While incentives such as bonuses and profit sharing are important, recognizing achievements and building self-esteem are priceless.

Some business owners procrastinate or avoid communicating their succession plans because they fear how family members and employees might react. However, their silence may actually create more stress and cause harm to the business. Most employees-including family members-will feel more secure about the future if they know what to expect and how they will fit in.

It's never too late to develop a business succession plan. But the earlier you start, the better. Estate planning experts agree that long-term plans to transfer businesses are generally much more successful than those "patched together" following the unexpected death or disability of an owner.

Business succession actually begins with each employee's first day on the job
Think about it, whether he or she is one of your children or a high school student working part-time, that young person could someday be the head of the company.

Experts agree-succession planning includes creating an environment that motivates employees to use their talents and skills to reach their full potential and contribute to the success of the business. Sounds simple, but how do you accomplish it?

Perhaps a mentor program or an apprenticeship is a good start. Talented young people are more likely to stay with the company if they feel involved in something bigger than their own job. It is wise to provide opportunities by matching experienced workers with newer employees to guide them as they grow in their jobs.

As employees gain experience, they become assets to your business and their value increases. Providing key employees opportunities to gain well-rounded business experience through cross-functional training and experience is admirable. This no doubt helps them become dependable managers who can make good decisions and take initiatives to improve operations.

Source: Federated Insurance 

The press release is an often overlooked publicity tool that can really benefit your company - and it's not that difficult to put together.  Here are several tips to add punch to your messaging.
 
Press releases are a great way to get your information out to your audience quickly and efficiently. However, getting the media to notice and run your press releases can be a difficult task. If you find that you're having trouble getting published, try these three tricks:
 
1. Keep your press releases short and sweet. Try to limit your information down to one page with the most important facts near the top. Most journalists get hundreds of press releases a day; so, making yours easy to read helps your chances of getting noticed.

2. Make sure everything is ready for a follow-up interview. Prepare your website by having all the necessary facts readily available if a journalist should go looking for more information. If someone is quoted in your press release, make sure they know when the release will go out and help them prepare for follow-up questions from reporters.

3. Build a relationship with the journalists in your area. Be sure to read up on any recent articles they may have published. Reach out and ask when their copy deadlines fall so you can get your information to them well in advance. Also, if you think you may have a tip on a story they would be interested in, establish contact with them. Journalists are more likely to run press releases from a company they know and trust.