Much of your success hinges on the ability to find the right people for your company

In this five-part series, we’ve reviewed the pillars necessary for a successful business. The final pillar focuses on the importance of establishing a strong team.

As a business owner, you will need a team that allows you to rise above the many day-to-day responsibilities. The team you hire and develop over time will be selling, fulfilling and collecting for your business. The transition to others can be a difficult one, but the general concept is to build out quality controls so you no longer have to manage the company each and every day.

Much of the success with this pillar hinges on your ability to find the right people for your company and the culture you are creating. You have to decide which of your many hats is coming off first and passed along to your new team member. Once that decision is made, you will enter into months of training to ensure this individual provides a quality customer experience after you step away. When you’ve ensured that successful transfer of knowledge, you will repeat this process until your team is assembled for each of the pillars. This process represents the first level of support.

From here, you begin to build the organization vertically, adding supervisors who can run one of the three pillars discussed previously. As you continue through the months and years building out your supervisory levels, you will eventually arrive to the point where you can form an executive team who will run the day-to-day operations of the company. Ultimately, you will become chairman of the board and lean upon the expertise of this executive team to grow the organization. As chairman, your objective is to review the company’s performance monthly with the executive team and offer vision and direction for them to act upon.

Now that you have built a company that is solid and well run, you can begin to think about an exit strategy when the time is right. This strategy could be one of several different options. You could have children or others come in as executive team members or as chairman, or you could consider selling to the employees, another competitor or an interested buyer new to the industry. Whatever strategy you choose, we can help you develop a plan to smoothly transition into a well-deserved and rewarding retirement.

We would love to hear about your Team pillar. Is it weak or strong? What are you working on to strengthen it? Reach out to us at storen@storenfinancial.com to share your thoughts. And click here to follow along with our other pillars of prosperity discussion topics. Or click here to learn more about our business coaching and advisory services.

 

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Blog by Kim Storen, EA – Tax Services Director, Senior Tax Professional

Learn more about Kim and the rest of the Storen Financial team here.