Hardware Retailing

OCT 2017

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

Issue link: http://hardwareretailing.epubxp.com/i/877991

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Page 93 of 120

October 2017 | HARDWARE RETAILING 89 FINISH 10. Develop Future Business Leaders The most successful business leaders enjoy and take pride in developing future leaders, Rivers says. They must remove themselves from the day-to- day in favor of mentoring, next-generation and successor training and being stewards of their family business. 7. Growth-Oriented People Define Growth Growth doesn't happen by itself, Rivers says. Leaders who are passionate about what they do, investing in and developing their people and making continuous and never-ending improvements create either written or mental designs to grow. It's not coincidental; they have big-picture plans with clear goals in mind and they develop execution plans focused on growth. 6. Skills Development Successful family-business leaders know that when they graduate high school or college, the everyday lessons aren't over. These types of leaders immerse themselves in crucial lifelong skills like relationship-building, process mapping, communicating with others on a deep, meaningful level, risk management, creative thinking and managerial accounting, Rivers says. Visionary leaders seek out training and education in these areas since they know learning never stops. They're hungry to find the knowledge and information to allow them to stay one step ahead of the competition. 8. The Importance of 'What If' Scenarios and Contingency Plans Successful leaders manage risk in a calculated way, Rivers says. They don't wait for life to slap them in the face, but look months and years into the future to identify obstacles. Instead of sinking into worry, they plan for the unexpected. 9. Working With Others, Even Family The unwillingness or inability to work with others—including family—has been and will be a downfall for family businesses. Business owners value their independence, flexibility and the ability to chart their own paths, yet when they start families, they often shape their children in their own images. Rather than dismiss their adult children's ideas and influence when they join the business, it's important to get along with others, inside and outside the family. Independence must be put aside for a greater focus on mutual benefit and cooperation.

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