Whether business is booming or your organization is in the midst of a tough time, a crucial aspect of risk management is ensuring that your organization has bench strength — that employees have the depth of skill and experience to move easily into jobs of increasing responsibility. Is your staff prepared to step up if business grows rapidly, if new regulations or other world events make it more complex, or if a senior leader is suddenly unable to perform?
Your Family Business Needs a Deep Bench
Family businesses are particularly used to making do with what — or who — they have on hand. But a crucial aspect of building a strong business is to make sure that you’re developing your employees so that they have the skills and experience you need now, and in the future. This article discusses steps that can help family businesses strengthen their bench in terms of both functional and organizational skills, so that the company is well-positioned to thrive in good times, and in bad. Be sure you’re building a team that’s ready to step up if the business grows rapidly, if new regulations or other world events make it more complex, or if a senior leader is suddenly unable to perform. You’ll also be teaching your current employees to handle more, to contribute more, and to help your entire organization grow.