Grooming the next leader—succession, transition and mentoring with Christine Faulhaber

Grooming the next leader—succession, transition and mentoring with Christine Faulhaber

Key takeaways: [00:09:51] Have a vision for the future of the business and your involvement in it, and then map it out in writing. Revisit the plan often to avoid frustration and hold yourself accountable, Faulhaber says. [00:12:03] Give yourself and your team plenty of time for the transition. You can't expect things to happen overnight, and some team members will be more comfortable with change than others. Maintaining a presence and regular check-ins can help smooth the transition. [00:14:21] Be serious about your role as a mentor. Faulhaber points out that the stakes are especially high when your mentee is taking over at the helm of the business you built from the ground up.

Living the brand—building a top-performing team with Altea Active

Key Takeaways: [00:07:35] Know your target demographic in detail. Altea Active specifically targets university-educated customers, who are statistically more likely to prioritize health and consider fitness “an unconditional spend,” Nolan says. [00:18:03] Building a team is serious business. Altea Active’s hiring process is rigorous—sometimes involving as many as four interviews, depending on the position—and so is onboarding. [00:20:52] As the company grows, be open to adapting your service offerings, but don’t give up your core values. Altea Active customizes its services and facilities to local customer preferences, but its core offering remains the same: “the service and execution of a premium fitness product.” [00:29:30] Look after yourself. Nolan emphasizes that you can’t build a team of high performers if you’re a physical and emotional wreck. Take time to stay in shape, enjoy life and give your employees a model upon which to base their own journeys.

Following your passion, with The Idea Suite and Energy for Growth

Key Takeaways: [00:23:25] Be resilient, but flexible. When conditions change, entrepreneurs need to be prepared to rethink their businesses. Too many dismiss long-term trends as minor roadblocks or cyclical dips—so pay attention to the signs, Stevenson urges. [00:24:35] Be smart about passion projects. Starting a second business isn’t for everybody, and some entrepreneurs get sucked in to thinking they can turn a personal passion into a successful venture. Stevenson says that passion for a business idea is necessary, but not sufficient—the fundamentals have to be there, too, for a startup to succeed. [00:26:20] Join a community—or a few communities. Entrepreneur groups and even informal get-togethers of four or five people with similar challenges can be a vital way to share ideas, problems and advice, Stevenson says. Don’t be afraid to get involved and reach out.

From strategy to results—the power of execution with Al Safa Foods

Key Takeaways: [00:13:07] Transitioning from a corporate job to entrepreneurship can be challenging, but running your own business can be much more fulfilling. Munim Sheikh recalls working long days and grappling with the uncertainty of his future when he started up Al Safa Foods, yet he found the experience much more fulfilling than his former desk job. [00:16:36] Don’t undervalue execution. Too many businesses prioritize developing strategy over flawlessly executing on that strategy. But Munim Sheikh believes that execution—based on painstaking attention to detail and the commitment to completing tasks well—is the key to success. [00:24:58] Leaders must know their own limitations. Every leader probably excels at something, but no leader excels at everything. To Munim Sheikh, it’s more important for leaders to recognize their weaknesses than their strengths—and to be willing to build a team that fills the gaps.  [00:29:58] Perseverance matters. In every entrepreneur’s life, there will be times when they don’t seem to be making much headway as challenges pile up on every side. Munim Sheik’s advice: stick with it. Over the long run, hard work and perseverance will pay off.

Growing pains: How to scale your business without sacrificing quality, with Pure Image

Key takeaways: [00:10:00] Galvin believes there’s no substitute for marketing. Whether it’s business cards, lawn signs or search engine marketing, marketing is key for a small and growing business. That said, it’s also important to cast a wide net and talk about your business to former colleagues, friends and family because you never know where your next business lead is going to come from.  [00:25:00] Any one person in a business can only do so much – it’s your team that’s going to define your destiny. You spend so many hours of the day working with your team, so hire people you like! Don't hire someone that you wouldn't hang out with on the weekend. [00:36:24] It’s important to understand accountingand your company’s cash flow. Galvin says you can’t overlook this aspect of the business. Be good enough to manage your cash flow well yourself, or hire a highly qualified, trustworthy person who can handle that role so you can focus on growth and taking care of the business. [01:03:00] Be open to advice. Find people you trust because they may steer you and your business in a direction you hadn't even considered. Follow us on social media: LinkedIn [https://www.linkedin.com/company/canadian-western-bank/] | Facebook [https://www.facebook.com/cwbcommunity]| Instagram [https://www.instagram.com/canadianwesternbank]| Twitter  [https://twitter.com/home]