Saturday, September 21, 2019
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The Five S’s of Family Business Success

Building a successful family business isn’t as easy as rounding up all your relatives and asking everyone to pitch in. Even though it’s based on family, your venture is still a business – and should be treated like a business. This means having a clear strategy for building an effective structure and planning for success. A good starting point is to consider our five S’s of family business success.

Shape your team appropriately.

People are one of the most important assets in your business, and as such, it is imperative that they be appropriately aligned to the responsibilities that best suit their skills and strengths. And as hard as it may be to face, sometimes a family member just doesn’t fit well into your family business. In that situation, you must be prepared to train that member extensively and find skills to utilize – or make a difficult decision, but one for the better of your business. If you are faced with letting go a family member, be sure to be that person’s own best networking coach, and support that individual as he or she looks for a more appropriate position.

Set clear objectives.

You can only drive your business forward by setting clear, concise and measurable objectives. This helps ensure everyone works efficiently toward achieving a precise goal.

Share ideas.

Once you set your objectives, be sure to share them openly with your employees, and welcome an open discussion of goals and ideas. Communicate with and listen to not only employees but also customers and prospective customers by networking and utilizing social media.

Stick together.

As a business leader, it is your job to get your team to work as a team and to come together to work toward your common goals. Through effective teamwork, your business can best leverage your team’s talents and make sure everyone is invested in your business’s success.

Seek expertise.

As your business grows, it may outgrow its own internal resources and skillsets. At this point, your family business may have to seek the expertise of outside sources, such as consultants or an independent board of directors. Such outside resources can not only contribute additional expertise but also an unbiased, fresh perspective that your business may need.

 

Contributing Source: http://smallbusiness.foxbusiness.com/entrepreneurs/2011/01/10/secrets-family-business-success/

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