Small businesses might not expand as much as large corporations, but they do tend to leave a lasting legacy to the communities and families they serve. A legacy is something that positively impacts your customers, community, and family for generations to come.
A legacy is not about how much money the business makes or how many awards it wins, it is how the customers and community remember the establishment since it opened its doors. If you want your small business to leave a legacy, below are seven steps to achieve it:
1. Have A Vision
This is the most critical step in building a small business legacy. With a clear vision, your small business will have a definite direction.
The first step in creating that vision is to ask yourself what you want your business to be like five, ten, and twenty years from now. You should also assess small business types and establish what you want yours to highlight.
In addition, you should consider how your ideal customers would feel about it and the kind of impact you want it to take on the world. This way, you’ll have a clear idea of what direction you want your business to go.
You can take family restaurants and local diners as an example. In many places, these local diners have thrived for generations despite stiff competition from corporate fast-food chains. That is because aside from maintaining good quality food, these diners have built a relationship with their patrons over the years. They know their community well and have established themselves as a warm gathering place for friends and families.
2. Be Active In The Community
Legacies are created through positive impressions and fond memories. If your customers just see you as another small business they can transact with, then that won’t amount much to a legacy. What you need to do is to nurture a more personal relationship with customers and the community.
To achieve that, you have to go above and beyond than simply doing business. Aside from fulfilling orders and serving customers, you have to be visible in community-driven activities. You can do this by sponsoring events such as fun runs and school competitions. Donating food and necessities to shelters and orphanages is also a great way to keep in touch with the community.
You can coordinate with local officials and community leaders to know which programs and activities you can participate in. And if you want these efforts to be part of your legacy, you have to do it consistently. For example, donating food and necessities to shelters should not just be a one-time thing, you have to establish it as an annual activity. This makes it easier for people to associate your small business with such charity work—leaving a good legacy.
3. Develop A Business Continuity Plan
Your small business can’t leave a legacy if it doesn’t stay open for long. Therefore, you have to develop a business continuity plan that ensures the survivability of your business—even in your absence.
Your business continuity plan should include information on how you’d like things handled in the event of a medical emergency or death. This includes appointing persons in charge and writing down detailed information about passwords and accounts so your business can continue operating without missing a beat.
- Establish A Succession Plan
Succession plans vary depending on the type of business you have, but they typically include plans for ownership transfer, management takeover, and legal documentation. A succession plan should also include protecting the assets and wealth of the business. If you have a family-owned business, you can know more about family wealth planning from experts like this website www.sharpllc.com/blog/family-wealth-planning.
As you create a succession plan, consider who in your family might be interested in taking over the business. You should also consider who has the skills needed to continue running the business efficiently. You don’t have to limit yourself to family members, if you have a trusted employee, you can appoint them to be in charge of business affairs too.
- Communicate With Your Prospective Successors
Another thing that you must do is to communicate with successors right away. You want them to be aware of the importance of the company and what you expect from them in the event you are gone. This will prompt them to be prepared for such eventualities.
You also have to make sure that your successors know the ins and outs of the business. Therefore, you have to set aside time and effort to train and mentor them until they’re ready. You also need to ensure that they understand what leadership style they should adopt. Most of all, they have to be aware of your vision and the legacy you intend to leave—especially because they are the ones responsible for continuing it.
Key Takeaway
When putting together your business plan, take a step back and consider what legacy you will want that business to leave. It’s not just about building a business for yourself; it’s about leaving something behind for the community and the generations to come.
