As a business advisor, it is crucial to understand the natural progression of an entrepreneur who starts a business and eventually goes on to run an enterprise. The focus and skill sets required are very different from an owner who is the main operator versus an owner who has learned how to trust others, delegate responsibilities, and nurture a culture that motivates and attracts top talent. The journey from a start-up to running a business, to running multiple businesses, and finally to running an enterprise requires a different skill set at every step of the way. It's a different mindset; it's a different way of thinking that an advisor must be able to identify and analyze to help business owners grow.
It's not always as clear-cut as one may think. There are many businesses that, from the outside, one would assume to be mature professional business or an enterprise, but upon closer inspection, lack formalities, proven process & procedures and is run with a hub and spoke leadership model, with all decisions dependent upon the owner. This is where an experienced succession planner must delve deeper into the business and identify its true nature.
The progression of leadership-ownership perspective and maturity from a small business owner to running an enterprise is a process that requires a lot of hard work, coaching to build self-awareness, dedication, and, most importantly, the ability to let go of control.
An entrepreneur may have started their business as a one-person show, but to grow and scale, they must learn how to rely on others. This means hiring the right people, nurturing a culture that motivates and attracts top talent, and creating systems and processes that allow the business to operate smoothly and efficiently.
As an advisor, it's crucial to help business owners identify their strengths and weaknesses and guide them in developing the skills and mindset necessary to take their businesses to the next level. This may involve coaching them on delegation, communication, and strategic planning, among other skills.
In conclusion, the journey from a small business owner to running an enterprise is a complex process requiring a different skill set at every step. As an advisor, it's essential to identify where a business owner is on the spectrum and guide them in developing the skills and mindset necessary to grow their business. With the right guidance and support, business owners can transform their businesses into successful enterprises that thrive long into the future.
Want to learn more to identify where your client stands on the progression of motivations, attitudes, and maturity as an owner/leader?
Enroll in the Certified Succession Planner™ program today. The curriculum will provide you with tools and strategies for coaching business owners, successors, and managers to grow into the leaders required to grow and compete in today’s environment.
Take your practice to new heights through world-class training that will help your clients succeed and ultimately grow your own business.
16 HIDDEN BUSINESS OPPORTUNITIES
Multi-generational clients grow your business. Whether you are a lawyer, accountant, financial advisor, or consultant, we have a list of actionable strategies you can test today to motivate your clients to work with you long term.
12 QUESTIONS TO CREATE CLIENT OPPORTUNITIES
In this free resource of 12 powerful questions you can ask to identify client motivations and influence business owners to take action. You will have a better discussion with prospects & clients immediately.
Want to get into the specifics of what it takes in succession planning? Gain insights into the inner-workings of a real long-term family business succession planning case study and a business engagement that was worth over $75,000 per year.
3 STRATEGIC PROJECT EXAMPLES
We outlined three of our best examples of projects you could learn from and potentially apply in your business. From objective to successful outcome, these family business examples help you build strategies.