A question I have been asked recently is “how can someone who is trained in the Galliard Family Business Advisor program encourage or incorporate innovation into the process?”
As many of you know, the Manufacturing Extension Partnership program (MEP) is working feverishly on helping companies understand the importance of innovation to both their survival and their long-term growth. We know, from a myriad of research, that innovation is a primary indicator of a company’s long-term sustainability and that U.S. manufacturers must become more innovative if we are going to continue to compete in the global marketplace. We also know that many business owners, fearful of not having enough money for their future, stop reinvesting in their business – stifling innovation and process improvement.
How then, can a business consultant working in the areas of succession and exit strategy planning incorporate ‘innovation thinking’ into a transition plan? In the past year, a number of our members – myself included – have developed and implemented projects that successfully combined our skills in transition planning with a strategic approach to innovation management.
Help the business owners to identify their desired outcomes as a result of the transition they are considering