As business owners, the goal should be to build sustainable and productive entities. This requires delegating major responsibilities in your business. To achieve this goal, there must be:
1. The Desire: For a business to transcend generations it must not be centered around individuals. Therefore, business owners must have the desire to create a system that will transcend individuals. Necessary facilities and resources for the business to run optimally must be in place.
2. The Business Process: Business owners must invest time in developing procedures and processes for every aspect of the business. They must ensure that everything is captured in black and white and enforce implementation of processes and procedures.
3. The Human Resource: Business owners must ensure that human resource capacity is stabilized. Staff turnover should reduce, improve the quality and speed of recruitment. Business owners at a stage should engage an HR consultant that can really provide positive influence on the workforce. They should also invest in training and championing a culture of inclusiveness and teamwork.
4. The Technology: Business owners should leverage on the Internet tool to drive activities. The internet enables owners to monitor and conduct most aspects of the business from a remote location.
5. The Organizational Structure: Business owners should arrange the business structure in a manner that democratize power and ensure different units operate in such a cohesive manner that makes for a better company. There must be an effective reporting order.