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Business Planning 101
SELLING YOU ON YOUR BUSINESS! You’ve probably heard it said that a business plan is a selling document. While it is very true that your business plan will be an invaluable aid to you in selling your business to others, you may not have considered...
Making the Most of Your Year
Do you find yourself amazed at how quickly the months pass? Do you find yourself in a small panic over all you know you have to do and how little you feel you are actually accomplishing? Join the crowd! We live in a busy world where our time,...
Ten ways to Sharpen your Business Edge
When running a small business it is very important to lay out a plan of where your business is, what would you like to bring to the world through your business, where you want to take it and plan the best way to get there. This can be a formal...
Thoughtleading: The Art of Separating Yourself from the Pack
Lately the age-old business dilemma of how to stand out from the crowd has been haunting companies and professional service firms more than ever before. All too many firms nowadays look too much alike, with marketing strategies seemingly unable...
Tips to maximize the sale of your business
Question: How can I maximize the amount of cash I receive when I
sell my business? Answer: Acquire every last after tax dollar
and get paid in cash. Also, follow three critical steps before
proceeding:
1. Preplan the sale of your business....
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Plan for Business Success - 6 Reasons to Succession Plan
There are many valuable reasons to plan for the future - not least because it reduces the inexperience when people leave the business or organisation - yet there are other reasons too.
Succession Planning provides many valuable assets to your business. Yet it is easy to do, with a game plan. Here are some reasons why the business leader will find it a useful issue to put some focus on.
- Personal Development
A manager starts to learn new skills. Far from the chaotic living from day to day, this is a new level, where the challenges really are evolutionary, for their employees and themselves. A chance to take the time to develop a strategic sense for the business or organisation. Unheard of in the past, now becomes a real possibility.
- Plan
One new skill is of planning ahead, further than the next days headcount. It helps to set a different perspective on their skills. To move them from survival mode to developmental and evolutionary. Leadership as well as managing.
- Relaxation
One of the truest tests of a manager, whether be they in a large, medium or small business, is how it works when the ‘boss’ isn’t there. Many bosses hold so much, so close to them, that crises loom when they are away on vacation or off sick. A developed team, together with ‘bubbling-unders’, is a strong team, capable of coping on their own. So the boss can take a break and be refreshed for the new challenges to come.
- Joy
In an organisation where there are clear, focused plans for the future, supported key people and developing new
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employees, the mood is different. In fact, the engagement of their people is so good that the manager presides over a lot of fun, joy and happiness. That is a remarkably thrilling experience at the top of an organisation or team.
- Input
With much more discussion going on in an open and honest framework, employees begin to talk much more. They begin to see that they can help and create an impact. For managers this can be a bit challenging – but they learn to trust and seek the help and support from their people too. That is massively more creative in say, problem-solving that going alone. Better, easier solutions are found.
- Team Building
Because each of the key players is involved in the process, they start to share their skills and knowledge. Partly because it evolves them as mini-managers, and partly because it is good to share. This a great group of people, working together to deliver excellent results brings a team ethic like never before. The team, of which the manager is of course a part, becomes the business.
So what are you waiting for - there are Succession Planning resources out there, which are many times the value of their cost.
About the Author
Martin Haworth is a Business and Management Coach. He works worldwide with business owners and corporate leaders. He is the author of the Succession Planning Toolkit. Checkout the complimentary 7-day E-course! (Note to editors. Feel free to use this article with a live link if possible).
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