realize your goals with confidence.