Atlanta, Georgia, United States - 01-30-2023 (PR Distribution™) -
Small businesses are sometimes owned by families. According to the U.S. Small Business Administration, these businesses are responsible for 64% of the country's GDP and employ 60% of the workforce.
This means the importance of family businesses in the U.S. economy must be balanced. Unfortunately, many small family businesses will not be passed down to the next generation.
This is because many family businesses usually need help handling many challenges, the key being succession. William Smith and Double Iron Consulting are committed to helping family businesses handle every business challenge, including succession.
About William Smith
William, also known as Bill Smith, is the founder and president of Double Iron Consulting. He is a business executive with decades of hands-on experience managing a successful family business - Royal Cup Coffee.
He has worked in the family business's operations, sales, and management divisions most of his life. Since high school, William Smith has been working for Royal Cup Coffee part-time or full-time.
The business executive holds a Master's in Business Administration and has an impressive track record in leading a family business.
How Double Iron Consulting Can Help Family Businesses
1. Internal Alignment
A small family business may make losses, break even, or generate a small profit. Whatever the case, Double Iron Consulting can be brought in to look at the business model, products, and services offered and recommend measures for internal alignment and company improvement through change initiatives.
The consultants will also oversee the implementation of the recommendations and offer guidance to ensure all the recommendations have been implemented. This will put the business on a path of growth and success.
2. Strategic Growth
Stagnation is a natural phenomenon in business. Family businesses are usually at greater risk of stagnation than other businesses. William Smith and Double Iron Consulting can help family businesses develop tangible goals and plans for achieving short-term, medium-term, and long-term goals.
They can carry out training for staff and management to ensure every staff member is well-versed with the company goals and what each has to do to ensure the goals are attained.
3. Leadership Development
Some people claim that leaders are born, but it's a well-known fact that leaders are more often made through their experiences. Double Iron Consulting can identify employees within the structure of a family business and take them through leadership development.
This is meant to impart the skills, knowledge, and attitudes needed to make those employees better leaders. Successful businesses usually hold leadership development workshops for their crucial staff every year.
The success of William Smith at Royal Cup Coffee can be attributed to his thorough and immersive understanding of how the company worked given that he learned through his experiences across all areas of the business.
He understands that the best leaders have climbed up the ladder gradually as they can empathize with employees and know areas that need improvement.
4. Succession Planning
As noted earlier, family businesses account for 64% of the country's GDP. Unfortunately, only one in three family businesses will be passed down to the next generation. The other two will either be sold to third parties or collapse. That is why succession planning is crucial.
Double Iron Consulting can work with the management and the board of family businesses to create a succession plan. They also can identify key staff within the organization and prepare them to take on management roles.
Double Iron Consulting can also sit as part of the advisory board of a family business to ensure the board always makes the right decisions regarding succession and other things.
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