Your family business needs a deep bench
In tough times it can be tempting to batten down the hatches and focus just on the here and now. But to do that would be to miss an opportunity.
We are going through what may be the ultimate “stress test” of family businesses, their owners and, critically, their staff.
There is an opportunity in this to identify potential future leaders, realise who has been progressed beyond their level of competence, uncover previously hidden gems in your workforce, see who rises to challenges, and learn who shrinks from them. And then to act.
There is plenty of talk about pivoting, about digitalisation, about transformation, and all of that is important. But in my opinion, businesses that get it right around their people are the ones which will thrive as we move through and beyond all of this.
This is a really worthwhile piece from Harvard Business Review on how you might move forward.