This week Wayne shares quick audit points to check the health of your business. Do a quick audit. If your business is prospering, your employees are happy and you feel motivated then by all means bring out the champagne! But if you think things are slowly but surely deteriorating, you will need to take charge and engineer a turnaround.
We look forward to hearing your comments!
[popup type=”iframe” link_text=”TRANSCRIPT” link_class=”button” href=”/wp-content/uploads/2017/12/BlogTranscriptProsperousorStrugglingBusiness13December2017.pdf” /]
R.J. Reed says:
Just finished our best year ever. Revenue up about 20%, profit up about 60%. Went through an extremely extensive third party audit just a few weeks ago, the highest level of most respected audit company in our industry. I was kicked out during the process (by the employees) as well as my son. I was amazed to find we scored 100%. We are far from perfect, however the auditor spent a lot of time on the floor talking to almost every employee and thought we were special. This would not have happened if we had not contacted the Family Business Institute and had them come in to work with us, and we listened. Thank you Wayne and your organization.
R.J. Reed
Wayne Rivers says:
Wow, RJ! That’s great! Good for you all! many thanks for the kind words!
Jim says:
Amen!
Azra says:
Enjoyed watching the video. Such simple things to look out for, but what a huge difference they make! Thanks
Mike says:
I hear you. As a FB consultant, I can usually size up the capabilities of ownership and management within the first thirty minutes of a visit. Beyond the obvious visual cues that you noted, other things to consider are whether or not staff is knowledgeable about the products or services they sell. Whether or not there are metrics that they use to measure their performance. Whether or not staff turnover is an issue. Whether or not there are working teams or are there silos.
These symptoms point to the capabilities of ownership and management. Are they poorly equipped to deal with the challenges that they face? Even if they called in the family business consultant, will they admit that they need help? How receptive will they be to advice?
The underlying problem with companies like this is a poorly designed succession planning process. The shortcomings could include a lack of training and development of the next generation; an inadequate employment policy; lack of a selection process for future leaders of the company; and a lack of concern over the long term success of the family enterprise.
Fortunately families can recover from these issues. The first step is to recognize and admit that they need help.
John says:
Excellent, one of your best!
Jeff Hinds says:
good stuff!! guess I am going to have to buy a broom 🙂
Wayne Rivers says:
tighten up, Jeff!
Rick Fullard says:
Great thoughts! Really a good way to get a quick feel for what issues might be lying in wait. A way to be prepared , vs. surprised.
Wayne Rivers says:
Thanks, Rick