Cultivating The Next generation of Leaders

How do you prepare the next generation to lead your business?

Start preparing your future leaders by engaging them as active members with an innovative practice management style that allows the next generation to grow through financial decisions, business development, and team administration decisions. 

The vision

Think of this as a reinvented board of directors. A traditional board of directors comprises people who are elected to represent shareholders. The representatives are typically executives in high management positions and have years of experience. But in today’s world, we’ve seen that age and experience don’t necessarily determine whether someone is ready for the role. There is a stigma that younger people are irresponsible and don’t have the expertise needed for upper management positions. Another common stigma is that the older generations are set in their ways and are not open to new ideas. However, we believe that blending these two groups is a recipe for success. There is plenty of value and lessons to be learned.

Purpose and Function 

First and foremost, it will benefit everyone. There is an old belief that if you share or teach too much, you will be replaced and have to retire sooner, but that’s not the case. This management approach will bring exponential growth to the entire team. It’s designed to offer a unique perspective and cultivate fresh ideas from the respective individuals. As the mentor, your priority is to teach and guide this group through the tough management decisions faced by the business.

With many businesses shifting to hybrid or complete work from home models, there is a growing need to innovate and build processes to help team members stay productive. Attracting and retaining talent has become a key component to creating a sustainable, thriving practice. This style gives individuals a purpose and allows them to demonstrate their potential to lead.

There is an untapped wealth of leadership skills and this model creates a balanced environment for growth. Some members of this group will provide wisdom, experience, and knowledge, whereas others represent a new outlook.

If you’re ready to implement this idea into your practice, follow along to get started.

How to get started 

1. Identify the future leaders.

• Begin by assigning tasks to your selected group. Leverage and nurture their core skills and those outside their comfort zone – gauge their interest and performance.
• Trust and verify with the selected individuals to ensure this is the path they want to follow.
• Once you’ve established your group and communicated expectations, your team is ready to get to work.

2. Provide Mentorship, feedback, and recognition.  

• It’s important to communicate expectations and set ground rules from the beginning.
• Check-in periodically to ensure everyone is on the same page and on track.

3. Believe in it. Allowing more involvement in decision-making will result in a fuller picture of the issues at hand and deepen the degree of understanding.

1. • Results from this management style will create a genuine opportunity to affect real change in the strategic well-being of the enterprise.

As we previously mentioned, start by ensuring the individual selected is ready to accept the responsibility. If pushed too hard without the adequate tools to succeed, some might crack under pressure or feel a sense of entitlement. Building up the next generation adds value to all involved, enjoy the process and benefit from the results!