“A formal business transition puts the goals, priorities and strategies in place for a successful transition. Without a clearly defined plan, business owners are leaving their personal and financial future to chance.”
The other day, I was asked who the owner of KFC was. That singular question went on to spark a conversation on Mr. Biggs and its non-existence now unlike before. KFC is a global brand that has gone on to outlive her original owner and founder and yet still keeping her brand identity. That is just one example out of numerous examples that includes the very vintage Coca-Cola.
What made these businesses stand the test of time even when their owners had long passed? From generation to generation to even longer generations, there are just some brands that are consistently the same even with current trends wanted to phase them out.
Transitioning. What is the concept of transitioning for business? It involves putting your business various generations ahead of yourself, planning for the future and still expanding the present growth. Often times business transitions are associated with family businesses because they are passed down to inheritors or deserving family members who understand the business.
One key principle and best practice for any business who wishes to last the test of time to be relevant for at least 3 generations is Planning and preparedness.
It is often said that if you fail to plan, you plan to fail. Irrespective of your business type, there are businesses in your niche that has lasted so long. Take time and study them, find out there secret. (Long-lasting businesses always have a best-kept secret). And see how you can mold your business too along those success paths.
Businesses who stop learning never lasts so long. Imbibe the culture of learning. Your business is not an island of wisdom so please get wisdom in all thy deals. Re-invent yourself often as a business, don’t be too predictable. If we all knew the secret formula in Coca-Cola there wouldn’t be a Pepsi, Pepsi happened upon us because Coca-Cola was. Your business will always spark more businesses to grow. That’s the proof of growth, where the spotlight is off you but you are still a reference point for others.
Uniqueness. This beautiful word is the difference between everybody and you. What is that awesome quality of your brand? Explore it internally and keep it a secret from everybody else. Mystery is an element of attraction.
Regardless of whatever businesses you have, always ensure that you are building for the future while still expanding your present. Every business has its ups and downs, how you handle that is dependent on your brand philosophy. Treat every business deal from the position of your brand philosophy.
Your brand philosophy is the belief that you have adopted for your business. It controls the emotions your brand leave with your client and customers. To build a brand philosophy for any business activate an eagle eye view, see the whole business process from start to finish and infer the kind of emotion that your business leaves with a client. If you cannot achieve the eagle’s eye view, a simple brand assessment should point you in the right direction.
Relevancy makes your business last long.