Leadership Handover: How To Ensure A Successful Transition
“Makarand, what do you think is the next big challenge I should prepare for?” At business, everything has been settled, our product is doing well in the market, and customers are happy.
“Growth! That is the most natural answer, but that is not the biggest challenge.” By this time, Yash is used to my unexpected answers.
“The biggest challenge will be to prepare for ??????? ???? ???? ???????????????? ?? ??????? ????. This is not about delegation. Delegation is done while you are still around.”
Many entrepreneurs are emotionally involved in their business. It is quite natural to be so. However, in every business, a time comes when you must move out. There are many reasons.
?The emotional attachments of the cofounders can hamper business growth. They may be so attached to their original idea; that they are not able to see things differently.
?The cofounders can be burnt out because of the initial hard work and stress. A new person can bring in more energy and a fresh perspective. This is hard to realize in a well-running business.
? Newer persons bring in more connections, however, they can use them only if they get the required authority and freedom.
? The situation may be ripe for getting acquired by a larger business, resulting in good returns on the earlier efforts.
The first and most important step is to detach yourself emotionally from the business, take a short break and evaluate your business from a different perspective. One must do it at least once every year, way before the financial planning for the next year begins.
What has been your perspective and experience?
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