There is no one-size-fits-all leadership style that works for everyone. Finding a successful one leadership approach it takes time and often involves trial and error, as CEOs learn from their own experience and from the best practices and mistakes of their peers. At Vistage, we have a front-row seat to how small and medium-sized business CEOs commit to continually improving their leadership, fueled by a spirit of selflessness, curiosity and humility. I believe these small and medium business leaders make the world go round. As they work every day to become better leaders, they in turn strengthen their companies, families and communities.

Having had the opportunity to learn from so many of these leaders throughout my career, I have seen that there are many different ways to be an effective leader. The key? Find what is true for you. For new CEOs trying to develop their own leadership style — or those with experience just trying to improve it — below are some tried-and-true strategies I've seen from these SMB CEOs, as well as common pitfalls to avoid:

Related: There are 6 types of great leaders – which one do you fall into?

Best leadership practices

The best leaders in the world focus on authenticity and humility:

They strive to improve—not just for themselves, but for the greater good of their employees and their company. When leadership principles are based on a CEO's true beliefs, they are accountable those values. It leads to consistency in the way executives show up to work every day and hold meetings, rippling through the entire company culture.

Great leaders define success:

They pursue big goals that drive the team and ensure the team makes progress against the goals together. When they fail, they rally the team to bounce back and stay connected to the mission, vision and purpose. A large part of measuring success is determining whether the company attracts and retains the right employees related to the mission AND feel a real sense of joy and purpose in their work. Employee retention and satisfaction are key indicators of a leader's effectiveness.

Great leadership is rooted in collaboration, trust and transparent communication:

Trusting the team means leaders respect that everyone deserves to be treated fairly and recognized for their unique contributions. This philosophy is rooted in the fundamental belief that every employee is open to learning, willing to work hard, and committed to the company's success. As a result, great leaders listen to their teamgaining insight from employees who are closer to the action and can provide real feedback on what is and isn't working. They have a pulse on the daily challenges their employees face and the opportunities worth seizing.

Related: 5 habits shared by the most successful leaders

Pitfalls of leadership

Command and control leadership does not work:

When leaders think they need to know all of them answers, they don't ask for feedback or new ideas. They isolate themselves during the decision-making process, believing that it is their job to hold the key to every decision the organization makes. New CEOs often start with this authoritarian approach; and occasionally, he fails. Employees become dissatisfied because they are not engaged in finding solutions. Over time, experienced leaders discover that the best solutions come as a result of seeking different perspectives.

Hiding bad news helps no one:

Eternal optimism sounds like a good thing, but it can turn negative when leaders only share good news, painting a rosy picture that prevents their team from engaging with the real challenges facing the business. Leaders may do this because they fear their team will lose motivation in the face of tough business conditions. They often see themselves as the only person capable of handling the hard facts. However, great leaders know they can collaborate with their team to overcome difficult challenges. When leaders are honest with their employeesit creates a culture where everyone rolls up their sleeves and works together to find a solution. The team is locked in and goes into battle together.

There are no shortcuts to great leadership:

One way leaders take shortcuts is by focusing only on strategy and ignoring it daily operations. While a focus on strategy is essential, great leaders also have a pulse on what's really happening with customers and employees. Leaders can trust their team while still verifying that work is being held to a high standard.

On the other hand, speakers and center managers assign tasks without first giving their team the main strategy:

When CEOs try to control all the details, it leads to frustration from leaders and their teams. Leaders cannot scale with this approach. If they are not clear on direction, it sets their entire team up for failure. Great leaders communicate strategy often. As leaders learn to delegate and articulate the vision, employees have the autonomy to implement the strategy.

Related: 5 Leadership Mistakes That Can Ruin Your Company

Most leaders have stories of mistakes they learned early on in their leadership journeys, and even the best leaders can fall back on them. poor leadership habits they know they are not effective when under intense stress. The good news is that we can all always improve. The world's best CEOs are constantly looking for opportunities for growth and evolution. Leadership is a lifelong journey, and leadership styles are meant to adapt over time, as leaders do.