by Brent Filson

CEOs are the change masters of business. To lead effectively, they must have a vision – and they must motivate people to achieve that vision. That means communicating.

Your chance to deliver a speech is like being confronted with a high-voltage cable lying exposed at your feet. If you pick it up the wrong way, you’ll get a serious shock. But if you know how to handle it properly, if you plug it in, it can boost both your business and your career.

'I’ll pay more for a man’s ability to speak than for any other quality he might possess,' said legendary industrialist Charles Schwab.

Thomas A Murphy, a former chairman of General Motors, admitted to nervousness so intense before every speech that he was almost physically sick. Yet he accepted invitations to speak more than once a week. He knew that giving speeches enabled him to extend and strengthen his influence. To overcome fright, go on and attack and seize the moment. Deliver a speech that exceeds your audience’s expectations. It’s not enough to know your business – you must communicate your business.

Clark A. Johnson, CEO of Pier 1 Imports, says, 'Starting at the bottom as a lumber salesman, I watched how successful executives dressed and behaved. I saw that there was a strong correlation between their ability to express ideas and to get ahead.' Communicating with precision, clarity and power is the leader’s most important job.

Be Yourself, Know Yourself. 'Any individual who is giving speeches has to be clear about his beliefs,' says Hibernia Corporation’s CEO, Martin C. Miler. 'If you have that sense of clarity – then you can move on to technique.' On a technical level, knowing yourself means using a tape recorder and cultivating the critics. Feedback is crucial. Says Goodyear’s Robert Mercer: 'It’s vital to have a critic that you can trust and believe in. Otherwise, you can’t improve.' Mercer has three and tries to make sure at least one attends any speech he delivers.

Know Your Audience. To understand your audience’s needs, find out beforehand what the audience mix is, what it expects from you, and what the topic for the day is. Just before you speak, mill about and talk to people. Assess their level of sophistication on the subject.