[author: Kendall Rawls]

Jeff Faulkner, co-founder of The International Succession Planning Association (ISPA), recently shared his insights on the natural progression of entrepreneurs and how business advisors can help them grow their businesses. The first step for any advisor is to clearly understand where a business owner is on their journey and what steps they need to take to move from being an entrepreneur to running an enterprise.

Although starting a business may feel like having a job that entrepreneurs pay themselves to do, the ultimate goal is to progress to a stage where their business can operate without their direct involvement. Each stage of this progression requires a different skill set, mindset, and way of working.

As entrepreneurs grow their businesses, they will eventually need to learn how to run multiple businesses and transition into the role of a CEO. However, this can be daunting for many entrepreneurs as it requires a different approach to managing employees and allocating resources. Hence, business advisors must identify where their clients are in this progression and provide guidance to help them advance.

Entrepreneurs must spend their time differently as they progress toward running an enterprise. They must focus on strategic planning and developing their leadership skills to ensure the success of their enterprise.

Faulkner highlights that business advisors, specifically those with succession planning expertise, are a great resource for entrepreneurs to be guided along this journey. A business advisor can provide guidance on how to manage employees, allocate resources, and develop the necessary skills to run an enterprise successfully.