As we approach the end of 2009, now is a good time to consider your business strategy and practices for the coming year. Is the status quo “good enough” for you or do you want something more? Something better?

One pitfall that many business owners have is the inability to distunguish between good leadership and good management. On the surface, these two characteristics may sound nearly synonymous. While they may be related, they are distinctly different from one another.

Good leadership is when you are able to set the right goals and objectives for your business. It is determining the best direction to take for both the short and long term success of your company. It is knowing exactly what is most important. Leadership is conceptual.

On the other hand, good management is knowing how to fulfill the objectives outlined with good leadership. Management is knowing how to plan and how to get the job done in the best fashion possible.

As you can see, good leadership without good management goes nowhere and good management without good leadership is counterproductive too. You need to have both.