It’s that time of year when we start to open the windows and let the fresh air in (and maybe let some of the stale air out). We begin to tackle our spring cleaning projects that may have been neglected or pushed aside all winter. As we do with our homes, we should do the same with our family businesses. What are those items you’ve been neglecting as you’ve hunkered down and kept the trains running throughout Q1 of this year?
There are three areas we often see put on the back burner. One is building a strategic plan for the business. And there is no better time than now to craft one if you haven’t already. You can’t move forward if you don’t know where you’re going. We suggest you start by determining the vision and needs for your business and then build a progressive plan for how to get the organization where you want it to be. When, for example, you’ve defined your goal defined for five years from now, you can then determine where you’ll need to be in three years – and develop a supporting three-year plan. From that, you’ll know what you have to do in the next year to achieve that, and you can then develop a one-year plan. Building your plans in this manner- step by step, coupled with a process that ensures that all important implementation will help to keep you on track and support your being successful in your endeavors.
The planning process may open the door to another area that often gets delayed- defining plans for the transition of ownership and leadership. It’s never too early to do this, particularly if the senior leadership of the business is within five to seven years of transitioning.
Lastly, as you are doing this planning, this is a perfect time to do an overall audit of roles and responsibilities in your business. Your business will struggle to meet your short- and long-term objectives if you don’t have the right people in places doing the necessary tasks to help you support those goals.
Doing these “spring cleaning” exercises will help your business to fully bloom not only this season but well into the future.
David Karofsky is President of Transition Consulting Group, Ltd. He has over 20 years of experience coaching and consulting to individuals, families and companies to develop better cross team communication and build alignment among the senior management team. The recipient of multiple achievement awards, he received his A.B. from Bowdoin College, an Ed.M. from Boston University in Counseling Psychology and a MBA from Northeastern University. David can be reached at [email protected] or 508.875.7751
