Latest Posts in Succession Planning and Knowledge Management
When it comes to knowledge management (KM), not everyone agrees on its definition or value. Some people believe that KM is a stand-alone program or project, but that is incorrect. Knowledge management refers to the explicit and tacit information life-cycle that runs throughout the entire organization continually.
Many business owners dream that their sons or daughters will take over the family business, but struggle with feeling confident it’s what’s best for the company. In a report from the Family Business Institute, 88% of family business owners said they believed their family would control their business in five years. Yet, according to the report, only about 30% of family-owned businesses survive into the second generation.
As a small business owner, you’re crazy busy with everyday tasks that support running a successful company … yet planning for the future is essential to ensure financial stability and growth. This is where Succession Planning comes into the picture.
If you’re interested in learning more about knowledge management, or if you need more insight on why it’s important to your company, you’ve come to the right place. In this brief article, you will learn the basic definition of knowledge management, the two main types of knowledge and how your company stands to benefit from a knowledge management plan.
When it comes to running a successful company, there’s no question that profit and growth are only sustainable if a clear succession plan is in place. What good is your business if all the institutional knowledge needed to handle the in’s and out’s of the company is tucked away in your CEO’s head?
Is your workforce getting older? If you are like most manufacturers, your workforce is aging. In many situations, you may have critical positions and skill sets at risk of competitive poaching, retirement, illness or worse. The problem is common, yet most companies are not dealing with the issue proactively. Instead, they wait until a key employee’s departure is inevitable or has already occurred.
Baby Boomers are retiring at a staggering pace of over 4 million per year. Consequently, this has created a dramatic increase in privately held company transfers to the next generation. Needless to say, this can be a huge undertaking. Many business owners are caught in a challenging situation where they feel stressed and unprepared.
The recent solar eclipse caused a fair amount of excitement in our office. You can learn more about the eclipse here - https://eclipse2017.nasa.gov/ - but at a high level, we were treated to a rare, natural phenomenon of the moon covering the sun to create a solar eclipse. Though my primary working location in Dearborn, MI did not lie within the “path of totality,” in which the moon completely covered the sun and day turned to night for a brief period, we jumped on board for the opportunity to see the partial eclipse in our office parking lot.
I wasn’t expecting to be inspired by a field hockey office display, but that’s what happened recently during my visit to a local university. Are you wondering how recruiting and succession planning for your company could possibly relate to a University field hockey program?