How to solve family business challenges
Family business face the unique challenges because they are governed by people whose lives are financially and emotionally intertwined,If you are planning to start a family business get ready to meet Family business challenges and get prepared to tackle them if you want your business to flourish more at the future
1.Make smart hiring decision
Hiring of talented and competent employees even from outside the family, to your business to overcome the untalented family members to conduct the family business,if you allow family members who have not enough skills and knowledge to conduct the business it will result into failure.
2.Create a smart system
Adapt to organizational system format where yo delegate family members who run the family business,give them clear and defined duty and responsibilities which will make easy to everyone to know what to do and she/he must know the failure to perform the duty which are assigned to she/he should be responsible
3.Set clear policies and business norms
The absence of formal policies and norms to direct family members is the great weakness which can cause the family business to fail,if you set the business supportive policy to shape the true direction for the members to follow hence can create like organization behavior
4.Prepare the written business strategies
You should prepare the written document which speaks on the strategies and plans the business will be ran in long term,this will turn the family members to follow the these guidelines as planned
5.Prepare the special trains
There should be a specific training program when you integrate family members into the company. This should provide specific information that related to the goals, expectations and obligations of the position.
6.Allow new ideas and transformations
Older family members try to preserve the status quo and resist change . Especially resistance to ideas and change proposed by the younger generation , these changes can transform the business according to the opportunity the business meets example the new way of marketing,the change of technology, new connections and etc.
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7.Ensure good flow of communications
Try hard to stop the emotions (envy, fear, anger), political divisions or other relationship problems which stops good flow of communication between members
8.Separate business from personal feelings
If one family member is going through a divorce, for instance, relatives may give that person more flexibility during that time. Professional decisions can also be affected by longstanding personality differences, interfering with daily operations.
Personal events can also suffer from the professional relationships between family members, with resentments coming out at dinners and holiday celebrations.
Family members should make an agreement to only discuss business matters during work hours.
9.Find family favorite business coach to advice on family conflict
It is a challenge to solve family conflicts such as separation and other family conflict, i advice to find your favorite business mentor to advice you on the conflicts between family members which affects the business.
You may also like 10 money mistakes successful people never do
Share and give your comment
Family business face the unique challenges because they are governed by people whose lives are financially and emotionally intertwined,If you are planning to start a family business get ready to meet Family business challenges and get prepared to tackle them if you want your business to flourish more at the future
1.Make smart hiring decision
Hiring of talented and competent employees even from outside the family, to your business to overcome the untalented family members to conduct the family business,if you allow family members who have not enough skills and knowledge to conduct the business it will result into failure.
2.Create a smart system
Adapt to organizational system format where yo delegate family members who run the family business,give them clear and defined duty and responsibilities which will make easy to everyone to know what to do and she/he must know the failure to perform the duty which are assigned to she/he should be responsible
3.Set clear policies and business norms
The absence of formal policies and norms to direct family members is the great weakness which can cause the family business to fail,if you set the business supportive policy to shape the true direction for the members to follow hence can create like organization behavior
4.Prepare the written business strategies
You should prepare the written document which speaks on the strategies and plans the business will be ran in long term,this will turn the family members to follow the these guidelines as planned
5.Prepare the special trains
There should be a specific training program when you integrate family members into the company. This should provide specific information that related to the goals, expectations and obligations of the position.
6.Allow new ideas and transformations
Older family members try to preserve the status quo and resist change . Especially resistance to ideas and change proposed by the younger generation , these changes can transform the business according to the opportunity the business meets example the new way of marketing,the change of technology, new connections and etc.
You may also like 10 reasons why small businesses fail
7.Ensure good flow of communications
Try hard to stop the emotions (envy, fear, anger), political divisions or other relationship problems which stops good flow of communication between members
8.Separate business from personal feelings
If one family member is going through a divorce, for instance, relatives may give that person more flexibility during that time. Professional decisions can also be affected by longstanding personality differences, interfering with daily operations.
Personal events can also suffer from the professional relationships between family members, with resentments coming out at dinners and holiday celebrations.
Family members should make an agreement to only discuss business matters during work hours.
9.Find family favorite business coach to advice on family conflict
It is a challenge to solve family conflicts such as separation and other family conflict, i advice to find your favorite business mentor to advice you on the conflicts between family members which affects the business.
You may also like 10 money mistakes successful people never do
Share and give your comment
About the Author
Mussa Msemakweli is a technology entrepreneur, Book writer and digital marketing expert. He is currently C E O at the Africa shared . His work has been featured in a number of publications, including the Maisha halisi Magazine and on Culture trip. If you have a good time follow me on facebook and instagram or leave a comment, Thanks.
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Mussa Msemakweli
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