Published by OneSource on June 7, 2018
All good things must come to an end, including your reign as a small business owner!
Eventually you will have to make some choices about the future of your company, when you can’t (or no longer want to) be in charge.
Leaving a legacy starts at the beginning – much like many aspects of small business management. Having a plan in place from the start is the best way to navigate the unforeseeable future.
World-renowned success stories (like Steve Jobs) may seem monumental in comparison but they began to leave a business legacy in the same way.
Each day, you should be aiming to make an impact. Each day, take the opportunity to make a change. Big, small, minute – it all counts.
The ultimate goal in leaving a heritage is to create a business that will live on, even when you move on. How can you start now?
Build your business on each success. View your growth as a pyramid, with each level supporting the next. A flimsy business model, stacked haphazardly will crumble at the slightest tremor – build on a sturdy foundation to ensure stability that stands the test of time.
Focus on and invest in relationships. A healthy business is built on contacts, networks, and connections. When these dry up, so does business. You need to weave an intricate web of deep connections and foster those relationships to forage on, no matter who is in charge.
Be a mentor. No doubt you spent time and energy harvesting the best of the best to be on your team. Take time to work with individuals to highlight their strengths and find out their future goals. Working as a mentor, cultivate an environment that encourages growth, and you will find yourself with committed, hard working team members that are in it for the long run.
Leave a legacy, not a liability! Your business must be built BY you, not AROUND you. If your hands alone are holding up the roof, you are in danger of an imminent collapse. It has to stand alone when you are no longer there to hold it up!