Our Playbook for Your Business
Growing a business is never quick or easy. But there are smarter ways to do it.
Technology, digital transformation, and evolving consumer attitudes keep most businesses in constant change.
This doesn’t only apply to big businesses but small and family-owned businesses too, where a decision to adapt – or an unwillingness to change – can be a make-or-break situation.
As more family businesses are handed down to the next generation, the ability to adapt will become critical. Research from Deloitte revealed that the next generation of family business leaders intend to make changes when they take over.
- 80% say their leadership style will be different compared to the previous generation.
- 76% say innovation will be one of their top priorities.
- 56% will change the family company’s strategy and corporate governance.
- 51% intend to take more risks than their predecessors, but in a more controlled way.
Our 7Ps Playbook for Family-Owned Businesses
Although 70% of family business owners want to pass their business on to the next generation, very few will make a successful transition. The research suggests only 30% last into a second generation, 12% remain viable into the third generation, and 3% operate into the fourth generation and beyond.
As new leadership emerges, strategies will change. More risks will be taken. And a willingness to innovate will be a priority.
While the previous generation might have been well aware of the need for change, they either didn’t have the energy for it, didn’t know where to start, or weren’t willing to take the risk.
Today’s family business leader doesn’t have that luxury. Change and grow OR die!
To achieve a rate of growth that is two to ten times your current revenue, your business foundation must be built around some strong pillars. For example:
- Purpose: Be clear on the “why’ that drives your business.
- Plan: You can’t scale your business without a plan.
- Products: Differentiating is what’s going to push you over the top.
- People: Make sure you have the right people to advance your strategy.
- Priorities: You need clear, prioritized objectives if your plan will succeed.
- Processes: Well-defined processes are needed to execute your vision.
- Performance: Measure key performance indicators (KPIs) for progress.
If you’re going to grow your business to lead to more success and freedom, you’ll need to embrace new ways of thinking and doing.
That’s where the strategies contained in my 7Ps Playbook are invaluable.
I’ve been using unique growth acceleration roadmaps with tools since 2004 to help business owners get to where they want to go.
Our 7Ps Playbook, or other playbooks we can install for you, will provide clarity, facilitate team alignment and get you where you want to go with less effort and frustration.
Schedule an exploratory call below to learn more about how a playbook can be applied to your family business. Or read our blog on Why You Need an Operating System in Your Business.