We have all been forced to adapt to the new world we are facing as a result of the coronavirus pandemic. I recently sat down with Cheryl Doll, a business coach with Compass Point Consulting, LLC, to discuss how her family business clients are surviving and what crucial moves their leadership is making to thrive in this environment. Cheryl provides meaningful insight into the unique dynamic of family businesses and how leaders should be thinking about their people, processes, and strategies as well as what they can be doing to ensure the long-term success of their business.
Our conversation includes:
Common themes Cheryl sees in family business owners at this time of crisis.
Traits of leaders who are "doing it right" including communication and strong execution.
Using Maslow's Hierarchy of Needs to ensure family business leaders are taking care of themselves both mentally and physically.
Redefining family business culture through "values" and how to make good business decisions based on those values.
How to use traditional tools like SWOT analyses in new ways to measure business performance and determine next steps.
Defining a clear vision for business legacy.
Developing an Emergency Management Plan and ensuring the next generation of leadership is prepared. As Cheryl notes in this episode: "No one wants to buy a business that cannot run without the current owner."