How to Manage a Family Business

Saturday - 30/11/2019 15:42
Family businesses are steeped with tradition and pride. While it seems that corporations overrun the business world, several family-run businesses thrive thanks to strong management.
How to Manage a Family Business
Creating a management plan increases the chances that a family business will survive through several generations. Continuity in the management of the small business strengthens its core values and guides future generations as they assume the leadership roles.

1. Develop a solid family business plan that outlines the current standing of the business and future plans. Put all of these details in writing and discuss them with the family members who will eventually take over the business. Revisit the business plan regularly to adjust it.

2. Develop an environment of open communication. This builds trust and teamwork among all family members. It also aids in the transition as the business is passed down to the next generation of leadership.

3. Define the roles within the business clearly. Create written job descriptions highlighting expectations and responsibilities for the positions. Hold all employees to those standards --- even family employees. This creates a fair environment for all employees and ensures a high quality standard.

4. Hold regular meetings with employees to handle work issues. Avoid discussing work at home. Save the issues until the meeting if possible. This helps establish a separation of work and home life.

5. Secure the services of a financial advisor or accountant outside the family to handle financial aspects of the business. This gives an unbiased source of advice that will help make sound financial decisions for the business.

6. Work together to meet the goals of the family business.

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