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08-Dec-2017 21:55

Lost in the weeds Business owners put off strategic planning for many reasons.

New initiatives, for example, usually don’t begin to show tangible results for some time, which can prove frustrating.

Rotate the jobs each candidate performs, if possible.

Let them gain experience in many areas of the business, gradually increasing their responsibilities and setting more rigorous goals.

Outsiders are more likely to be impartial and have no vested interest in your decision.

They might help you realize that someone who’s not in your family is the best choice.3. Once you’ve settled on a few candidates, hold private meetings with each to discuss the leadership role.

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Meet with the chosen candidate to discuss a transition time line, compensation and other important issues.Accomplishing the latter requires strategic planning. Without it, you can get lost in the weeds, working constantly yet blindly, only to look up one day to find your business teetering on the edge of a cliff — whether because of a tough new competitor, imminent product or service obsolescence, or some other development that you didn’t see coming. quantity So how much time should you and your management team devote to strategic planning? Some experts say a CEO should spend only 50% of his or her time on daily operations, with the other half going to strategy — a breakdown that could be unrealistic for some.The emphasis is better put on quality rather than quantity.Thus, strategizing should be part of your weekly or monthly routine — not just a “once in a while, as is convenient” activity.

You may need to delegate some of your current operational tasks to make that happen but, in the long run, it will be time well spent.This is no different from what happens in publicly held companies and larger private businesses.