In this fast-paced world, where business landscapes can change in the blink of an eye, a well-crafted turnaround plan becomes the linchpin between survival and failure. When the going gets tough, a fresh perspective from the outside can work wonders in helping you refocus on the core principles that can steer your business back to success.
I spent last week in London where I had the pleasure of attending Wimbledon with my wife and some close friends. Undoubtedly these players are gifted athletes but without the guidance of a good coach would they make the changes necessary to reach the top? It is the same in business.
During my recent travels to California as a CEO and leadership team coach, I read a Gallup article about productivity that echoed my sentiments about the future of business leadership. In past generations, management was about control. In general, managers could be counted on to be senior staff members; their experience was comprised of hard earned knowledge about company processes and procedures, and good leadership was based on enforcing these.
In my role as a coach I work with CEOs and their leadership teams to help them put systems in place so they are capable of confidently predicting the future growth and profitability of their business.
One of the key things we do as part of this process is produce a 3 year financial forecast. This is a great way of looking at future sales, profitability and cashflow. However, this only works if you get the input of the entire leadership team and not just the finance function.
I recently spoke to YPO Guatemala, in Guatemala City, which was a great experience. I shared with them a three hour interactive workshop on leadership succession planning. What made it a great experience was their willingness to participate fully in the discussion and group exercises as well as their warm generosity in the way that they hosted me while in Guatemala.
Nobody likes to think of themselves as a bad boss. But in my travels through the leadership keynote speaker world, I’ve met so many current and aspiring leaders. And whether they’re newly minted managers or seasoned C-suite types, regardless of their leadership tenure, it’s quite common for people to have a few blind spots around their own leadership styles.
February is the peak of downhill ski season and the time of year when I enjoy spending as many days as I can on the slopes. I try to combine my passion for skiing with the opportunity to spend time with people whose company I enjoy and find stimulating. This past month I was fortunate to rekindle some old friendships with some close friends I haven’t seen in several years.
Navigating Your Business through Challenging Economic Times – In this episode, we welcome entrepreneur, author and leadership expert Richard J. Bryan to offer his expertise on ways to recession-proof your business.
As a family business owner, you may be feeling pressure to reduce staff, but the old adage that a bird in the hand is worth two in the bush is particularly apt when it comes to your employees. Despite the concerns about inflation and the push for layoffs, the companies that keep staff on the payroll will have a distinct advantage.
It’s easy to think of succession planning as something that happens at the end of an era. But for a family business to survive and hopefully one day thrive, it’s actually a lifelong process that should be running in the background at all times—and coming into the foreground during key transitions. With this in mind, here are three essential tips to ensure you’re setting the next generation of leaders up for success in the way of family succession planning.
Within the next 10 years Boomers will have all but handed over the reins of corporate leadership to succeeding generations. Whether you’re running a family business or joining the ranks of a public enterprise, more than 75% of the workforce will be Millennials. This is likely the biggest leadership handover the corporate world has seen to date, and companies large and small are wisely making preparations. I’ve been working with my clients to create unique strategies that work within the realms of their family businesses – here are six strategies on how to stand out as a leader.
As a succession planning keynote speaker and author, I talk a lot about Millennials in the marketplace, who comprise half the current U.S. workforce and expected to reach 75% over the next five years. But recently, I’ve begun to field questions about preparing the next generation of leaders during this incredibly pivotal time. Today, with the oldest in this massive and complex demographic turning 40, and already exploring the upper echelons of leadership, the NEXT generation of leaders are just now entering the workforce.
Watching the pomp and circumstance that the British do so well, I was struck by how perfectly organized everything was down to the minutest detail. This does not happen without a lot of forward planning, preparation, and practice. When I am speaking as a succession planning keynote speaker or advising a coaching client about the future leadership of their business, I always tell them that starting early and planning long term are crucial for a smooth transition from one generation to the next.
There’s nothing like a legitimate crisis for teaching business leaders what they’re really made of. As someone whose early days in the family business were defined by crisis leadership, I could not agree more.
But I didn’t do it alone. The leadership during adversity in question was delivered by my mentor, business turnaround specialist Frank
During the past couple of years, we have had to become comfortable working from home—while also trying to balance family life, and possibly looking after someone who has been sick or has become more vulnerable. This is quite a change for many who were used to their daily commute into the office, where they had a clear distinction between home and work life as a virtual boss.
When it comes to succession planning for your business, are you engaging in a sustainable long-term strategy, or just looking for a quick fix? In my experience, the best succession plans are those that take a proactive long-term view. I’ve identified some essential areas in which you simply MUST be prepared. Answer these 10 business succession planning questions to get a clearer picture of where your business falls on the readiness spectrum.
The time to start the succession planning process isn’t when you’re under the gun to find a new leader in a few months, or even weeks—it’s NOW, when you can take the time to be proactive, strategic and thorough. At minimum, this is a two year process, but having a longer term plan in place…3 to 5 years, is even more beneficial in an effective leadership transition. I’ve created six tips to guide the succession planning process as you look for the right candidate.
We’re all navigating a whole new world after the last two years of COVID-related business stresses. Many employees are learning to balance remote work and family demands, and of course many leaders are grappling with a workforce they only see on a screen. It’s hard all around. But I’ve learned over years of leading a family business and becoming a successful leadership keynote speaker, that your actions in times of crisis will come to define you as a leader.
As 2021 wraps up the remote workplace culture is no longer a temporary condition – as tired as we all are of hearing the phrase “the new normal,” it’s time to normalize remote working. Here are my five top tips for translating your current company culture to the virtual environment.
After 17 years in the pilot’s seat, the CEO of Southwest Airlines is stepping down to make way for his successor. What struck me most about this news was the fact that Gary Kelly’s succession plan includes his staying on as executive chairman—which means he’ll be on hand to ensure a smooth transition. Kelly’s mentorship will be priceless for his successor, Bob Jordan, once he’s free to move about his new role. Here are a few lessons I’ve learned from my own transition experiences.
In my travels on the succession planning keynote speaker circuit, I’ve begun to field questions about developing the next generation of leaders during this incredibly pivotal time as baby boomers exit the workforce in droves. It seems like just yesterday we were talking about Millennials entering the workforce, doesn’t it? Today, with the oldest in this massive and complex demographic turning 40, they’re on the verge of overtaking X-ers as the dominant generation. They’re established employees, managers and even company leaders. So it’s time to start thinking about how they see the world—and how these different views might impact your company’s culture.