Posts by Don McIntosh, CPA, CGFM, CFE:
Go ahead. Take pride in all that you’ve accomplished. Relive the moment you decided to go into business and reflect on your trials and triumphs. And as you reminisce, identify everyone who helped you achieve your vision – because chances are you didn’t get where you are by yourself.
Make no mistake. In business, the strength of your team directly impacts your company’s success and overall value. Therefore, it’s never been more important to ensure that your exit from the company doesn’t lead to a “going out of business” sale.
Your Company’s Longevity
As a business owner, it’s your responsibility to continually evaluate your business. Part of the evaluation process is ensuring that the right people are in the right place to help guide and grow your company – even when you’re not around.
Whether they move on or retire, eventually every person on your leadership team will leave, including you. You must decide what kind of impact this will have on your company when it happens.
One of the best strategies you can embrace is to become obsolete. That’s not to say that your work is not important, it just means that your team, your business, does not depend on you for its survival.
Every time you recruit an employee, you have an opportunity to reinforce your company’s mission. Do your due diligence to make sure the people you hire are on board with the company’s vision. They will continue to set the tone after you leave, which is why the qualities you consider when hiring a candidate should go beyond their education and experience. Anyone you hire must have the passion to succeed, the capacity to learn and a personality that helps them easily overcome complicated situations. From entry-level to leadership positions, your ability to maintain a strong team ensures the longevity of your business.
Is Your Team Valuable?
Ensuring that you have the right team in place – from the ground floor to upper management – is a solid, common sense strategy for business owners who are looking to add short- and long-term value to their business. Not only are customers and clients more likely to equate your team’s passion with quality, which helps secure new business and develop long-term relationships, but the strength and self-sufficiency of your team is a major incentive to investors.
Email Rea & Associates to learn more.
Let’s admit it… we all want to be able to trust other people. And we generally do…until we’re proven wrong. Owners of small, family-owned businesses are no different, and must put their trust in someone to handle their revenue, disbursements, payroll and inventory, among other financial functions. Read the rest of this entry “