Hersey and Blanchard's Situational Leadership Theory is a model that suggests there is no single best way to lead. Instead, effective leadership depends on the situation and the readiness level of the followers. The theory identifies four leadership styles: directing, coaching, supporting, and delegating, which leaders can adapt based on their team's needs. The model emphasizes the importance of assessing the competence and commitment of team members. By understanding where followers stand in terms of their skills and motivation, leaders can choose the most appropriate style to guide them, ultimately enhancing team performance and development.