You and your family have spent many years successfully building a thriving and prosperous business. However, as the years go by, you are concerned about how you can make sure the generations to follow will be prepared and able to continue to grow the business. Below we identify three ways in which you can create a thriving business today for the next generation.
3 Ways to Help Future Business Thrive
- Have a clear vision. Where do you see your company in ten years? How about twenty, even fifty years? Having a clear vision of your expectations for the future is vital to keeping your company aligned with your end goal. Start by making a mission statement. If you already have one, make sure the values and goals are clearly defined, stating the objectives and expectations of all employees, family members and other related individuals. Doing so will provide the next generation of leaders with a clear guideline for what is expected and from whom.
- Modernize. Oftentimes we find ourselves getting into a routine, not allowing for much change to occur over the years. We are used to doing it our way. If you want to continue to grow and be successful, that mindset needs updated. The way people do business is constantly changing and evolving, and we must continue to progress, too. Today’s “Millennovators” –Millennials + innovators--as they are referred to--are bringing forth a new-found passion and creativity which can sometimes cause friction between different generations of employees. Talk to your senior level employees about being open-minded to change, and set up a system of structure and guidelines for the baby boomers. You want to cause as little rift as possible between the two.
- Create a transition plan. What would happen to the company if you suddenly became ill and could no longer handle the everyday tasks of owning a business? Who would take over for you? No one wants their business to fail due to uncontrollable circumstances; therefore, it is necessary to develop both a backup and transitional plan. Whether the plan takes place tomorrow or ten years from now, figure out who will take on key roles when you are no longer with the company and clearly define their responsibilities. Make sure the plan is clear, concise and understood by all. And always, try not to nag the younger generation as you transition out, but instead offer them helpful experience and knowledge so they can continue your success!
The transition of leadership between generations is not always an easy one, but with careful planning and thought you can successfully pass the torch for many generations to come. Be proactive and start planning before it is too late; the future of your company relies on you!
Do you have further questions on how to align your sales and marketing? Give us a call at 419.629.0080 and we would be happy to help!
