What kind of impact do you want to make with your business? What do you want your business to be known for under your leadership? What legacy do you want to leave behind after you retire? Every business owner asks themselves these questions at some point during their entrepreneurship journey. There’s more to running a business than simply making money, though. You can build a legacy with your business, too.
When you build a legacy with your business, you’re creating something that will continue making a positive difference when you’re ready for your next business venture or personal chapter. You’re also creating something that will have an impact on your workforce and community in the here and now.
Here are four strategies to help you build a legacy with your company:
1. Set Goals Early
As a business owner, you have the unique opportunity to build a legacy that can last for generations. However, this can only be accomplished if you take the time to create an exit plan and succession plan sooner rather than later. An exit plan will outline how you plan to sell or transition your business, and a succession plan will identify the individuals who will take over your business when you retire or step away.
Write your plans and make sure to include them in your business plan. The four most common exit plans are:
- Giving the business to family members
- Selling the business to employees
- Selling the business to a third party
- Liquidation
Life is full of changes, so don’t feel like you have to commit to an exit and succession plan you created years ago. Tweak it as things evolve.
2. Inspire Your Team & Community
A company is more than just a collection of employees – it’s a community. Like any community, it thrives when its members feel inspired and connected to something larger than themselves. As a business leader, you have the opportunity to build a legacy that extends far beyond your bottom line.
By championing diversity, offering meaningful benefits and giving back to the community, you can create a workplace that attracts and retains top talent, drives innovation and strengthens your local ecosystem. In short, you can build a company that makes a positive impact on the world. What could be more rewarding than that?
Tip: Research local nonprofits that you want to partner with and see if you can organize a fundraiser for them. Or, you and your team can take some time off to support a nonprofit together, whether that’s organizing donations for a homeless shelter or putting together meals in a soup kitchen.
3. Protect Your Assets
f you’re serious about building a legacy, it’s important to take measures to protect your assets. Trademarks, patents and strong contracts can help you do just that. A trademark is a unique identifier that can be used to distinguish your products or services from those of others. A patent gives you the exclusive right to make, use or sell an invention for a specified period of time.
A contract is a legally binding agreement between two or more parties, and the stronger it is, the more likely your business will be protected in the event of a dispute. By taking advantage of these tools, you can keep your hard-earned assets safe and secure while preventing headaches like scope creep. Don’t wait and take action today to protect your legacy — we’re ready to help.
4. Maximize Your Time and Resources
Time is money. In order to be successful now and in the future, it’s essential to maximize both your time and your resources. One way to do this is by streamlining operations. By streamlining your processes, you can eliminate waste and make your business more efficient.
Another way to maximize your resources is by measuring key performance indicators (KPIs). By tracking your KPIs, you can identify areas where you are wasting time or money and make corrections.
Finally, setting budgets is a critical part of resource management. By setting (and sticking to) realistic budgets, you’re more likely to use your resources wisely and prevent overspending. By following these tips, you can build a financially-sound legacy of success now and for years to come.
You Can Build a Legacy for Your Business Now
While putting these plans into action may seem daunting, they are essential if you want your business to thrive when you’re no longer at the helm. By taking the time to set goals early and create a solid foundation for your business, you’re planting the seeds for a legacy that will live on long into the future — whether you want to sell your business for a profit, or pass it on to family members or employees who share your goals.
If you need help putting the pieces in place to build your business’ legacy, please connect with our team. Our Chief Legal Suite™ is the perfect solution to give you the strategic guidance and support you need to build a solid foundation that advances your business and your legacy.
Latest posts by Danielle Laughlin (see all)
- Trademark dispute: Insights from Abitron Austria vs Hetronis - October 17, 2023
