Your Family Business success hinges on the amalgam of Health, Wealth and Technology

Peter Gatt, Business Development Manager at Majestic Computer Technology shares insights into how three domains - health, wealth and technology – are important in the family business context and how they can help achieve your objectives.

We live in a complex and dynamic world, where our wellbeing depends on many factors that are often interrelated and interdependent. Among these factors, three stand out as crucial for our happiness and success: health, wealth, and technology. In fact, many would claim that nowadays, no matter what industry you operate in, your family business is a tech business. Understanding this, is indeed, even more important in a family business context. 
 

These three domains affect each other in various ways. Overlaid with the dynamics of a family in business, and it quickly becomes evident that the right professional guidance and support is required to optimise them.  

In this article, I will explain why you need a professional technology partner that is sensitive to the family business dynamic for your health, wealth and tech, and how they can help you achieve your family business’ goals and aspirations.

Health:

Technology can improve the health and wellbeing of family business owners, and employees, customers and communities. For instance:

• Enable remote work, flexible hours, and online collaboration, which can reduce stress, increase productivity, and enhance work-life balance.
• Apply appropriate cyber security measures, with specific consideration for the family dynamic and implied trust, particularly in multi-generational family businesses.
• Help demonstrate commitment and contribution to social and environmental causes, such as by reducing carbon footprint, supporting local communities, or promoting diversity and inclusion.
• Building business credibility and trust recognition can be improved by using digital reporting, certification, or rating systems to attract and retain more customers, employees, and other stakeholders who share similar values and vision.
• Help optimise processes to increase customer satisfaction and loyalty.
• Create value for society, by reducing your environmental footprint through analysis and understanding of circular economies, alternative energy solutions and carbon footprint monitoring.

Wealth:

Technology can increase the wealth and profitability for family businesses and business families alike, to reach new markets, and reduce costs. For instance:

• Access new markets and customers, both locally and globally, by creating digital capabilities and presence with ability to deliver products and services beyond physical reach. Online ordering, delivery, and payment systems are all some examples that can help reach more customers and increase revenue.
• Create personalised and engaging customer experiences, such as through social media, chatbots, or loyalty programs. This has clear implications for customer satisfaction, loyalty, and retention, as well as generating positive word-of-mouth and referrals for new customer attraction.

Technology:

Technology as an enabler, can enhance the capabilities and performance of family business, as well as innovation and differentiation. For instance:

• An effective technology state can support adoption of advanced solutions, such as cloud computing, artificial intelligence, data analytics, market intelligence for competitive insights and trends, all of which can improve efficiency, quality, and agility.

• Preparedness and capacity to develop new products, services, and business models by being able to expand market reach and your customer base.
• Improvements in operational efficiency and productivity by automating and optimising business processes, leading to a reduction in errors and associated costs, and increased output and quality.
• Enhance teamwork, creativity, and innovation, as well as foster a sense of community and belonging among both family and non-family employees, partners, and customers by using digital tools and platforms, such as video conferencing, instant messaging, and data sharing.
   

However, for a large contingent of both small and midsized family businesses a lack of internal knowhow often means that these opportunities are either passed by, unrealised, or relegated further down the wish list, unless you partner with a professional digital advisor.

And herein lies the distinction. Most technologists understand the technology part of the equation really well. Conversely, many lack the understanding of people or the appropriate level of business acumen. A mature technology advisor versed in all of these elements will take a holistic approach by reviewing and assessing the state of your entire business. This will primarily include areas of your processes, your people, your customers, and your growth aspirations - and how technology has (or can potentially have) an impact on these.

The four key areas for review are:

1. Understanding your business process, to identify critical business components and how well your work systems and operational processes are being followed, how well they are automated and how effective they are in supporting business operations.
2. A look at People within your business, to identify how they are conducting business operations. How effectively are they empowered to deliver outcomes and how engaged are they and happy with what they are doing as a result?
3. A Customer review, carried out in the context of an external client, as well as potentially a supplier, or service provider, to measure how well they are being provided the outcomes they require and how satisfied they are with the results.
4. Your Growth aspirations, to assess your organisation’s ability to consistently reach its goals and objectives, and what you are looking to achieve over a given period.

Now of course, all four areas above are viewed through a technology lens. Importantly, such a review should not only be conducted once, but undertaken with cadence, since we all know that things can change over time (and sometimes frequently).

Advancements in information technology happen every day. Various powerful tools can help you achieve health, wealth and growth objectives, but come with many challenges and risks that require professional guidance and support. This is not just in the context of supporting your existing IT requirements, but more broadly in the provision of advice that is mindful of change management principles and the need for more intimate understanding of your specific business.

Family businesses that invest in hiring professionals who can help them identify, implement, and use technology effectively and safely, will be able to reap the benefits of technology. The important piece here, is the consideration that this technology advisor should also understand the nuances of a family business dynamic, just as you would do when selecting advisors to assist with succession planning, for example. In doing so, your family business will not only improve its own health, wealth and technology state, but also contribute to the health, wealth and technology of your family members, customers, stakeholders, and potentially the broader community.

 

By Peter Gatt, Business Development Manager – Majestic Computer Technology

Majestic Computer Technology is an Australian Family Business that has been successfully building and delivering IT solutions in Australia for decades. Established in 1992, Majestic provides advisory, outsourced IT and business automation services to various small and medium-sized clients across multiple industries, including manufacturing, professional services, construction and engineering, health, life sciences and NFP sector.
In addition to being a partner and member, Majestic is also the IT service provider for FBA.
www.majestic.com.au