Growth in revenues, depth of bench strength, knowledge, expertise, locations, brands, and profits are all signs of life. If the organization is not growing in some way, competition will better you. As a leader, it is essential to understand succession strategies as it pertains to growth so you can reach your desired objective. Owners who know succession planning is not just about estate and exit planning, are already scaling towards their vision.
Anything, we as humans define “worth doing,” is generally motivated with a purpose or fulfillment of a need or want. How we choose to invest our time, focus our career, and spend money are driven by some sort of motivation, which can be drilled down into one question “WHY.”
For example, you chose to be a business owner for a particular reason.
Ask yourself: “Why did you choose to own your own business?”
Once you have identified your why you have become a multi-unit franchisee business owner, why do you want to grow? Asking these questions will ensure efficient strategies for achieving your vision. In addition, your why acts as your compass to qualify and quantify if an opportunity or strategy best fits your unique environment.
Now ask: “Why do you want to grow?”
Make sure to question your why every couple of years since your experiences and motivations can change as your responsibilities and life change. Here are three additional succession planning elements that will impact you and your organization as it transitions through growth.
Growing Is Multifaceted
If not prepared, growth can stretch and organization thin. In the article Duplication: Key to Creating Your Growth Playbook, Aicha Bascaro lays out key processes and procedures essential to successfully keeping all the plates spinning. And as always, building a talented team is critical for organizational growth.
Talent Bench Is Essential for Scale
Building a talented team, you can trust will help you get one step closer to fulfilling your why. Set out a strategy to identify growth milestones that will trigger when to invest in further recruitment and development of talent so not to stretch your team to thin.
Achieving Your Why
In order to grow, you must transition from where you are today and achieve where you want to be in the future. Growth planning, also known as succession planning, is vital to fulfilling your why. Succession planning increases the value and success of your business. The earlier you build strategies toward your why, the less likely you’ll be vulnerable to market swings, franchisor issues, capitalization, and more. Keep in mind that during any transition there will always be challenges such as increased debt unknown territory, new employees, and significant distractions from your core business.
Contact Us and we can help you with insights, and 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.