Today, family-owned businesses are making major changes from leadership to technology to marketing to furniture and design. Some would say they have taken the approach of, “out with the old and in with the new.” But how can legacy companies, steeped in tradition, survive these changing times with great grandpa, grandpa and even dad at the helm? Can those same old strategies and work ethics of the past sustain them now and move them long into the future? We’ll find out sooner rather than later because the boomers are no longer babies and there are new kids on the block and at the table. Here are a few things new leaders will focus on to reinvent these old companies:
Branding is a vital part of any business but is essential for legacy companies. A business that does not have cohesive branding will not stay in someone’s mind for long today. Competition is fierce in all industries, and it is no longer a suggestion to go the extra mile but necessary to ensure you stand out amongst the masses. It’s time to think of everyone in your company as creative advisors, not employees. For legacy companies, your branding should show existing and potential customers that you are evolving and creating innovative ways to meet their needs. So, don’t just tell them who you are – show THEM.
Community takes a front seat in your business plan simply because you must be a company of the people and history shows that most legacy companies were built on the backs of communities. Sharing information, giving your time and donating money helps people improve their lives, which creates better and stronger communities collectively. Businesses are geniuses at generating profit, but it’s only when they invest in the community that their work becomes truly meaningful. If the community is happy, your business will do well!
Technology without question will be the most important part of growing a legacy company and moving it into the future. Technology connects us to the world and everyone in it. In the world of business today, it is necessary for you to be able to connect and interact with clients quickly and clearly. Websites allow customers to find answers to their questions, social media gives consumers exposure to new brands every day, E-Commerce drives sales and broadens your client base beyond your current city, and bloggers, influencers and hashtags are the icing on the cake. Business and technology are interwoven – you can’t have one without the other!
