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10 Questions To Evaluate If Managers Have What It Takes!

“He/She was so good before I moved them. I don’t know what happened.” That is said so often, it is almost unbelievable. The problem isn’t “them.” The problem is that you promoted excellent performers with a specific set of skills into a position that does not require what they are good at doing.

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How Do I select a Successor for My Business?

Very carefully! There is a great deal riding on this decision. Some of you have children actively involved in your business and, thus, naturally feel the above question does not apply to you. For a small minority of you, this may be true. You may indeed be blessed with a passionate, capable and committed successor. However, the vast majority should think again!

Approximately ten years ago, I met John Smith (fictitious name), a successful business owner, who was the proud father of three children. His oldest son, Harry, was active in his business. Unfortunately, Harry was not well respected by managers and employees in the organization. A logical question you may be asking is, why? Good question.

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How to Cut Back Without Crippling Your Organization

Around the proverbial water cooler, I have heard business owners discussing the reduction of expenses and, of course, we always end up on the topic of reduction of staff. During this last period of business expansion, we have steadily been increasing our staff due to increased sales volume, service support and ability to handle all of the administrative paperwork that flies in the wake of success. One of the biggest mistakes a business owner can make is to think about letting go the highest paid, most experienced employees for a less experienced, yet less expensive replacement. If you remember reading “Good to Great,” Collins maintains that it is essential to have the “right people on the bus” that will secure your long-term success. These talented people do the right things, at the right time, because it is the right thing to do, and usually without you having to micro-manage or browbeat them to get it done.

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What is in Succession Planning for Me, Beyond a Distraction and Bills?

What's in Succession Planning for Me?

Some things are more obvious than others. However, occasionally I am asked “why should I do succession planning?” My response is that succession is not a natural progression of an enterprise. You have a right not to care but if you don’t care, your employees, bank, strategic partners, and community who love you are going to resent you.

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Have You Thought Through Your Exit Strategy

In my experience as a succession planner I have encountered several business owners who have expressed a desire to transition their business to either family members or entrepreneurial key managers. Many of them believe they are ready to turn over the reins but all too often they have not considered all of the implications and the vast majority have done very little to facilitate an exit strategy for various reasons.

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