Business Insights – Maximising Business Value & Effectiveness – People & Management
A business insight from Peter Watson.
Owner-managed businesses often share one important characteristic – a dependence on the owner-manager. A potential buyer will view this as a significant risk, but reducing the dependence on him or her takes some planning.
So, where do you start?
Sharing information is a good beginning. Many owner-managers have a morbid fear of discussing the figures with their staff, but why? Running a profitable business is good for you and your staff.
Ensure that your main business objectives and values are clearly defined and communicated. Staff need to be able to understand what the business is aiming to achieve, and by when. This will help them to feel part of the company and encourage them to do the best job they can – but keep it real – there is little more demotivating than unrealistic goals.
You will need to assess the capabilities of your team, and may need to strengthen it, but take a hard look at the talents that you already have at your disposal before rushing to the recruitment consultant.
Finally, try to take more time out of the business – allowing your team to function in your absence. You may be surprised at the talent that you already have, whilst at the same time discovering that there is a life outside the business!