5 Top Tips for Family Business
Do you work with members of your family? If so, then you are a Family Business!
Family Businesses face challenges that other businesses don’t. You have to focus on making sure that your business is healthy, and that your family is happy. It’s not always easy to achieve, but we have some suggestions which may help.
Here are our top 5 tips:
Wherever possible, leave work at work and home at home. Learning techniques to be present in both environments will assist you to be more effective. Consistent communication is also important as family members need to be open and transparent with respect to their intentions, motivations and reasons during decision-making.
Build trust with your family business brand. Research has shown family businesses have an advantage as they are highly trusted and preferred by consumers and the public. This presents an opportunity to have the community identify with your brand. Find out about the Family Owned New Zealand Business emblem here.
Develop a robust, capable management structure. Having systems in place for both business and family governance are some of the best ways to ensure the sustainable management and long term success of your family business. Use external advisors who can provide unbiased advice – preferably accredited family business advisors.
Review or develop a succession plan and ensure that it is endorsed by everyone – it should be a communicated process rather than a sudden event. Ensure that you are prepared for the next generation, working into your succession plan what is best for your family business to ready the next generation of leaders.
Engage in professional development. Research shows family businesses that participate in professional development and build lasting support networks have a stronger foundation to maintain profit, continue to grow and to manage a successful transition of business ownership.
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