2 good business lessons from Prince Charles (Yes, really)08th June 2022
While I hope that the Queen will live for many years in good health, she is 96-years-old and that means that a change in monarch will probably come sooner rather than later.
Looking at the working members of the Royal Family waving to us all from the balcony a few days ago, nothing in that future transition has been left to chance.
We know exactly who the heir is - and who his heir is, and the next one after that!
Future kings, Charles and William, have been well-trained and are gradually taking over some of the Queen’s responsibilities (like delivering the Queen’s Speech to Parliament recently).
And Charles, in particular, has a very firm vision of what he wants to accomplish during his reign. He wants a “slimmed down monarchy,” with relatively few working royals - and the structure of “The firm” already reflects this. He’s also planned the issues he aims to prioritise, including climate change.
All this means that “The Firm” has a clear direction moving forward...
...And there are two things that “regular ol’ firms” can learn.
1. Think about succession now.
If we weren’t sure who will be the next monarch after the Queen, there would be huge amounts of tension right now. Knowing that Charles is next-in-line creates certainty and calm.
Even more importantly, knowing who’s up next has allowed the Royal Family to adjust the way it operates NOW. The Queen has been able to offer her heirs vital training, to lean on them when necessary, and to start implementing Charles’. The royal family has direction and purpose because its future is clear. You too need to have at least a general idea of what you intend to do with your company once you no longer want to be involved. Are you going to sell it? Leave it to a member of your family? Appoint a CEO and treat it as a retirement plan? Each of these options mean developing your company differently.
For example, if you have an obvious successor, you can start training them now. But if you’re planning to sell your company you might focus on driving up the value of the company, ensuring your financial records are extremely clean so you can pass due diligence, and building relationships with potential buyers...
These are all very difficult to do at short notice - it’s work you need to do years ahead, just like the royals.
And having this clarity will give both you and your employees confidence and peace-of-mind.
2. Have a clear vision of the company you’re trying to build.
When Prince Charles finally gets the job he’s not going to sit around wondering what to do next.
Since his plans for his monarchy are already mapped out, he’ll hit the ground running. Not only does he know his priorities, but he’s also worked out all the steps he must take to make his vision a reality.
This greatly increases his chances of success!
Similarly, you need to understand what you want your company to look like when you’re “done”...
...This doesn’t necessarily mean when you retire, but when the company looks and functions exactly the way you’ve always wanted.
When you know what you’re trying to build, it’s much easier to make it happen. As long as it’s detailed enough, that vision is like a roadmap to success. It’s much harder to build the company of your dreams if you’re not sure exactly what you’re creating.
Helping you plan your company long-term - both what it will look like when you’re “done”, and after you no longer want to be a part of it - is part of our work when we manage your finances.
You see, all of these decisions have important financial implications.
You may have to figure out how to fund some of your plans... Decide when it’s the right time, financially, to expand... Or invest in staff, office space and equipment to make it all happen.
Growing and shaping your business goes hand-in-hand with a deep understanding of your finances and good financial planning.
So if you’d like to build your business more purposefully, efficiently and in a financially astute manner, please get in touch with me today.
Simply ‘reply’ to this blog or call me on 01279 647 447 for a no-obligation chat.
I normally say that we offer smaller companies the kind of approach that corporates take for granted, but it turns out the royals take it for granted too!
PS. After 4 blogs referencing the royals I’m aware that I’ve become a bit of a royal correspondent... But I do have one more business lesson from the royals to share with you. Watch out for my next blog, the final instalment in my Royal insights...
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