Professionalising the business

As a generalisation, by the time the business reaches the second generation, it is time to start thinking about bringing in professional management, with professional skills, to help run the business and to whom you can delegate the day to day running of the business.

  • You need to have a business plan, to know where you want to get to and how you are going to get there – or you will wind up somewhere else!
  • You need to identify the strengths and weaknesses of the business and the people involved in it, and to have plans to make constant improvements
  • You need to identify the controls that will make sure that nothing ghastly happens
  • You need to monitor and adjust the plan on a regular basis.

All sounds very simple and straightforward, but it is amazing how many people only pay lip service to planning.

^ page top