A successful family business is possible with clear boundaries and well defined systems and structure. Formalize and document your processes and hold family and non-family staff to the same expectations.
Leaders Articles
Plan Well Before Adding Second Branch
Branching out and opening a second franchise or storefront presents exciting opportunities and requires specific considerations to be successful. Before that grand opening, take on board business consultant Larry Mandelberg’s experience and advice.
Experienced Board Gives You A Leg Up
The two things that set any business apart from another similar business are staff and input from advisers. A board makes your organization accountable to an external group of knowledgeable businesspeople and will drive you to make better business decisions.
Prepare Today For Future Economic Recovery
Want to grow your business in the current economy? The first step is evaluating how your customers are spending differently right now.
Seek Input To Avoid Bad Decisions
As a manager or business owner, your ability to encourage information sharing is critical to avoid bad decisions. Contributing to bad decision making is a lack of knowledge and experience. Recognize that you have limitations and embrace input.
It Is Time To Update Your Strategic Plan
Business strategy creates purpose, instills the sense of need, provides direction and focus, and clearly helps you know what’s important.
Ideas Need Room To Run, With Others
Collaboration requires different roles in executing strategies. Understanding your team will allow you to best pair them for creativity, problem solving, and carry through. There are terrific resources out there to help managers gauge employee profiles.
Advice For New Leaders: Be Patient
Good leadership is situational, a moving target that defies formula. Gauge your environment, be flexible, and listen to your employees to develop trust.
Stakeholders Can Be The Key To Success
If you are a leader in your business making plans for the coming year, part of your job is to identify all the direct and indirect stakeholders whose lives you impact, and who impact your business.
Good business plan serves as a road map of company’s goals
In general terms, a good business plan is a “must read” for all people involved with the company.The three most common audiences are your banker, your investors, and your staff — the people charged with executing it.
Balancing Responsibility and Authority – Key To Success
You should always assume your level of authority is out of balance with new work responsibilities, be it a situation encountered in a new position or a new project.
If Success Causes Trouble, Nurture New Leadership
Encountering business success for the first time? Reassessing processes and procedures due to higher volume is critical. You must also cultivate leaders.