Does your business have an attitude of ” generational wealth transfer”? How do you view your customers’ generation of experience? Do you want your employees to “transfer” the accumulated knowledge of your customers to their own generations? Or do you believe that they should acquire and accumulate on their own? What if that was not so simple?
Some businesses have a long-standing culture of transfer. They say things like, “the customer is always right,” or, “the customer will always be wrong.” I’ve seen this attitude in my own businesses, and it rarely works. However, other businesses, such as my own, are proactive about their expectations and how they interact with their customers.
In fact, they are dedicated to making sure that they understand the differences between generations and what those differences can mean for their ability to serve their customers. This is an important culture to cultivate. The key is to understand that wealth is not only a product of one generation transferring its experience to the next. It’s also a product of a company developing a business model and culture that works with the generation in question. This strategy ensures that your organization will always have the ability to serve the needs of a specific generation.
For example, many companies focus on family relationships. If a generation passes the torch to another, the business may find that it loses some of its focus. This can result in less productivity, less engagement, and even in some cases, disgruntled customers. Cultivating a culture that supports a close and ongoing relationship with each generation by offering opportunities for each generation to share in the wealth creates a sustainable source of wealth.Another example is with employee involvement. If employees feel ownership and responsibility for their role in the success of the company, they are more likely to be excited about the opportunities the business has to offer them. A successful business will have a culture where employees feel their voice is heard. Employees, when they are involved, are also more productive and happier.
Consider a small business with two generations. The first generation grew up working in the business. The second generation grew up playing games and taking vacations. They don’t really understand what it means to be an owner or lead a team. Understanding the differences between the generations will help these businesses attract and retain great leaders.
In addition, the company must also understand that there are different time periods within the company’s history. While some years were great, others saw a decline. Understanding this will ensure that the business is not doomed to repeat its past mistakes. Instead, it will seek to identify and harness the strengths and weaknesses of past generations and use them to its benefit going forward.
In conclusion, it’s important to realize that every generation has their own place in the sun. The key is understanding their gifts and their unique contributions to your business. This requires you to recognize who each one is and how that impacts your business. By doing so, you’ll be able to build a team and structure that is built to last. This will lead to success. By focusing on the unique talents and contributions of each generation, you’ll be able to increase your company’s overall productivity and profit potential moving forward.What will come of this effort? The simple answer is…generating a greater profit. Of course, this can only happen if you hire the right people. Once you have established an environment of trust and good communication with each generation, the profits will begin to pour in. As each generation leaves the business, they’ll leave behind their legacy…a stronger, smarter business model, the products and services that made them successful, and a great way to interact with their peers.
You will no doubt be able to find many that can fill the shoes of your retiring generation. Their skills will be ready for the job, and they’ll be more than willing to help your business achieve new levels of success. What you do need to determine is how you can cultivate those relationships. And…where will they find the help in order to do so?The answer comes in the form of hiring those who are dedicated to your vision. People who truly care about the business, not themselves, and those who aren’t afraid to take a step outside of their comfort zone. By using mentoring to position you as the leader, you’ll be able to get things done…and view the business from a mentor’s perspective. That’s a powerful combination that can see you through any financial or emotional challenges you may face in your retirement years!