If there is a topic which family businesses like leaving on the back burner, that is succession planning. A research article just published a few days ago explains why. This research article (click HERE to read it) concludes as follows "While the need for succession planning and plan preparation is clearly expressed, no steps are …
Continue reading Succession Planning – The Back Burner Resident
There seems to be a new wave of thinking, that in essence believes that businesses should move away from strategic planning and budgeting, as by doing so they are stifling innovation. I find this thinking to be complete hogwash. Strategic planning and innovation actually move hand in hand. They can help consolidate a company and …
It is invariable true, that the hallmark of any great SME or family business is an overriding culture of empowerment i.e the ability for team members and employees to make decisions which in turn enhances motivation and contributes to higher levels of performance and well-being. The other side of the coin is that it gives …
In the digital era, how firms create and capture value has changed profoundly. But most SMEs and family businesses aren’t keeping up. Various published research show that SMEs & family businesses leave at least 50% of potential digital value or more on the table, compared to leading and larger firms. So how can SMEs & …
I keep meeting family businesses and SMEs that seem to be stuck in some sort of time warp. The reality around them has changed but they did not. Then they act surprised as to why clients are not flocking to them as they once did. Every interaction between a company and a customer is an …
More than talking, listening is of paramount importance when leading. Moreover, when uncertainty is high, knowing where you stand — and learning about your mistakes while there’s still time to fix them — is more important than ever. To be able to adapt to changing conditions and ensure that your team continues to feel supported …
The business environment is materially changing from the economics of the ‘80s and ‘90s and the 20th century. The fundamentals of accepted business practice was based on competition, which then influenced business vision, strategy and decision-making. Businesses were built like machines with various silos each fulfilling its own function. The change brought about in the …
I see many business owners or business leaders who find it hard achieving a balance between micromanaging everything and delegating effectively. I many times see alot of extremes. I see business owners wanting to be in control of everything or else they just put their people at the deep end, with little or no support. …
As I keep repeating, businesses need to find time to develop a business strategy. At the end of the day a business strategy is merely a tool to achieve competitive advantage. It requires a thorough understanding of the company’s starting position, its aspirations and capabilities, those of its competitors, the needs of its customers and …
After grumbling about the under performance of various employees, many family business owners, often grumble with me about banks. Some grumbling may be justified, especially with regards some fees that seem unjustified. However many family business owners speak to me nostalgically about the days when getting an overdraft or a bank loan was an easy …
Continue reading Banks – better to love them, than hate them….
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