There are a variety of elements to help protect your business from the unknown. The first and probably most important lies in your people. Ensuring you have the right key leaders and managers who can step in and up in times of crisis is critical. It is important to know that your business as you know it today is a snapshot in time. Think of a frame in a motion picture. You might be running the entire show now and believe or perhaps not trust you have people in place to do your job. This is the first sign of failure when the unknown hits. Having the right team in place and trusting they can be trained to do the job required. Embrace that they may not do the job the way you would do it but trust they will get the job done.
Thank you to Michael Einbinder, a Partner with Einbinder & Dunn, and our very own succession planner, Loyd Rawls for sharing your expert insight.
As you listen to this episode, you will walk away with key takeaways and will realize you will want more. Click to visit the “Burning Question” topic page to easily access the additional episodes in the series.
Do you have a burning question you want to discuss with an expert? Submit your question via the Ask An Expert form!
Tune into more burning questions by subscribing to our blog on the right side of the page. You will receive updates when new episodes are live that will address:
- Adjusting to the new normal for industries that rely on customer interactions
- Messaging for business owners/leaders to share with their people in times of crisis
- Navigating the path when some family want to work in the business & others pursue other careers
- Addressing uncomfortable subjects that are more difficult during the crisis as opposed to normal times
- Strategies for helping a son and daughter to learn how to work together
- Navigating business transitions when the next-gen is not interested in the family business
- Proactive strategies to position the business for the “unknown”
- Communication tactics ease employee’s anxiety and worry
- Managing emotions of others and self in times of stress
- Strategies to increase sales to cover costs and create more points of revenue
The only constant one can plan for is change. Strategic planning positions the business to address the probable, possible, and potential contingencies impacting business success.
Click the following link for more drill down resources on Strategic Planning
Sign up for our monthly e-newsletter to stay informed on how to overcome related succession planning issues.
We can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.