Five Steps to a NexGen Business Transition

Transitioning a commercial printing company to the next generation of leaders is a critical process that requires careful planning and consideration. Owners should focus on cultivating five key traits in the emerging leaders to ensure a seamless transition, sustained growth of the business and the ultimate success of the next generation leaders.

Forward-thinking leaders prioritize visionary leadership as a pillar of their success. Developing this trait in the next generation is critical for success. They encourage emerging leaders to think strategically and envision the future direction of the company. This involves articulating a compelling vision that inspires employees and stakeholders, aligning organizational goals with market trends and opportunities, and fostering innovation to stay ahead of the competition. This trait is supported by allocating time to work on the business ­– in addition to working in the business.

Visionary leaders instill a sense of purpose and direction in the next generation of leaders, empowering them to navigate challenges and capitalize on emerging opportunities. They cultivate a culture of creativity and adaptability, encouraging new ideas and experimentation to drive continuous improvement and growth. They enable this by involving them in critical decisions and in the strategic planning exercises for the business.

In a rapidly evolving industry landscape, adaptability and resilience are essential traits for future leaders. Successful leaders prioritize developing these traits in the next generation, equipping them with the skills and mindset to thrive in dynamic and uncertain environments. In Leading Through the Fog I go into more detail on managing through ambiguous times.

“I’ve said this in the past, your commitment to developing the next leaders within your organization will be hard. But the payback is that you’ll have a bench of qualified and motivated leaders to help run the business.”

They encourage emerging leaders to embrace change and ambiguity, to view challenges as opportunities for growth and learning. Through mentorship, coaching, and experiential learning opportunities, they foster resilience in the face of adversity, teaching emerging leaders to bounce back from setbacks and navigate complexity with confidence and composure. They accomplish this through their own coaching as well as using outside resources such as Graphic Communications Leadership Institute and other leadership development resources.

Strategic thinking and effective decision-making are critical competencies for leaders guiding a commercial printing company into the future. Leading companies prioritize developing these skills in the next generation of leaders, providing them with opportunities to hone their strategic acumen and decision-making capabilities. They provide them with decision influencing opportunities where they can learn, and not be afraid of failing.

They encourage emerging leaders to adopt a holistic view of the business, considering market trends, competitive dynamics, and internal capabilities when formulating strategies and making decisions. Through mentorship and hands-on experience, they challenge emerging leaders to analyze complex problems, weigh alternatives, and make sound decisions that align with the company's long-term objectives.

Empowering leadership and effective team building are essential for fostering a culture of collaboration, innovation, and high performance. Successful leaders prioritize developing these skills in the next generation, equipping them to lead and inspire teams to achieve shared goals and objectives.

Not to oversimplify this, but sometimes a good learning ground for an emerging leader is to coach a youth sports team. It’s amazing the similarities that has with leading an organization, albeit on a different scale.

They encourage emerging leaders to cultivate a supportive and inclusive work environment, where team members feel valued, empowered, and motivated to contribute their best. Through coaching and feedback, they help emerging leaders develop their communication, conflict resolution, and motivational skills, fostering strong relationships and trust within teams.

Two key areas to focus on are communication skills and being prepared to have difficult conversations.

Having a customer-centric mindset and strong relationship-building skills are crucial for driving customer satisfaction, loyalty, and business growth. Leading companies prioritize developing these competencies in the next generation of leaders, emphasizing the importance of understanding customer needs, preferences, and expectations. With this, it’s not a bad thing to have your emerging leaders spend time in a sales and customer facing role. The lessons learned there will be invaluable.

They encourage emerging leaders to build meaningful relationships with customers, listening attentively to their feedback and insights, and proactively addressing their concerns and challenges. Through role modeling and experiential learning, they teach emerging leaders to anticipate customer needs, exceed expectations, and cultivate long-term partnerships that drive business success.

Successful leaders focus on cultivating visionary leadership, adaptability and resilience, strategic thinking and decision-making, empowering leadership and team building, and a customer-centric mindset and relationship building in the next generation of leaders. By prioritizing the development of these key traits, they help ensure a smooth transition and position the commercial printing company for sustained growth and success in an ever-changing industry landscape.

These are ideas for improving your business. If you have ideas or comments on the subject, please include them below. Good luck and remember, doing nothing certainly is an option, just not a great one!

Mike Philie can help validate what’s working and what may need to change in your business. Changing the trajectory of a business is difficult to do while simultaneously operating the core competencies. Mike provides strategy and insight to ambitious owners and CEOs in the Graphic Communications Industry by providing direct and realistic advice, not being afraid to voice the unpopular opinion and helping leaders navigate change through a common sense and practical approach. Learn more at www.philiegroup.com, LinkedIn or email at mphilie@philiegroup.com.