Business Growth Ideas for CT Manufacturers – Part 8: Leaders
February 25, 2018
In this blog post, we look at ways in which a Leadership Team can benefit a business owner, enhance the owner’s ability to focus on the needs of the organization, and reinforce the value of the company.
Your leaders can be one of those areas that gets overlooked when taking a step back to consider how well things are working. Your Leadership Team can be the make or break difference when it comes to the success, health and value of your business. But, as with any winning team, the players have to know their positions, while allowing their teammates to play their position. And as the Owner, you have to manage the team rather than be the star player making all the big plays.
Being the manager of the team instead of a player, means you are working on what needs to be happening to compete and win game after game, year after year. This is critical from two perspectives – 1) according to International Business Broker Association (IBBA) data, Burn Out is the second leading reason why Owners sell their business – second only to retirement. It’s no wonder, doing it all becomes exhausting, but a Leadership Team can help you avoid this drain on your energy and passion for the business. 2) A strong Leadership Team is vital to keeping the business running well, eliminating the need for the Owner being there to oversee the daily operation and freeing up the Owner to focus on the strategic needs of the business and improving its valuation.
In fact, one of the first things Business Brokers and Buyers look for is: Will the business continue to thrive in the absence of the current Owner? When the business depends on its Owner to keep the operation running it raises questions around how strong the business really is.
Of all of the areas where an Owner can focus their attention, it is the Leadership Team that offers a true multiplier effect. When you have the right leaders focused on their functional areas and on what needs to happen to drive the strategic objectives of the business, real business results follow.
<em>We hope you enjoyed all of the blog posts of our Business Growth series. The previous seven blog posts are listed in the links below by subject area. For the complete report covering all of these areas combined, click here: Business Growth Full Report
Part 1: Products of our Business Growth series
Part 2: Markets of our Business Growth series
Part 3: Pricing of our Business Growth series
Part 4: People of our Business Growth series
Part 5: Technology of our Business Growth series
Part 6: Flexible, Cross-Trained Workforce of our Business Growth series
Part 7: Vision and the Business Owner of our Business Growth series
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