Promote Powerful Partnerships
Nurture your staff, for as Harvey Firestone exclaimed, “It is only as we develop others that we permanently succeed.” Your people are the foundation of a Perpetual Business.
Employees Crave Inclusion
The success of your business is predicated on its ability to transform what’s on your balance sheet into profits on your income statement. That transformation can only occur when your employees consistently execute your standard operating procedures. Your assets are merely the “stuff” you own, while your staff spins it into gold (profits). Nurture your staff, for as Harvey Firestone exclaimed, “It is only as we develop others that we permanently succeed.” Your people are the foundation of a Perpetual Business.
Owners often ask me if they should be forthright with their employees about planning for the eventual sale of the business. They worry that their employees might fear for their job security. My response is unambiguous, the truth is not to be feared. The truth should be embraced as a powerful sign of respect for your people. They’re smart. They know that you will not live forever, and that you want a life beyond your career. Including them in your master plan creates confidence in their future, encourages longevity, fosters teamwork, and lights their own path of career development.
Inclusion transcends the “owner / employees” culture into one of “owner / partners.” Employees tend to think singularly, “themselves” whereas, partners work together to a common purpose for the benefit of the entire company. Partners benefit mutually.
Starting an inclusive dialogue is really quite easy. It sounds something like this; “I’m working on my plan for the future of (business name), so that it will continue to prosper when I’m no longer the owner. You’re an important part of that plan. I value your contributions and want to properly consider what’s important to you and your family. Where do you see yourself in the next 5-10 years and what are your aspirations?”
Just that easily, you’ve introduced the concept of a Perpetual Business, reinforced the value of your people, made known that their career goals will be considered, and established that your process will continue to be communicated as it develops. Now, rather than fearing an opaque future, a heightened sense of trust allows your people to focus on building a healthy, vibrant business that also fuels their career objectives. At the same time, your desire of increased profits, improved employee stability, enhanced enterprise value, and a legacy that survives your departure becomes reality. When you have succeeded, your Perpetual Business will always be ready for sale or expansion, at your option and, on your terms.
A Perpetual Business cannot occur by luck, accident or happenstance. It must be deliberate. Every plan has a beginning. Yours can start today. If you want us to help, start by getting our Perpetual Business Basics Video, our first contribution to your prosperous future. We’re just a “click” away at www.PerpetualBusiness.co.